Lakestar is one of Europe's most prominent venture capital firms, founded in 2012 by Dr Klaus Hommels, an early investor in Skype, Facebook, Spotify and Airbnb. Based across Berlin, London and Zurich, the firm manages a platform of more than $6 billion in assets, spanning institutional venture funds and personal investments across stages and geographies.

Investment thesis and focus

Lakestar's stated philosophy is simple: patient, principled and founder-centric. It makes fewer, larger and more concentrated bets, backing what it calls "sector-defining" companies, and it has increasingly leaned into Europe's technological sovereignty — arguing that neutrality is no longer a strategy and that Europe's independence in critical technologies is essential. Sectors span consumer, fintech, enterprise, AI and defence-related dual-use technologies.

In October 2025 the firm announced a notable strategy shift: it will no longer raise new generalist venture funds, instead focusing on maximising returns from its existing portfolio and launching targeted investment products — including defence technology — funded with larger, more concentrated commitments.

Funds and vehicles

Across more than a decade, Lakestar has raised over €2 billion in institutional funds. Recent vehicles include the $265 million continuation fund, anchored by Lexington Partners, which lets the firm hold its late-stage winners longer while offering liquidity to limited partners, and the €262.2 million Resilience I Fund, closed to back European defence and dual-use technology companies. Hommels has also served as the founding chairman of the NATO Innovation Fund, a €1 billion multi-sovereign fund for dual-use emerging technologies.

Notable portfolio companies

  • Spotify and Revolut — the two best-known early bets
  • Klarna, SumUp, Coinbase and Airbnb — fintech and consumer platforms
  • Helsing and Isar Aerospace — defence AI and space launch
  • Neko Health — preventive health technology
  • Earlier personal investments by Hommels include Skype, King, Zoom and Facebook

Programmes and ecosystem work

Lakestar does not run a startup accelerator or founder-credits programme; its founder support is delivered through concentrated partnership rather than structured schemes. Hommels is, however, a prominent policy voice for European tech — a founding member of the Internet Economy Foundation and the European Center for Digital Competitiveness, former chair of Invest Europe, and a frequent adviser to governments and regulators on digital sovereignty.

Why it matters for founders

Lakestar is no longer the fund for a first institutional cheque: with generalist funds shelved, its attention is on the existing portfolio and on targeted new products, particularly in defence and dual-use technology. If you are building in those categories in Europe, Hommels and his team combine deep pockets, sovereign-tech conviction and genuine policy influence — a rare mix worth understanding before you pitch.