AI has accelerated the pace of company creation across Europe, especially at pre-seed. Startups are reaching MVP stage faster than before, while investors increasingly compete to back technical founders and ambitious operators earlier in the process.
The funds below represent different parts of Europe’s early-stage landscape: deeptech investors working closely with research institutions, operator-led funds built by former founders, accelerator-investors supporting first-time teams, and high-frequency seed platforms deploying capital at scale.
Here are 10 European VC funds actively backing pre-seed startups in 2026.
Angel Invest (Germany)
HQ: Berlin
Founded: 2018
Stage: Angel, pre-seed, seed
Typical check: ~€125K
Focus: AI, fintech, deeptech
Angel Invest positions itself as one of Europe’s most active super angel funds, investing in around 75 startups per year. The fund is open to investing before incorporation and frequently co-invests with other early-stage investors.
The firm operates with a simplified investment structure where founders work directly with partners rather than associates or large investment committees. Every partner has previously built and exited a startup, and founder coaching remains a central part of the model.
According to the fund, portfolio companies have collectively raised more than €2B in follow-on capital and reached a combined market cap above €7B. Angel Invest also reports that around 60% of backed startups later raise Series A rounds.
The fund supports founders for at least one year after investment and regularly helps startups access both equity and debt financing through a network of more than 1,000 investors and ecosystem connections.
Elaia (France)
HQ: Paris
Additional offices: Barcelona, Tel Aviv
Founded: 2002
Stage: Pre-seed to Series B
Focus: B2B tech, AI, cybersecurity, infrastructure, deeptech, techbio
Elaia is one of Europe’s established B2B technology investors, operating across both early and growth stages. The firm manages close to €1B and expanded its early-stage activities in 2026 through new Digital Venture and DeepTech Seed funds.
In February 2026, Elaia announced a €120M first close for its fifth Digital Venture Fund, targeting €300M overall. A month later, the firm closed its third DeepTech Seed fund at €134M, approximately double the size of its predecessor.
Elaia’s sourcing strategy is closely connected to academic and technical ecosystems through partnerships with institutions including PSL and Inria, giving the firm access to university spinouts and technical founders early in the company-building process.
Its portfolio includes Criteo, Mirakl, and Alice & Bob, alongside around 80 exits and multiple unicorns. Through Lazard Elaia Capital, the firm can also participate in later-stage rounds beyond traditional venture investing.
High-Tech Gründerfonds / HTGF (Germany)
HQ: Bonn
Additional offices: Berlin, Munich
Founded: 2005
Stage: Pre-seed and seed
Initial investment: From ~€800K
Focus: Digital tech, industrial tech, AI, life sciences, chemistry
HTGF is one of Germany’s largest early-stage technology investors and operates as a public-private partnership backed by the German state alongside dozens of industrial corporations.
The fund invests in startups less than three years old and requires either German headquarters or operational presence in Germany. HTGF frequently acts as lead investor and actively helps startups structure syndicates with national and international co-investors.
The organization invests across software, industrial technologies, deeptech, chemistry, biotech, and AI infrastructure. It reports financing more than 800 startups and completing over 200 exits across its portfolio.
HTGF currently operates across four seed funds and one growth fund with combined volume exceeding €2B. One of its latest disclosed investments in 2026 was nuuEnergy.
Kima Ventures (France)
HQ: Paris
Additional office: London
Founded: 2010
Stage: Primarily pre-seed and seed
Standard ticket: €150K
Focus: Sector-agnostic, global
Backed by Iliad founder Xavier Niel, Kima Ventures operates one of Europe’s highest-volume investment models. The firm invests standardized €150K tickets into around 100 startups annually — roughly two investments per week.
Kima’s strategy is intentionally broad: any sector, any geography, and rapid decision-making with standardized terms across deals. The fund is known for speed and simplicity rather than heavy investment processes.
Its portfolio includes Wise, Algolia, and Sorare. Across more than 800 investments, Kima reports over 100 exits and 17 unicorns.
Northzone (United Kingdom)
HQ: London
Founded: 1996
Stage: Seed to growth
Check size: $1M–$50M
AUM: $3.1B+
Focus: Fintech, SaaS, healthcare, consumer, AI
Northzone is a multi-stage venture firm investing across Europe and the U.S. While its entry point is generally seed rather than pure pre-seed, the fund remains one of the most visible names in early-stage European venture.
Founded in 1996, Northzone has backed companies including Spotify and Klarna and currently manages more than $3.1B across 13 funds. The firm reports 18 unicorns and 14 IPOs across its portfolio.
