#Interview
“We assume that Germany will become significantly more active in the coming years,” says Sara Sclarsic, founder and general partner at Valley investor Voyager Ventures. “Munich in particular is increasingly developing into a central startup location.”
The American early-stage investor founded in 2021 Voyager Venturesbacked by Sarah Sclarsic and Sierra Peterson, recently announced the final closing of its second fund ($275 million).
In recent years, the active financier from San Francisco has already invested in the German startups Annea (digital twins of wind turbines and solar systems) and Enapi (transaction broker for the EV charging industry). Further investments in this country are now expected to follow quickly.
The Valley investor is particularly interested in topics such as “energy production and distribution, advanced industrial manufacturing, critical materials, physical AI and computing.” Voyager Ventures currently has $475 million under management across three funds.
In an interview with deutsche-startups.de, Sara Sclarsic, founder and general partner at Voyager Ventures, speaks in detail about her view of Germany.
How would you explain Voyager Ventures to your grandmother?
Voyager invests in early-stage companies that are reimagining and improving the fundamental systems of the global economy. They develop technologies that make materials, energy and industrial processes more efficient, cheaper and more sustainable. As these fundamentals improve, economies become more resilient, lives become more reliable, and growth becomes sustainable in the long term. Voyager supports the very companies that enable the global economy to evolve and adapt over time.
How do you assess the current investment situation in Germany?
Capital remains selective, but the direction is clear and increasingly positive – particularly through political stimulus in strategic areas such as energy transition and deep tech. This can be seen, among other things, in new large-volume funds with which private capital is specifically directed into industrial modernization and climate infrastructure. Future technologies such as fusion are now firmly anchored in the national agenda. These political signals are increasingly being translated into concrete demand and investment incentives. Instruments such as Carbon Contracts for Difference reduce risks in industrial decarbonization and create planning security. This enables founders and investors to think beyond the prototype and focus on scaling early on. At the European level, additional initiatives help to facilitate cross-border growth – a crucial lever, especially for German startups.
What expectations do you have for the coming months?
We assume that Germany will become significantly more active in the coming years. Munich in particular is increasingly developing into a central startup location that is gaining in importance and speed within the country. We are primarily observing dynamics in areas such as geothermal energy, energy storage and industrial technology. Public funding instruments act as a catalyst: they mobilize private capital and reduce risks in real, capital-intensive projects. What is crucial is that the market as a whole opens up. Around three quarters of German startups plan to raise capital in the next twelve months. We expect demand for financing to continue to increase through 2026.
What advice would you give to founders who are currently looking for capital?
Investors want to understand who you are, what you stand for and how this vision is gradually created into a resilient company. What is crucial is clarity: How much capital is needed, why exactly and how will it be translated into growth in a understandable way? The job of investors is to evaluate opportunities and risks. That’s why it’s worth being open, especially when it comes to the greatest risks. Transparency builds trust, and good investors will do thorough due diligence anyway. Show clearly where you are superior to the competition and where there are still gaps. This is exactly where investors often see starting points for improving together and working together as partners in the long term. If you want to raise capital, you should start early. Many rounds last six months or longer, and tight liquidity weakens one’s negotiating position. Research investors who fit your sector: They are usually better informed, better connected and can really provide operational support. Prepare for specific questions: How long does your sales cycle last? Why do customers choose you? You know your business best. The more precisely you convey it, the more efficiently the process will run. Finally, think consciously about the investor consortium. What contribution does each investor make beyond capital? A combination of a strong lead investor and co-investors who provide added value in hiring, business development, product or future financing rounds often makes sense.
Which startups are you particularly excited about at the moment?
An example from our portfolio is Enapi, a Berlin startup that we invested in last year. Enapi is developing the data and payment infrastructure for a connected e-mobility ecosystem and already operates much of the charging infrastructure in Europe. Nine of the ten largest e-mobility service providers are now customers. The company is currently expanding into the US market. In addition, we are seeing strong commercial progress from companies developing new processes to extract critical resources – from strategic metals to baseload energy. One example is Alta, which has developed a modular technology that can produce rare earths at a lower cost than in China. Progress is not limited to industrial systems. It also shows up in everyday life. Our portfolio company Copper has rethought household appliances around integrated battery systems. This improves performance and energy efficiency and brings energy storage and security of supply directly to private households.
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