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henQ is a venture capital fund based in Amsterdam, Netherlands, founded in 2004. The firm focuses on early-stage B2B software startups, particularly those that operate in less fashionable markets. henQ has a unique investment strategy that emphasizes a contrarian approach, seeking out companies that may not fit the typical mold of successful startups. This strategy allows henQ to provide tailored support and resources to its portfolio companies.
Currently, henQ manages a fund size of €74 million and aims to invest in only a select few companies each year, typically three. This concentrated approach enables the firm to offer focused assistance and leverage its team's experience in B2B software. The fund operates primarily across Western Europe, with a strong emphasis on the Netherlands and the Nordics.
henQ's commitment to investing in unconventional businesses has led to notable milestones, including backing successful companies like Mews and Mendix. The firm is known for its selective investment strategy, which allows it to maintain a high level of engagement with its portfolio companies.
henQ invests in early-stage B2B software businesses, specifically targeting sectors that are often overlooked or considered unconventional. The firm focuses on backing founders rather than specific markets, which allows for a diverse range of investment opportunities. The typical check size ranges from €1 million to €10 million, with the firm aiming to invest in only three companies each year. This strategy ensures that henQ can provide concentrated support and resources to its portfolio companies.
The investment thesis of henQ centers around supporting 'the odd ones out'—businesses that operate in boring-looking markets, utilize atypical business models, or are led by idiosyncratic founders. This contrarian posture is evident in the firm's narrative and approach to sourcing deals. henQ's team leverages its extensive experience in B2B software to identify and support these unique opportunities, ensuring that they can provide valuable insights and assistance tailored to the specific challenges faced by their founders.
henQ's portfolio includes a diverse range of early-stage B2B software companies. Notable portfolio companies include:
As of March 2025, henQ has a total of 39 portfolio companies, reflecting its deliberate investment strategy focused on quality over quantity.
Coen van Duiven - Co-founder and fund manager with extensive experience in B2B software investments. He has been instrumental in shaping henQ's investment strategy.
Jan Andriessen - Partner and fund manager, known for his expertise in early-stage investments and his role in sourcing unique deal opportunities.
Mick Mackaay - Partner and fund manager, recognized for his contributions to the firm's contrarian investment approach and his background in software entrepreneurship.
Jelmer de Jong - Partner with a focus on operational support for portfolio companies, leveraging his experience in scaling B2B software businesses.
Rob Rousseau - Principal with a strong background in venture capital and a focus on supporting portfolio companies through strategic guidance.
To pitch henQ, founders should submit their applications through the firm's website at henq.vc. The firm prefers a concise pitch deck that clearly outlines the business model, market opportunity, and team background. Founders should expect a response within a few weeks, and warm introductions are encouraged but not mandatory.
In March 2025, henQ announced its investment in Tomorro, which is currently in Series B funding. Additionally, the firm is set to support Tanso, a business productivity platform, expected to launch in August 2025.
henQ's recent activity also includes leading a Series A round for Kanpla, a Danish B2B SaaS company, which raised approximately €8 million. This aligns with henQ's strategy of investing in a limited number of high-potential companies each year.
What are henQ's investment criteria?
henQ focuses on early-stage B2B software startups that are considered unconventional. The firm seeks to invest in businesses that operate in less fashionable markets and have atypical business models. They typically invest between €1 million and €10 million.
How can I pitch to henQ?
Founders interested in pitching to henQ should visit their website at henq.vc. The firm prefers direct applications through their online platform.
What makes henQ different from other VCs?
henQ's contrarian approach sets it apart from other venture capital firms. They focus on backing founders rather than specific markets and limit their investments to three companies each year, allowing for concentrated support and resources.
What is henQ's geographic focus?
henQ primarily invests in early-stage B2B software startups across Western Europe, with a particular emphasis on the Netherlands and the Nordics.
What is henQ's post-investment involvement like?
henQ provides significant value-add to its portfolio companies through a dedicated approach, leveraging its team's experience in B2B software and a network of successful entrepreneurs. The firm focuses on tailored support to address the specific challenges faced by its founders.
What is the typical fund size and check size for henQ?
henQ currently manages a fund size of €74 million, with typical check sizes ranging from €1 million to €10 million for their investments.
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