Deep Tech · VC Firm

Vsquared Ventures

Quantum & novel computing is a core deep-tech pillar: backs European national-champion plays across superconducting hardware (IQM, unicorn 2025, Nasdaq SPAC announced Feb 2026), quantum fault-tolerance software (QC Design) and quantum cascade laser sensing (Quantune).

Active Munich, GermanyFounded 2020

Investment thesis

Vsquared Ventures is a Munich-based deep-tech VC, founded in 2020 (its partners came from the predecessor fund Vito Ventures), focused on fundamental technology: quantum, AI, space, biotech, new materials and computing. Fund II €214M (final close 2024), total AUM about €450M. Cheques €500k to €5M, Seed to Series A, lead or co-lead, with two-thirds of Fund II reserved for follow-on.

Quantum hardware at the core of the thesis: early backer of IQM Quantum Computers (Finnish-German superconducting; new investor in the €39M Series A 2020, participant in the €128M Series A2 2022; IQM raised a $320M Series B in 2025 led by Ten Eleven Ventures, reaching unicorn status, and announced a Nasdaq SPAC listing in February 2026; Vsquared's participation in the later rounds is not disclosed). Also backs QC Design (quantum fault-tolerance software, pre-seed led by GP Lise Rechsteiner) and Quantune Technologies (quantum-cascade-laser sensing, seed equity co-led with Point72 Ventures). Separately holds Zama (fully homomorphic encryption, a privacy-crypto play, not a quantum technology).

Value-add: co-founder Herbert Mangesius led the IQM investment, drawing on Munich ties (TU Munich, CDTM) and the local semiconductor ecosystem; GP Lise Rechsteiner covers quantum software.

Differentiated as one of Germany's most active quantum-hardware conviction investors at the seed and Series A stage.

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. Thesis-driven and explicit on 'massive opportunities': passes on incremental quantum tooling or narrow-vertical software when the TAM and breakthrough claim are not generational
  2. Stage-disciplined: 500k to 5M EUR initial cheques across 25 companies in fund II, so late-stage quantum hardware scale-up rounds are not in scope
  3. Filters hard on technical defensibility and depth: founders without a credible PhD / lab-IP moat or with thin science risk-to-scalable-business path get passed (per partner public guidance to founders)
  4. Stays inside the six Generational Growth Themes (new space, energy, robotics / manufacturing, new computing & sensing, AI / next-gen software, tech-bio): quantum-adjacent finance, services, or pure middleware that does not map cleanly is out

Notable quantum portfolio

Full portfolio
IQM Quantum ComputersQuantune TechnologiesQC Design

Frequent co-investors