Deep Tech · VC Firm · Active
Runa Capital
Runa Capital is a Luxembourg-registered, Berlin/Palo Alto/London-active deep-tech and enterprise-software VC, founded 2010. Fund IV $116M (2022 vintage), cumulative capital ~$500M+.
Investment thesis
Runa Capital is a Luxembourg-registered, Berlin/Palo Alto/London-active deep-tech and enterprise-software VC, founded 2010. Fund IV $116M (2022 vintage), cumulative capital ~$500M+. Invests Series A through early growth in developer tools, SaaS, cybersecurity, and deep tech including quantum. Cheques $1-10M, lead or co-lead.
Quantum portfolio is unusually broad for a non-specialist: early backer of Pasqal (French neutral atoms, participated in multiple rounds since Series A), ID Quantique (Swiss QKD pioneer, acquired by SK Telecom), Qnami (Swiss NV-center sensing) and Welinq (French quantum networking / memory interconnects, spin-out of CNRS/Sorbonne). Four bets spanning HW, communications, sensing and networking — rare breadth.
Value-add: Berlin/Luxembourg base makes Runa a default European co-investor; developer-tools expertise (JetBrains, Mailgun) useful for quantum-SDK and software-stack portfolio companies.
Differentiated as the non-French VC with the deepest French-quantum-ecosystem exposure (Pasqal + Welinq), giving it structural conviction in neutral-atom and networking architectures.
Anti-thesis
The patterns that trigger a fast no with this fund.
- Stage-bounded: pre-seed to Series A, typical cheques 1M to 10M USD, later quantum hardware growth rounds are not their game (Pasqal was an early entry, not late-stage)
- Software / enterprise DNA: they need to underwrite the algorithm or stack themselves (Galperin: 'we validate algorithms in-house'), pure hardware-physics bets without a software / commercial layer are harder to get through
- Likely one-bet-per-modality discipline at the Pasqal scale: a competing neutral-atom platform is unlikely, they extend into adjacent quantum software, post-quantum crypto, and quantum-AI rather than duplicating
- Open-source / dev-tools / cloud-infra heritage skews them away from capex-heavy fab plays and toward quantum SDKs, middleware, and algorithms
Notable quantum portfolio
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