Investor Profile: 468 Capital — Thesis, Cheque Size & How to Apply

468 Capital is a Berlin- and San Francisco-based technology investment firm founded in 2020 by Alexander Kudlich, Florian Leibert and Ludwig Ensthaler — operators with a decades-long history of building companies like HelloFresh, FoodPanda and Mesosphere. The firm backs founder-led technology companies aiming to define their categories, from day 0 through exit.

Thesis: timely and lasting technologies

468 Capital invests in companies with global ambitions across AI and automation, software and infrastructure, and marketplaces and consumer. Within these verticals it focuses on emerging areas including MLOps, the commercialisation of open source software in the enterprise, and quick commerce for the "impatient consumer". Its current sector lens spans AI & automation, infrastructure & enterprise software, energy transition & climate, and prosumer & consumer. The firm prides itself on spotting trends before they break and backing startups for the long term.

Fund size, stages and cheque size

Fund I raised $200 million — the largest first-time VC fund in European history at the time. Fund II closed in January 2022 at approximately $400 million, described then as the largest European seed-stage fund. In total the firm has raised $1.3 billion since inception. It invests primarily at seed and Series A (supporting founders "from day 0 through exit"), with published typical investments around €100k–€1.5M at pre-seed/seed stage.

Notable portfolio

The firm has made 50+ investments, including Razor Group, Zapp, Arive, Vectornator, Superchat, Rapid Robotics, Rasa, Iterative.ai, QuestDB, ActivLoop and Earthly.dev. It also launched two SPACs — a $340 million SPAC combined with a $120 million PIPE to acquire Tonies, the cloud-connected children's audio business, which became the best-performing European SPAC with a 0.02% redemption rate.

Key people

Managing Partners Alexander Kudlich, Florian Leibert and Ludwig Ensthaler lead the firm, with partners including Philipp Seifert (previously Sapphire Ventures and Goldman Sachs) and Bernhard Janke. Offices span Berlin, Madrid and San Francisco, giving founders a transatlantic bridge.

Programs and perks

Founders get the firm's proprietary operator network and deep-tech understanding — the team has built and IPO'd companies with combined market capitalisation and valuations over $50 billion. The dual Berlin–San Francisco presence offers European startups a genuine US expansion pathway, and the firm's operator DNA shows in hands-on company-building support.

How to apply for funding

468 Capital does not advertise an open pitch form; founders reach the team through the contact details on 468cap.com (the firm lists [email protected] as a contact address). Warm introductions through portfolio founders or the Berlin tech network remain the strongest route in.