Berlin-based SquareOne is one of Europe's most operator-minded early-stage investors. Formerly known as Paua Ventures, the firm describes itself as typically the first institutional investor on the cap table, and it backs founders who are obsessed with solving complex problems in large markets.
Thesis: complex B2B problems, tackled early
SquareOne invests in B2B technology entrepreneurs at pre-seed and seed stage, with a stated focus on European companies building scalable technology for hard problems. Its own homepage puts it plainly: it invests in B2B tech entrepreneurs who are obsessed with solving complex problems in vast markets at pre-seed and seed stage.
Sectors and stages
The firm's sweet spot is B2B software and deep tech. For its third early-stage fund, SquareOne III, the stated focus was European companies solving complex problems with scalable technologies across SaaS, software and deep tech, with early investments spanning enterprise software, climate tech, open source, and supply chain and procurement. Founders should therefore pitch the technical difficulty and the size of the market in the same breath: SquareOne wants both, and it wants them early, before the category is obvious.
Fund size and cheque size
SquareOne III totalled €100 million, according to law firm YPOG, which advised on the fund's structuring. The fund was backed by public investors, family offices, and the founders of Instana, Signavio, Workday, Adyen and Staffbase. A standard first-cheque size is not publicly disclosed, so founders should not assume a fixed ticket; the firm's positioning as a first institutional investor points to a meaningful early cheque with follow-on capacity rather than a small angel-style ticket.
Notable portfolio
SquareOne has invested in more than 40 startups, and its best-known names show the range of its B2B bet. They include Stripe, Pipedrive, Wandelbots and VueStorefront (now Alokai), alongside newer names such as Procuros, whose logo features on the firm's homepage.
Partners, programmes and support
SquareOne is led by managing partner Georg Stockinger, and its signature support offer is unusual: a first-customers guarantee for portfolio companies, backed by a network of executives, tech entrepreneurs and investors. In practice, the firm says it acts as an entrepreneurial sparring partner and hands-on supporter from day one, using its network to give founding teams quick access to customers and talent. No standalone accelerator programme or published credits package is attached to the firm.
How to apply for funding
SquareOne does not publish an open application form or a rolling deadline on its homepage, so there is no cohort window to wait for. The route in is direct: approach the firm through its website at squareone.vc, ideally with a warm introduction from a founder, operator or investor in its network, and lead with the complex problem, the technical approach, and the first customers you are targeting.
Why it matters for founders
For a European B2B founder at pre-seed or seed stage, SquareOne offers early institutional conviction plus a customer network built from founders of companies such as Adyen and Staffbase. If your product solves a genuinely hard business problem, pitch the difficulty first; the firm's first-customers guarantee is designed for exactly that kind of company.