b2venture (formerly btov Partners)

What they fund

• Pre-seed and seed-stage startups: The firm primarily funds early-stage companies with high-growth potential in digital and industrial technologies [1].
• AI and machine learning ventures: Investments in companies like DeepL demonstrate a focus on artificial intelligence and neural network technologies [1].
• Fintech and financial services: Portfolio includes SumUp and Raisin, indicating strong interest in payment systems, banking, and investment marketplaces [1].
• Healthcare and medical devices: MMI and Everlab (Series A) show engagement in digital health and medical robotics [1].
• European entrepreneurs: The firm targets outstanding European founders, leveraging its European angel community for support [1].

Investment thesis

b2venture is a European venture firm that invests at the earliest stages in the best ideas and brightest minds, leveraging a stage-agnostic direct investment track alongside a dedicated community of angel investors to shape tomorrow's technology leaders [1].

• Early-stage focus with stage-agnostic flexibility: The firm primarily targets pre-seed and seed opportunities but maintains the capacity to invest across the entire lifecycle from seed to IPO, providing long-term partnership support [1].
• Digital and industrial technology sectors: Investment themes span artificial intelligence, machine learning, fintech, healthcare, digital health, and industrial technologies, targeting outlier entrepreneurs with ambitious visions [1].
• Community-driven value creation: The core differentiator is the collaboration with Europe’s premier community of angel investors, mobilizing expertise and networks to support portfolio companies beyond capital [1].
• European market emphasis: As a European venture firm, b2venture focuses on backing outstanding European entrepreneurs, building partnerships based on trust and shared vision for the future [1].

Value add

b2venture provides hands-on service and entrepreneurial experience, leveraging its community of angel investors to offer expertise and networks beyond capital [1].

Fit verdict: Ideal for early-stage European founders in AI, fintech, and healthcare seeking long-term partnership and community-driven support.

Founder diligence script:

• How does the angel community specifically contribute to your growth strategy?
• What is the typical decision-making process and timeline for follow-on investments?
• How does b2venture help navigate regulatory challenges in fintech and healthcare?
• What is the expected level of board involvement and strategic guidance?
• How does the firm measure success and support exits?

Portfolio focus

• DeepL: A leading language translation engine based on neural networks, showcasing AI and machine learning expertise [1].
• SumUp: A global fintech providing integrated payment systems to small merchants, highlighting financial services focus [1].
• Raisin: A leading marketplace for saving and investing in banking and fintech, demonstrating marketplace and fintech capabilities [1].
• MMI: A medical device company advancing surgery with robotics, reflecting healthcare and industrial technology interests [1].
• Edurino: A hybrid learning platform for kids, illustrating digital technology and education sector engagement [1].

Notable investments & exits

• SumUp: Supported from seed to later stages, with the company becoming a leading global fintech [1].
• DeepL: Backed from early stages, recognized as a top European startup by Bloomberg, indicating significant growth and potential exit [1].
• Raisin: Invested in early stages, growing to become a leading marketplace for saving and investing [1].
• Seven Senders: Supported from seed round, demonstrating the firm's ability to nurture logistics and technology companies [1].
• 1KOMMA5°: Backed for climate change solutions, showing engagement in sustainability and industrial technology [1].

Strategic implications

b2venture's unique angel community model creates a defensible moat in early-stage European venture capital, enabling superior deal flow and value creation through network effects. The firm's stage-agnostic approach allows it to capture value across the entire lifecycle, reducing dependency on external follow-on funding and increasing control over portfolio outcomes. A key risk is the scalability of the angel community model, as reliance on a specific network may limit expansion into new geographies or sectors. The signal to watch is the firm's ability to attract top-tier angel investors and maintain their engagement, which is critical for sustaining its competitive advantage.

Where they could go further

b2venture should formalize its angel community structure to enhance transparency and accountability, potentially creating a dedicated platform for angel investor engagement and reporting. The firm could expand its geographic focus beyond Europe to tap into global innovation hubs, leveraging its European success to attract international entrepreneurs. Developing a specialized fund for deep tech or industrial technologies would allow b2venture to capitalize on its existing expertise and differentiate itself in high-growth sectors. Implementing a more structured exit strategy framework would help portfolio companies maximize value and provide clearer outcomes for investors.