Munich-based venture capital firm Vanagon Ventures has reached the final close of its first fund at €20M, targeting deep-tech and AI startups at the pre-seed and seed stages.
The fund is designed to support founders working on complex industrial and technological challenges across Europe.
Vanagon plans to invest up to €500K per company, focusing on teams building solutions in areas such as sustainable manufacturing, advanced materials, automation, and next-generation industrial systems.
Early portfolio and investment focus
Fund I has already backed several early-stage companies, including Holy Technologies, which applies AI to component manufacturing, ExoMatter, a materials discovery platform originating from German aerospace research, and The Landbanking Group, which develops tools to measure and monetise natural capital.
The firm positions itself as an early partner for technically strong founders, often engaging before metrics or commercial narratives are fully formed.
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Backing founders before the story is polished
Vanagon’s investment approach prioritises deep domain expertise, long-term technical vision, and resilience. The firm emphasises conviction in founders who demonstrate sustained focus on difficult problems and the ability to balance technical ambition with real market needs.
Rather than waiting for clear traction signals, the team aims to identify potential that can compound over time as technologies mature and markets evolve.
Team background and founding thesis
Founded in 2022, Vanagon Ventures is led by three general partners with backgrounds spanning entrepreneurship, corporate innovation, and venture building. The firm was created around the belief that the next generation of transformative technology companies will be built by founders with a deep understanding of the systems they seek to reinvent.
Based in Munich, Vanagon Ventures invests in startups leveraging frontier technologies such as AI, DLT, and IoT to address global challenges, with a particular focus on planet-positive, regenerative, and circular economy solutions.
