matterwave

What they fund

• Initial Ticket Size — € 1 - 4 M initial ticket sizes, targeting seed and series A rounds. [1]
• Sector Focus — Early-stage industrial hardware and software companies, with a strong emphasis on deep tech and climate solutions. [1]
• Geographic Scope — European companies, with investments across 12 countries including Germany, France, UK, Netherlands, Austria, Ireland, and Belgium. [1]

Credibility: Fund economics and geographic spread are explicitly stated in the 'Metrics' section of the Matterwave Ventures homepage. [1]

Interconnection: The €1-4M ticket size aligns perfectly with their seed and series A stage focus, allowing them to lead or co-lead early rounds while leaving room for follow-on capital in later stages.

Investment thesis

Matterwave Ventures empowers early-stage hardware and software companies to reshape industrial value chains and become global leaders, specifically targeting technologies that drive smart industrial decarbonization and deliver proven climate impact at scale.

• Deep Tech Sovereignty — Backing global champions in frontier technologies to build resilient supply chains and sovereign dual-use capabilities for long-term industrial autonomy. [1]
• Industrial Digitalization — Supporting the digital transformation of industry to create upskilled local workforces, globally competitive high-value exports, and superior industrial products. [1]
• Climate Impact — Investing in technologies driving smart industrial decarbonization, enabling global winners in novel climate solutions with proven climate impact at scale. [1]

Credibility: Directly articulated on the Matterwave Ventures homepage under the 'About' and 'Investment Themes' sections, outlining their three core pillars: Industrial Tech, Deep Tech, and Climate Tech. [1]

Interconnection: Their focus on sovereign dual-use capabilities and decarbonization dictates a high-barrier-to-entry thesis, naturally filtering for deep tech and hardware-heavy ventures that require significant technical due diligence.

Value add

Matterwave Ventures leverages a combined €65+ years of total investment experience to empower portfolio companies to become global leaders in reshaping industrial value chains. They provide strategic guidance on digital transformation, sovereign dual-use capabilities, and scaling climate impact.

Fit verdict: Ideal for founders in industrial hardware, deep tech, and climate solutions seeking European scale-up support and strategic network access.

Founder diligence script:

• How does Matterwave's €65+ years of investment experience translate into specific operational support for hardware-heavy ventures?
• What is their typical follow-on posture and reserve deployment timeline for seed and series A investments?
• How do they leverage their InvestEU Fund support to enhance portfolio company growth and market access?

Portfolio focus

• Space & Geospatial — Portfolio companies include entities revolutionizing in-orbit services, end-to-end space traffic management, and geospatial data turned into 3D worlds. [1]
• Industrial Digitalization & AI — Companies developing unified data layers for industrial operations, AI-driven industrial knowledge management, and supply chain visibility for intermodal logistics. [1]
• Deep Tech Hardware — Investments in quantum computing coprocessor solutions, all-optical processors, and quantum MRI agents for early patient response assessment. [1]

Credibility: Derived from the 'Spotlights on our portfolio' section on the homepage, detailing specific portfolio companies across space, industrial software, and deep tech hardware applications. [1]

Interconnection: The heavy clustering in space and quantum hardware indicates a capital-intensive, long-horizon investment style requiring significant patience and technical expertise.

Notable investments & exits

• Ventory — Closed a seed funding round led by KBC Focus Fund following more than 6x ARR growth in 2025, indicating strong portfolio performance and potential for future exit. [1]
• Firecell and Accelleran — Merged to launch a full-stack private 5G platform, demonstrating portfolio company synergy and strategic growth. [1]

Credibility: Recent stories on the Matterwave Ventures homepage highlight the Ventory funding round and the Firecell-Accelleran merger. [1]

Interconnection: The Ventory and Firecell-Accelleran developments suggest a portfolio strategy focused on high-growth, strategic mergers and acquisitions, rather than traditional IPOs or trade sales.

Strategic implications

Matterwave's €250M AUM and InvestEU backing provide a significant competitive advantage in sourcing and funding deep tech and industrial hardware ventures across Europe. [1] Their focus on sovereign dual-use capabilities and decarbonization aligns with current European regulatory and geopolitical trends, positioning them as a key player in the region's industrial transformation. [1] The lack of disclosed fund vintage and specific board policies suggests a relatively new fund structure, which may imply a need for more transparent communication regarding deployment timelines and governance terms. [1]

Where they could go further

Matterwave should publicly disclose its fund vintage and reserve posture to attract more co-investors and LPs seeking clarity on deployment timelines. [1] Expanding co-investment networks beyond KBC Focus Fund could enhance deal sourcing and risk distribution across their portfolio. [1] Providing more detailed case studies on their value-add for hardware-heavy ventures would strengthen their appeal to deep tech founders. [1]