Its investment activity spans fintech, SaaS, AI, healthcare, and consumer technology. Recent investments mentioned in 2026 reporting include Seamflow and Spektr.
Northzone positions itself as a long-term partner focused on helping founders navigate scaling, hiring, product expansion, and later-stage fundraising.
Startup Wise Guys (Estonia)
HQ: Tallinn
Founded: 2012
Type: Accelerator + fund
Initial investment: ~€100K
Focus: B2B SaaS, fintech, cybersecurity, sustainability, proptech
Startup Wise Guys combines accelerator infrastructure with early-stage investment and has become one of the most established startup platforms across the CEE and CIS regions.
Since launching in 2012, the organization has run more than 45 accelerator programs and built a founder network spanning over 60 countries. The accelerator emphasizes vertical-specific support, mentorship, fundraising readiness, and helping startups access international markets earlier.
Portfolio companies have collectively raised more than €460M and produced more than 20 exits, including acquisitions involving UiPath, Pinterest, and Climate Corporation.
Several portfolio startups, including EstateGuru, CallPage, Ondato, Fractory, and Katana, have scaled beyond €100K in monthly recurring revenue.
Earlybird (Germany)
HQ: Berlin
Additional offices: Munich, London
Founded: 1997
Stage: Pre-seed to Series A
Initial tickets: Up to €12M
AUM: €2.5B
Focus: AI, fintech, software infrastructure, deeptech
Earlybird invests across multiple early-stage vehicles covering Western Europe, emerging Europe, and university spinouts. The firm operates dedicated programs including Earlybird-X for pre-seed investments and Digital East for emerging European markets.
Its investment activity spans AI infrastructure, fintech, software tooling, deeptech, foundation models, and emerging technologies including nuclear fusion.
The firm manages around €2.5B and closed Fund VIII at €360M in 2026. Portfolio companies include N26, Trendyol, Snyk, and Black Forest Labs.
Earlybird reports 9 IPOs and 41 trade sales across its history, with around 20 new investments completed last year.
Calm/Storm Ventures (Austria)
HQ: Vienna
Stage: Super-early stage / pre-seed
Fund size: €30M (Fund II)
Typical investment: ~€500K
Focus: HealthTech, wellbeing, femtech, prevention, care
Calm/Storm Ventures focuses on healthtech startups at the earliest stages, often entering during a founder’s first fundraising round. The firm invests across digital health, prevention, mental health, femtech, healthcare infrastructure, insurtech, and wellbeing.
The fund frequently invests before teams or pitch decks are fully finalized and positions itself as one of Europe’s most active HealthTech investors. Fund II closed at €30M in October 2025.
Portfolio companies span areas ranging from fertility and AI-enabled infrastructure to clinical decision support and healthcare SaaS tools. Calm/Storm also routes selected opportunities through a network of more than 100 private LPs for co-investment.
More than half of the fund’s team, board, and portfolio founders come from underrepresented groups.
DFF Ventures (Netherlands)
HQ: Amsterdam
Founded: 2018
Stage: Pre-seed and seed
Check size: €250K–€3M
Focus: Marketplaces, vertical SaaS, tech-enabled services
Previously known as Dutch Founders Fund, DFF Ventures was created by founders behind companies including WeTransfer, Just Eat, Hiber, Treatwell, and fonQ. The firm rebranded to DFF Ventures in 2025.
The fund focuses heavily on B2B startups, underdigitized industries, recommerce models, and marketplace infrastructure. DFF frequently acts as the first institutional investor on a startup’s cap table and often invests alongside angels.
Its portfolio spans industries including recycling, automotive, shipping, timber, and industrial operations. The firm invests across Europe, the UK, and MENA.
DFF positions itself as founder-focused rather than sector-constrained, prioritizing deep industry expertise and early commercial validation over polished fundraising materials.
Italian Founders Fund / IFF (Italy)
HQ: Milan
Founded: 2023
Stage: Pre-seed to Series A
Initial checks: €250K–€3M
Fund size: ~€90M
Focus: Founders with Italian DNA
Italian Founders Fund invests in startups founded in Italy, expanding into Italy, or built by Italian founders globally. The firm positions itself as Italy’s first founder-backed VC.
IFF is managed by Koinos Capital and led by former Global Founders Capital partner Lorenzo Franzi. The fund emphasizes founder-friendly terms, speed, transparency, and operational support alongside capital.
The organization has assembled more than 100 Italian entrepreneurs as LPs and active deal-sourcing partners. It has invested in 14 startups and co-invested alongside firms including Y Combinator and Balderton.
Portfolio companies include Jet HR and Glaut.