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Vsquared Ventures

Vsquared Ventures is a Munich-based deep-tech VC, founded 2017 and spun out of Unternehmertum (TU München), focused on fundamental technology: quantum, AI, space, biotech, new materials and computing.

Stage Pre-Seed → Series A
Ticket $500k - $6.0M
Quantum focus Quantum Computing · Hardware, Quantum Computing · Software
Geography Europe

Investment thesis

Vsquared Ventures is a Munich-based deep-tech VC, founded 2017 and spun out of Unternehmertum (TU München), focused on fundamental technology: quantum, AI, space, biotech, new materials and computing. Fund II €214M (2022 vintage), total AUM ~€400M. Cheques €500k-€5M, Seed to Series A, lead or co-lead.

Quantum hardware at the core of the thesis: early backer of IQM Quantum Computers (Finnish-German superconducting, Series A 2020, participated in subsequent rounds to €208M Series B 2023) — now one of Europe's three best-funded quantum hardware companies. Also backs Quantune Technologies (quantum cascade laser sensing) and Zama (FHE / post-quantum cryptography, $73M Series B 2024).

Value-add: co-founder Herbert Mangesius leads quantum, drawing on TU München research networks, deep semiconductor-industry ties (Munich ecosystem includes Infineon, Intel sites) and strong relationships with the Max Planck Institutes. Strategic co-investors include Tencent, Deutsche Telekom Capital Partners.

Differentiated as Germany's most active quantum-hardware conviction investor at the seed/Series A stage, with structural TU München deep-tech deal flow.

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 ComputersZamaQuantune Technologies

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