Cavalry Ventures

What they fund

• Pre-Product/Pre-Revenue Enterprise — NAP writes initial checks of €1–4M, often investing before a product exists, betting on the founder's domain expertise [2].
• Hard Tech & Applied AI — The firm targets advanced manufacturing, energy transition, and security/risk management, areas where traditional SaaS plays are less common [2].
• European Scale-Ups — The firm invests across Europe, with a strong presence in Germany, the UK, and the Nordics, backing companies that can scale globally [1][2].
• Founder-Led Rounds — NAP typically leads pre-seed and seed rounds, providing capital and a hands-on platform to help founders achieve key milestones [4][2].

Interconnection: The large ticket size (€1-4M) and pre-product focus imply a high-conviction, high-risk strategy that requires significant operational support to de-risk.

Investment thesis

NAP (formerly Cavalry Ventures) is a Berlin-based early-stage venture capital firm investing in European enterprise and consumer software startups at pre-seed and seed stages [1]. The firm backs what it calls 'expert founders'—nerds and pioneers with deep domain expertise and operational experience who are tackling hard, non-obvious problems in enterprise tech [2]. NAP focuses on areas such as advanced manufacturing, energy transition, security/risk management, and applied AI for legacy industries, where founder domain expertise creates a unique edge [2]. The firm typically leads pre-seed and seed rounds, writing initial checks of €1–4M, often investing pre-product and pre-revenue [2]. It is backed by a network of 250+ well-connected individuals and has a strong track record of Series A follow-on investments from top global funds including Accel, Index, Sequoia, and Benchmark [2].

Credibility: NAP's own website and EU-Startups profile detail the 'expert founder' thesis and sector focus [1][2].

Value add

NAP provides candid advice, relevant introductions, and capital without bureaucracy or shadow management [2]. The firm runs a dedicated Platform Team connecting portfolio founders to a network of 300+ LPs, 50+ software partners, and 30+ advisors [4]. This network includes engineers, executives, and industry experts who provide advisory and operational support in strategy, product development, sales, and international expansion [3].

Fit verdict: Ideal for expert founders with deep domain expertise tackling hard, non-obvious problems in enterprise tech who want a hands-on, no-fluff partner.

Founder diligence script:

• How does the Platform Team specifically help with customer acquisition in my vertical?
• What is the typical timeline for Series A follow-on investments from your network?
• How do you balance operational support with founder autonomy?
• Can you share examples of successful introductions to your 50+ software partners?
• What is your process for evaluating follow-on rounds in hard tech vs. SaaS?

Portfolio focus

• Enterprise Infrastructure & AI — Aleph Alpha, BRYTER, PlanRadar, and Forto anchor a portfolio heavy on B2B SaaS and applied AI [1][2].
• Consumer & Vertical SaaS — Companies like McMakler and Usercentrics show a secondary focus on consumer-facing and compliance software [3][2].
• Deep Tech & Hard Tech — Recent investments in Proxima Fusion and Ampeco signal a growing appetite for advanced manufacturing and energy transition [1][2].

Interconnection: The portfolio clusters around complex, non-obvious problems requiring deep domain expertise, aligning with the 'expert founder' thesis.

Notable investments & exits

• Forto — A logistics tech company that has raised significant funding from top global investors, indicating strong market validation [3][2].
• PlanRadar — A construction tech company that has grown into a leading platform for digital construction management [3][2].
• BRYTER — An AI-driven legal tech company that has raised significant funding and expanded globally [3][2].
• Usercentrics — A privacy compliance platform that has achieved unicorn status, providing a successful exit for early investors [3][2].

Interconnection: The portfolio includes several high-growth companies that have attracted top-tier follow-on funding, indicating NAP's ability to source and support successful startups.

Strategic implications

NAP's focus on 'expert founders' and hard tech creates a moat against generalist VCs, but limits the addressable market to a niche segment. The firm's hands-on platform and network provide significant value-add, but may also create dependency for portfolio companies, potentially limiting their ability to operate independently. The shift from 'Cavalry' to 'NAP' signals a rebranding effort to clarify the firm's identity and focus, which may help attract more aligned founders and co-investors.

Where they could go further

NAP should consider expanding its focus to include more consumer-facing software, given its existing portfolio in this space and the potential for high-growth opportunities. The firm could enhance its value-add by developing more structured programs for portfolio companies, such as mentorship, workshops, and peer learning, to complement its network-driven approach. NAP should explore co-investment opportunities with non-traditional partners, such as corporate venture arms and family offices, to diversify its capital sources and expand its network.