Investors / Puzzle Ventures
Puzzle Ventures
Venture capital
Puzzle Ventures is a €21.5M early-stage venture fund that partners with European entrepreneurs building B2B software businesses. It typically invests €200k to €700k in pre-seed and seed rounds alongside other VCs or angel investors.
Invests inAI & Machine LearningFintech
In its own wordsb2b softwareinfrastructureenterprise softwarepre-seedseedeurope
Your fit with Puzzle Ventures
Four questions about your startup
See how your round matches what it backs, point by point.
Or find every investor that fitsPuzzle Ventures lists 25 checked portfolio companies on its own site and is named in 10 funding rounds. Its most frequent entry is Seed, 78% of the companies with a known first round. Its largest themes are AI & Machine Learning (33%), Fintech (22%) and Enterprise Software (11%). It invests most often alongside Index Ventures, Northzone and La Famiglia.
Counts come from funding rounds that name Puzzle Ventures, complete from mid-2025: earlier rounds appear only when they were reported later. Round amounts and full round histories are on Fundup AI.
Round figures show recent activity, not Puzzle Ventures' whole history. Rounds on record name 9 companies; its own site lists 25. Funding rounds are complete from mid-2025, so counts and the yearly trend undercount a firm that invested before then. The portfolio, themes and places come from its own site and are not affected.
Entry stage
share of companies by the stage of its first roundShow as a table
| Value | |
|---|---|
| Pre-seed | 0% |
| Seed | 78% |
| Series A | 22% |
| Series B | 0% |
| Growth | 0% |
Activity by year
rounds it joined, last 10 yearsShow as a table
| Total | Rounds it led | |
|---|---|---|
| '17 | 0 | 0 |
| '18 | 0 | 0 |
| '19 | 0 | 0 |
| '20 | 0 | 0 |
| '21 | 0 | 0 |
| '22 | 0 | 0 |
| '23 | 0 | 0 |
| '24 | 0 | 0 |
| '25 | 4 | 0 |
| '26 | 6 | 0 |
Investor profile
percentile among all firmsShow as a table
| Measure | Percentile of all firms | Value |
|---|---|---|
| Portfolio size | 60th | 25 companies |
| Recent activity | 91th | 7 rounds in 12 months |
| Early stage | 82th | 78% of entries at pre-seed or seed |
| Evidence | 87th | 16% of companies confirmed by a round |
| Sector focus | 62th | 33% in its largest sector |
| Reach | 84th | 6 countries |
Investment themes
share of its checked companiesThis firmAll checked companies
Show as a table
| This firm | All checked companies | |
|---|---|---|
| AI & Machine Learning | 33% | 18% |
| Fintech | 22% | 12% |
| Enterprise Software | 11% | 8% |
| E-commerce & Marketplaces | 7% | 6% |
| Real Estate & Construction | 4% | 3% |
| Legal & Compliance | 4% | 2% |
| Robotics & Hardware | 4% | 1% |
| Space & Defense | 4% | 3% |
Invests most often with
firms sharing its portfolio companiesShow as a table
| Share | |
|---|---|
| Index Ventures | 7 |
| Northzone | 4 |
| La Famiglia | 3 |
| Accel | 2 |
| Booom | 2 |
| Cherry Ventures | 2 |
| Creandum | 2 |
| Emblem | 2 |
Its portfolio companies
where they are based, and what their own sites showSite status
- Site answers25100%
- No longer answers00%
- Points to another company00%
- Parked or sold domain00%
A site that stops answering three checks in a row is counted as no longer answering; that is not proof of closure. A site that points to another company is often an acquisition.
Co-investor network
who it backs companies with, and who they back togetherCompare Puzzle Ventures head to head
portfolio size, rounds, entry stages, themes and the companies both backThree or more firms at once: portfolio overlap.
