Back in the hectic days of 2021, Heartcore Capital had plans to raise $200 million and focus on consumer technology. Fast forward to 2024, and its latest fund “leaves sustenance” for the paper, with a new injection of $180 million (€170 million) to make it broader and more comprehensive than its earlier paper. You will be performing general activities.
Nearly 17 years into the game, Heartcore's Fund V continues to be founded in its early stages, and its portfolio now includes companies such as Boozt, Neo4j, Peakon, Tink, GetYourGuide, TravelPerk, and Podimo.
It aims to be the first institutional investor in startups and is ranked the 9th best VC in the world by the HEC Paris Dow Jones VC rankings.
Partner and co-founder Jimmy Nielsen told TechCrunch by phone: [than the last fund]…We targeted a lot of consumers at the end of Fund 3 and the beginning of Fund 4. The pendulum has swung to the question, “Where will the technology actually take off?” Therefore, this fund has a more general focus, with an emphasis on productivity, software, and infrastructure. ”
This includes a focus on computing stacks, synthetic biology, productivity/AI, software infrastructure, travel, and climate technologies. They plan to make 25 to 30 initial investments in Fund V and have so far put money into LLM computing infrastructure, database software, software for carbon capture and consumer travel.
The fund's LPs also include repeat investor Industriens Pension. There is also a smaller dedicated Web3 Three Fund.
“Nearly all existing LPSs have rebounded,” Nielsen said. “We have had very good results in terms of DPI over the last few years. Over the past eight years, on average, for every €1 withdrawn, we have received €1.6 back, which adds up to It adds up in terms of returns.”
He also thinks the EU market will be “brisk” next year. The real question is, what are we Europeans doing on the IPO side? Are we all going to drive to the US or not? ”
The company currently has a total of EUR 800 million in committed capital and offices in Copenhagen, Stockholm, Berlin and Paris.
Emil Eifrem, CEO and co-founder of Neo4j, added in a statement: “Heartcore was the first fund to believe in us 15 years ago and has remained on our board through every funding round, all the way to a multi-billion dollar company.”