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Fly Ventures is a venture capital firm founded in 2017 and based in Europe. The firm focuses on early-stage investments, particularly in technology sectors. Fly Ventures aims to bridge the funding gap for technical entrepreneurs who often face challenges in securing capital from traditional investors. The firm has established a reputation for supporting innovative companies that tackle complex problems.
As of now, Fly Ventures manages assets totaling $88 million across its funds. The firm has launched three funds since its inception, with Fund III closing in December 2024 at €80 million, oversubscribed. Fly Ventures operates from multiple offices located in Berlin, London, Paris, and Zurich, allowing them to maintain a strong presence across Europe. Their limited partners include the European Investment Fund and KfW Capital, which provide significant backing for their investment activities.
Fly Ventures has made notable strides in the venture capital space, particularly through its focus on deeply technical sectors. The firm has a portfolio of five companies, with a strong follow-on funding rate exceeding 75%, indicating the quality of their investments. Their approach involves engaging with founders 6–9 months before company launch, providing them with valuable insights and resources to help scale their businesses effectively.
Fly Ventures invests in early-stage technology companies across Europe, specifically targeting sectors such as artificial intelligence, software development tools, and industrial automation. Their investment strategy is designed to identify and support technical founders who are addressing complex challenges in their respective fields. The firm typically invests at the pre-seed, seed, and Series A stages, with check sizes ranging from €1 million to €4 million.
The firm’s investment thesis emphasizes backing technical founders and companies that are often overlooked by traditional investors. Fly Ventures aims to fill this gap by focusing on deeply technical sectors, which allows them to provide specialized insights and resources to their portfolio companies. Approximately 45% of their portfolio is allocated to AI, 35% to vertical applications and industrial technology, and 20% to development tools and infrastructure.
Fly Ventures seeks founders who are working on hard problems at the inception stage. Their approach includes leveraging a strong network of industry connections and engaging with founders early in the process to ensure they are well-prepared for the challenges ahead. This proactive engagement strategy sets Fly Ventures apart from many other venture capital firms.
Fly Ventures has a diverse portfolio of five notable companies:
Fly Ventures has demonstrated a strong follow-on funding rate across its portfolio, with over $2 billion raised by portfolio companies, indicating the quality and potential of their investments.
Gabriel Matuschka: Co-founder and General Partner at Fly Ventures, based in Berlin. Gabriel has extensive experience in venture capital and has been instrumental in sourcing and evaluating investment opportunities.
Fredrik Bergenlid: Co-founder and General Partner, known for his expertise in technology investments. Fredrik has a strong background in supporting technical founders and has been with Fly Ventures since its inception.
Matt Wichrowski: General Partner who joined Fly Ventures in 2020. Matt brings a wealth of experience in early-stage investments and has a keen eye for identifying promising startups.
Marie Brayer: General Partner based in Paris, Marie focuses on expanding Fly Ventures' presence in the French market and has a strong track record in venture capital.
Alex Kendall: Co-founder of Wayve, a notable portfolio company, Alex has a background in autonomous driving technology and contributes valuable insights to Fly Ventures.
Amar Shah: Co-founder of Wayve, Amar's expertise in machine learning and AI enhances Fly Ventures' understanding of these sectors.
Jonathan Godwin: Co-founder of Orbital Materials, Jonathan's experience in materials science aligns with Fly Ventures' focus on deep tech.
James Gin: Co-founder of Orbital Materials, James brings a strong technical background to the firm.
Daniel Miodovnik: Co-founder of Orbital Materials, Daniel's expertise complements the team's capabilities.
Kiril Videlov: Co-founder of GitButler, Kiril's experience in developer tools is valuable for Fly Ventures' investment strategy.
Anne Leuschner: Co-founder of GitButler, Anne contributes to the firm's understanding of software development.
Scott Chacon: Co-founder of GitButler, Scott's background in technology enhances Fly Ventures' portfolio.
Steven Hunter: Co-founder of 9fin, Steven's expertise in financial technology aligns with Fly Ventures' investment focus.
Hussam El-Sheikh: Co-founder of 9fin, Hussam's experience in AI-driven solutions contributes to the firm's knowledge base.
To pitch Fly Ventures, founders should visit their website at Fly Ventures. They prefer early engagement, ideally 6–9 months before a company launch. The pitch deck should include a clear overview of the technology, market opportunity, and the founding team's background. Founders should be prepared for a thorough evaluation process, as Fly Ventures is known for its rigorous selection criteria.
Response times can vary, but founders can expect to hear back within a few weeks after submitting their pitch. Warm introductions are preferred, as they can facilitate a more favorable review process.
In December 2024, Fly Ventures closed Fund III at €80 million, which was oversubscribed. This fund will continue to support deeply technical founders in Europe, with a significant focus on AI and industrial automation.
Fly Ventures has been actively investing in early-stage technology companies, with notable portfolio highlights including Wayve, which has raised a total of $1.26 billion, and Lakera, which was acquired by Check Point Software for $300 million in 2025.
Recent reports indicate that Fly Ventures has a follow-on funding rate exceeding 75%, significantly higher than the European seed VC average of 31%. This reflects the firm's commitment to supporting its portfolio companies through subsequent funding rounds.
What are Fly Ventures' investment criteria?
Fly Ventures primarily invests in early-stage technology companies across Europe, focusing on sectors such as artificial intelligence, software development tools, and industrial automation. They target pre-seed, seed, and Series A stages, with check sizes typically ranging from €1 million to €4 million.
How can I apply or pitch to Fly Ventures?
Founders interested in pitching to Fly Ventures can visit their website at Fly Ventures for more information on the application process. They encourage early engagement, ideally 6–9 months before a company launch.
What makes Fly Ventures different from other VC firms?
Fly Ventures distinguishes itself by focusing on deeply technical sectors and engaging with founders early in their journey. Their investment thesis emphasizes backing technical founders who are often overlooked by traditional investors, providing specialized insights and resources to help companies scale effectively.
What is Fly Ventures' geographic scope?
Fly Ventures operates primarily in Europe, with a strong presence in major cities such as Berlin, London, Paris, and Zurich. They focus on identifying and supporting European startups that are addressing complex challenges in technology.
What is Fly Ventures' post-investment involvement like?
Fly Ventures maintains an active role in supporting its portfolio companies throughout the investment lifecycle. They engage with founders regularly and leverage their extensive network of industry connections to provide ongoing support and resources.
What is the typical follow-on funding behavior of Fly Ventures?
Fly Ventures has a follow-on funding rate exceeding 75%, which is significantly higher than the European seed VC average of 31%. This indicates their commitment to supporting portfolio companies through subsequent funding rounds or acquisitions.
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