Fly Ventures Management GmbH
Early-stage venture capital firm based in Berlin, focusing on deep tech and software-driven startups backed by technical founders across Europe.
Funder analysis
Web-researched analysis· 25 Jul 2026· v7What they fund
- Stage — Early-stage, zero to one [1].
- Sector — Deep tech, software, automation, AI [1].
- Geography — Europe [1].
- Founder Profile — Technical founders [1].
- Outcome — Companies raising significant follow-on funding from top-tier global VCs [1].
Investment thesis
Fly Ventures operates as a zero-to-one investor targeting technical founders across Europe, aiming to back companies that can subsequently raise significant follow-on funding from top-tier global VCs [1]. The firm focuses on identifying nascent opportunities in deep tech, software, automation, and AI, preparing them for subsequent rounds with major global venture capital firms [1]. More than 60% of their portfolio companies go on to raise follow-on rounds from US or tier 1 European VCs [1].
Credibility: The firm's homepage explicitly states this mandate and cites the follow-on funding success of its portfolio [1].
Value add
Fly Ventures provides early-stage capital and strategic support to help founders raise significant follow-on funding from top-tier global VCs [1].
Fit verdict: Ideal for technical founders seeking early validation and a pathway to global scaling capital.
Founder diligence script:
- What is your track record of helping portfolio companies raise follow-on rounds from top-tier global VCs?
- How do you identify and support technical founders in the early stages?
- What is your typical follow-on investment strategy for portfolio companies?
- Can you provide examples of successful exits or follow-on funding rounds you have facilitated?
- How do you support founders in navigating the global VC landscape?
Portfolio focus
- Wayve — Self-driving with embodied AI [1].
- 9Fin — AI-driven debt market intelligence [1].
- Orbital — AI-industrial zymtrace [1].
- GitButler — Raised $17M Series A led by a16z [1].
- 9fin — Raised $170M Series C at a $1.3B valuation [1].
Notable investments & exits
- Wayve — Raised Series D at a $8.6B valuation [1].
- 9Fin — Raised $170M Series C at a $1.3B valuation [1].
- Orbital — Raised $50M Series B led by Plural Fortune [1].
- GitButler — Raised $17M Series A led by a16z [1].
Strategic implications
Fly Ventures' edge lies in its ability to identify and support technical founders in the early stages, with a strong track record of helping them raise follow-on funding from top-tier global VCs. The main risk is the potential for over-reliance on follow-on funding from a small number of top-tier VCs, which could be disrupted by changes in the global VC landscape. A signal that would change the read is if Fly Ventures fails to maintain its track record of successful follow-on funding rounds for its portfolio companies.
Where they could go further
Fly Ventures could expand its focus to include more diverse sectors beyond deep tech and software, such as healthcare or climate tech. The firm could improve its founder support by offering more hands-on operational assistance, such as hiring support or go-to-market strategy. Fly Ventures could enhance its global network by forming more strategic partnerships with top-tier VCs in the US and Asia. The firm could improve its transparency by providing more detailed updates on its portfolio companies' progress and challenges.