Capnamic Ventures

What they fund

• Pre-/Seed — Invests whenever convinced about a young team and idea, whether product and revenues are already in place or not [1].
• Series A — Strong background in working with B2B and SaaS champions, investing in companies with a great foundation to change an industry [1].
• Follow-on — Reserves parts of funds for follow-on rounds to ensure continuous backing [1].

Credibility: Capnamic's investment stages and follow-on strategy are detailed on their website [1].

Investment thesis

Capnamic Ventures backs aspiring entrepreneurs to build category-defining companies, prioritizing substance over hype and aiming to establish 'Made in Germany' as a global tech label [1].

• The Three Ts — Targets startups built on a strong team, right timing, and defensible technology [1].
• Substance over Hype — Forms independent opinions and remains skeptical of hype, but fully supports ideas once convinced of their substance [1].
• Long-term Vision — Supports daring entrepreneurs in building global companies, reserving fund parts for follow-on rounds to ensure continuous backing [1].

Credibility: The firm's homepage explicitly outlines these principles, emphasizing their role as early-stage venture capital firms providing financial backing, network, experience, and guidance [1].

Value add

Capnamic provides network, experience, and guidance to turn outstanding teams into category leaders [1]. They act as active sparring partners, offering empathetic honesty and making their extensive network of corporate LPs and successful founders available to portfolio companies [2].

Fit verdict: Ideal for founders seeking hands-on operational support and network access in the DACH region.

Founder diligence script:

• How does Capnamic's network of corporate LPs specifically benefit my startup?
• What is their process for providing empathetic honesty and sparring?
• How do they support critical early decisions like finance setup and executive hiring?
• What is their follow-on investment strategy for Series A companies?

Portfolio focus

• Userlane — Navigation system for software, invested in 2018 (Series A) [1].
• Staffbase — Internal communications platform, invested in 2015 (Series A) [1].
• parcelLab — Operations Experience Management platform, invested in 2019 (Series A) [1].
• Getsafe — Digital insurance company, invested in 2015 (Series A) [1].
• Capmo — AI-powered project management platform for construction, invested in 2020 (Series A) [1].

Credibility: Portfolio details and investment rounds are listed on the Capnamic website [1].

Notable investments & exits

• SAP to acquire LeanIX — Portfolio news mentions SAP's acquisition of LeanIX [1].

Credibility: Capnamic's website lists portfolio news, including the acquisition of LeanIX by SAP [1].

Strategic implications

Capnamic's focus on 'Made in Germany' and DACH region positions it as a key player in scaling German tech startups globally. Their partnership with Iris Capital provides a broader international development perspective, particularly in North America, Asia, and the Middle East. The firm's emphasis on 'The Three Ts' (team, timing, technology) suggests a disciplined approach to investment, prioritizing substance over hype.

Where they could go further

Capnamic could expand its focus to include more Series B+ deals, given its portfolio companies' progression. Increasing transparency around fund size and vintage could attract more LPs and co-investors. Enhancing its network access by leveraging its corporate LPs more actively could provide additional value to portfolio companies.