Heartcore Capital closes $180 million fund to move into infrastructure, synthetic biology and climate

In the heady times of 2021, Capital of the heart planned to focus on consumer technology with a 200 million dollars funds. Fast forward to 2024, and its latest fund will now “raise the bread” of this thesis, with a new 180 million dollars (170 million euros) to go broader and more general than the previous thesis.

After about 17 years in business, Heartcore's Fund V will continue to be early stage and now has companies like Boozt, Neo4j, Peakon, Tink, GetYourGuide, TravelPerk and Podimo in its portfolio.

Aiming to be the first institutional investment in startups, it is also ranked first 9th best VC in the world in the HEC Paris-Dow Jones VC ranking.

Jimmy Nielsen, partner and co-founder told TechCrunch on a call: “Basically, this fund is broader [than the last fund]… We did a lot of consumption at the end of fund three and the beginning of fund four. The pendulum has swung to the question of “where is technology really gaining momentum?” This fund therefore has a more general orientation, more focused on productivity, software and infrastructure.

This includes a greater focus on the computing stack, synthetic biology, productivity/AI, software infrastructure, travel and climate technology. They plan to make 25-30 seed investments with Fund V and have so far invested money in LLM IT infrastructure, database software, carbon capture software and consumer travel .

The fund's LPs include regular investor Industriens Pension. It also has a smaller, dedicated Web3 three fund.

“We've had just about every existing LPS refreshed,” Nielsen said. “We have had a very good run over the last few years with DPI. So over the last eight years, on average, every time we took out a euro, we brought back 1.6 and if you accumulate that, it stacks up in terms of fund returns.

He also believes that the European market will “heat up” next year: “We are now seeing more mergers and acquisitions and there will definitely be something happening with IPOs next year. The real question is: what do we Europeans do when it comes to IPOs, right? Are we all going to head to the United States or not?

The company now has a cumulative committed capital of €800 million with 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 a member of our board throughout the financing rounds. , until it became a multi-billion dollar company. .”