Funds
as stated on its siteRecent portfolio activity
when companies last raised with Puzzle Ventures| Date | Company | Stage |
|---|---|---|
| 3 Nov 2026 | Seed | |
| 16 Sept 2026 | Series A | |
| 8 Jul 2026 | Seed | |
| 30 Jun 2026 | Seed | |
| 18 Apr 2026 | Seed | |
| 4 Feb 2026 | Series A | |
| 2 Dec 2025 | Seed | |
| 18 Jun 2025 | Series A |
Round details for Puzzle Ventures
Amounts, full round histories and every co-investor in Puzzle Ventures' rounds are on Fundup AI. VCinfo covers investors and their portfolios.
Portfolio
25 companies checked against their own sites| Company | What it does | Themes | First round with it | Evidence |
|---|---|---|---|---|
| Ankar works with world-leading R&D organizations to bring their institutional knowledge and the world’s technical intelligence to every R&D decision. | AI & Machine LearningRobotics & Hardware | May 2025Seed | Page + round | |
| Atlar provides AI-native treasury management software | FintechAI & Machine Learning | Portfolio page | ||
| Build provides development services for the built world, combining development expertise with technology to reduce project delivery time and cost. | Real Estate & ConstructionAI & Machine Learning | Jun 2026Seed | Funding round | |
| Comstruct automates the entire procurement process for construction companies, from the Bill of Quantities to the fully matched invoice. | Real Estate & Construction | Portfolio page | ||
| The company provides freight auditing and payment solutions for logistics using AI-powered processing of freight documents. | AI & Machine LearningFintech | Nov 2026Seed | Page + round | |
| Duna helps banks and fintechs onboard more customers faster, lower the costs per case, and stay in control. | FintechAI & Machine Learning | Feb 2026Series A | Funding round | |
| Duna helps banks and fintechs onboard more customers faster, lower the costs per case, and stay in control | FintechAI & Machine Learning | Portfolio page | ||
| Duvo brings people, AI agents, and existing systems together to map, run, and improve business processes. | Enterprise SoftwareAI & Machine Learning | Dec 2025Seed | Funding round | |
| Pigment provides an AI platform for enterprise business planning | AI & Machine LearningEnterprise Software | Portfolio page | ||
| The company provides AI-powered customer operations services for financial institutions. | FintechAI & Machine Learning | Jun 2025Series A | Page + round | |
| Hyperline provides usage-based billing and quote-to-cash services for AI companies | FintechAI & Machine Learning | Portfolio page | ||
| The company provides tax consulting and accounting services for businesses. | FintechLegal & Compliance | Feb 2025Seed · 2 rounds | Funding round | |
| Omnea provides an operating system for procurement that connects systems, automates workflows, and manages suppliers | Enterprise SoftwareE-commerce & Marketplaces | Portfolio page | ||
| The company provides AI-native contract management software | Legal & ComplianceEnterprise Software | Portfolio page | ||
| Procuros provides a platform for automating trade workflows and connecting suppliers and retailers | E-commerce & MarketplacesFintech | Portfolio page | ||
| Portfolio page | ||||
| Reonic provides an AI operating system for renewable installers to manage solar and heat pump installations | EducationIndustrial & Manufacturing | Portfolio page | ||
| Replo helps businesses build, launch, and scale their online presence | E-commerce & MarketplacesSpace & Defense | Portfolio page | ||
| Rillet provides enterprise resource planning (ERP) software with artificial intelligence (AI) and accounting tools for businesses. | FintechEnterprise Software | Portfolio page | ||
| Schematik is an all-in-one hardware development environment for building hardware with AI | AI & Machine LearningRobotics & Hardware | Apr 2026Seed | Funding round |
About this data
site last read 10 Nov 2026- Site
- puzzle-ventures.com
- Last read
- 10 Nov 2026
- Watching since
- 6 Nov 2026
- Rounds since
- 12 Feb 2025
- Companies checked
- 25
Rates come from what VCinfo has observed since observation_start. Firms tend to remove companies that closed, so early rates understate reality. A company leaving a portfolio page does not mean it closed or exited. An unreachable site means our checks failed, nothing more.
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