Deep Tech · VC Firm

Bullhound Capital

Luxembourg-based growth arm of the GP Bullhound group that led Europe's two biggest quantum-linked rounds of 2025-26: Multiverse Computing's €189M and OQC's record £260M Series C, taking board seats at OQC and Q-CTRL.

Active Luxembourg, LuxembourgFounded 2025

Investment thesis

Luxembourg-headquartered investment management arm of the GP Bullhound group (tech investment bank founded 1999), separated as a distinct brand and legal entity in April 2025 under founders Per Roman, Hugh Campbell and Manish Madhvani. Over €1B under management (self-reported) and an investing lineage dating to 2008 (Spotify, Klarna, Revolut, Slack, Unity); Quantum is named as one of seven sectors.

Europe's reference growth-stage quantum lead in barely 20 months: the group led Q-CTRL's $59M Series B-2 (Oct 2024, executed pre-separation under the GP Bullhound name), then Bullhound Capital led Multiverse Computing's €189M ($215M) round (Jun 2025) and OQC's £260M ($350M) Series C (Jun 2026), Europe's largest ever private quantum computing round, with Per Roman joining the boards of both Q-CTRL and OQC.

The edge is the platform: deal flow and exit firepower from GP Bullhound's M&A and advisory franchise (10K+ founders met yearly, 3K+ private equity fund relationships, 13 offices), plus in-house technical depth via Investment Principal Callum Stewart, a Cambridge PhD in semiconductor materials for the quantum internet.

Fund VII (deploying since Apr 2026) targets a concentrated 10-12 company deeptech portfolio of researcher-founded businesses serving commercial and government markets, the exact profile of a scaling quantum company. Note: portfolio company Quantum Systems is a German dual-use drone maker, not a quantum-technology holding.

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. Not an early-stage investor: no seed or Series A quantum checks anywhere in the record; if you are pre-Series B, this door is closed for now
  2. Quantum is 3 lines out of a 68-company portfolio dominated by consumer and B2B software (Spotify, Klarna, Revolut, Discord); the house thesis is AI-led software category leaders, and a quantum deal must clear that generalist growth bar
  3. Very concentrated model (Fund VII: 10 to 12 companies total): expect extreme selectivity; they led 2 quantum rounds in 2 years, not 10
  4. The brand is 14 months old as a separate entity; fund sizes are undisclosed and the LP base beyond LFF2/EIF is opaque, so capital depth for repeated mega follow-ons is unproven
  5. Hardware-heavy capex stories without a data-centre or infrastructure-software angle do not match their pattern (OQC was bought as quantum-as-a-service in data centres, Multiverse as AI-cost software)

Notable quantum portfolio

Full portfolio
Oxford Quantum CircuitsMultiverse ComputingQ-CTRL

Frequent co-investors