Deep Tech · VC Firm · Active
FORWARD.one
FORWARD.one is an Amsterdam-based hardware and deep-tech VC founded 2017, with ~€150M AUM across two funds (FORWARD II €110M 2022 vintage).
Investment thesis
FORWARD.one is an Amsterdam-based hardware and deep-tech VC founded 2017, with ~€150M AUM across two funds (FORWARD II €110M 2022 vintage). Invests Seed to Series A in Dutch and European hardware, semiconductors, quantum, robotics. Cheques €500k-€3M, lead or co-lead.
Quantum bet: QuantWare (Delft-based superconducting quantum processors, multi-qubit modular chips; co-invested in the $20M Series A March 2025 alongside QDNL Participations and Innovation Industries). QuantWare is building the merchant-qubit-chip thesis — selling processors to quantum computer makers.
Value-add: Dutch hardware-engineering operator community; TU Delft spin-out pipeline; structural co-investor with QDNL on Dutch quantum deals.
Not a quantum specialist — broader hardware-deep-tech mandate with one focused Dutch quantum bet. Essential Dutch ecosystem co-investor.
Anti-thesis
The patterns that trigger a fast no with this fund.
- Seed-stage Dutch deep-tech specialist with check sizes typically EUR 1 to 3M, not the right fit for capital-intensive quantum hardware rounds that need EUR 10M+ to reach a meaningful milestone
- Hands-on operator model (engineering support, supply chain) works best for hardware startups in Netherlands proximity, remote or US-based quantum teams are out of scope
- Portfolio pattern skews to robotics, semiconductors, and industrial hardware with clearer 3 to 5 year commercial pull, quantum compute's longer horizon stretches their hold model
- Photonic and component-level quantum (sensing, cryo, control electronics) is more on-thesis than full-stack qubit platforms
- Limited follow-on reserves relative to specialist quantum funds means they need a credible Series A lead lined up, founders without that bridge will face hesitation
Notable quantum portfolio
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