In the heady days of 2021, central capital of the heart It planned to focus on consumer technology with a $200 million fund. If we move forward to 2024, its latest fund will now “leaven the bread” of that thesis, with a new $180 million (€170 million) to be broader and more generalist than the previous thesis.
After around 17 years of existence, Heartcore’s Fund V will remain an early stage and now has companies such as Boozt, Neo4j, Peakon, Tink, GetYourGuide, TravelPerk and Podimo in its portfolio.
Aiming to be the first institutional investor in startups, it is also classified as the 9th best VC worldwide in the HEC Paris-Dow Jones VC ranking.
Jimmy Nielsen, partner and co-founder, told britcommerce during a call: “Basically, this fund is broader [than the last fund]… We consume a lot at the end of fund three and at the beginning of fund four. The pendulum swung toward the question “where does technology really catch up?” Therefore, this fund has a more generalist approach, more focused on productivity, software and infrastructure.”
That includes an increased focus on the computing stack, synthetic biology, productivity/AI, software infrastructure, travel and climate technology. They plan to make 25 to 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 background.
“We had virtually all existing LPS replenished,” Nielsen said. “We have had a very good run in recent years at DPI. So, in the last eight years, on average, every time we withdraw a euro, we have returned 1.6 and if you accumulate that, it accumulates in terms of return of the fund.”
He also believes that the EU market will “warm up” next year: “We are seeing more mergers and acquisitions now and something is definitely happening with IPOs next year. The real question is: what are we Europeans doing about IPOs, right? Are we all going to head towards the United States or not?”
The firm now has accumulated 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 on our board through all funding rounds, becoming a multi-billion dollar company. .”