In a year when venture capital fundraising has reached its lowest point in a decade, Picus Capital has defied the trend. The international early-stage VC firm has announced the final close of Picus Venture Fund II, hitting its hard cap of €250 million in an oversubscribed raise. This second institutional fund is more than 2.5 times the size of its predecessor, signaling sustained investor confidence in Picus’s focused, founder-first investment model.
The close comes at a pivotal moment for the venture capital industry. Q1 2025 saw the fewest new VC funds and smallest average fund size since 2019, yet Picus succeeded in attracting a broad base of global LPs. Backers include M&G Investments (via Titanbay), Wilshire, a leading European insurer, top fund-of-funds, major tech founders, and family offices. Notably, the fund also secured new capital from Asian and Middle Eastern investors, strengthening its global reach.
The fundraising process began in early 2024, with a first close at €140M. The full raise was completed in under a year—an impressive feat in today’s capital-constrained market.
A Double-Down Strategy to Back High-Conviction Bets
With over €1.5 billion in assets under management and more than 170 portfolio companies across Europe, North America, Latin America, and Asia, Picus Capital has carved out a reputation for backing transformative tech at the earliest stages. Fund II will sharpen that focus, deploying a “double-down” strategy: increasing support for breakout companies already in the Picus portfolio, while selectively backing new ventures in high-growth sectors such as generative AI, climate tech, and cybersecurity.
Founded in 2015 by Alexander Samwer, Jeremias Heinrich, and Robin Godenrath, Picus is known for its hands-on, data-driven approach. The firm often partners with founders from pre-seed through later-stage growth, offering operational expertise and proprietary tools to help scale companies globally. Early wins include iconic startups like Personio (valued at $8.5B) and Enpal (€2.2B), which contributed to a 45%+ IRR since inception.
Fund II strengthens this approach, enabling Picus to provide meaningful follow-on capital during critical inflection points—particularly valuable in today’s more selective fundraising environment.
Backing the Next Generation of Global Tech Leaders
With headquarters in Munich and offices in New York, London, Berlin, Madrid, Bangalore, and recently added Singapore, Paris, and Mexico City, Picus is reinforcing its commitment to global founders. The firm’s growing footprint in emerging markets reflects its broader strategy: identifying and scaling companies that solve meaningful problems with technology.
Among the first investments from Picus Venture Fund II are high-growth startups already gaining traction:
- Hawk AI, based in Munich, raised $56M to expand its real-time AML and fraud detection software globally.
- Maki, a conversational AI platform for HR, secured £23.4M to modernize talent acquisition using NLP and automation.
- SpotMyEnergy closed a €10.5M round to accelerate smart meter adoption across Europe, now partnered with a leading EU utility.
- Terralayr, dubbed the “AWS for battery storage,” raised €77M to scale its energy infrastructure platform.
- Axle Energy, a UK-based grid decarbonization startup, raised £7M led by Accel to expand its flexibility software across top energy suppliers.
This new wave of investments continues Picus’s tradition of backing purpose-driven innovation with global scale potential. According to Raphael Mukomilow, Partner and Head of Growth: “Closing Picus Venture Fund II at our hard cap, in this market, speaks volumes about our strategy and team. We’re excited to support the next generation of companies building with ambition, purpose, and scale in mind.”
Founding Partner Robin Godenrath added: “With Fund II, we double down on our mission: to be long-term sparring partners for the world’s most visionary founders. We’re thrilled to deepen our support at their most pivotal growth stages.”
