The Munich-based early-stage investor founded in 2022 Vanagon Venturesbehind which Axel Roitzsch, Susanne Fromm and Sandro Stark are, recently announced the final closing of its first fund (20 million euros).
Vanagon Ventures invests in “B2B startups that address fundamental systemic challenges and create new business models and markets through artificial intelligence and deep tech.” The team initially invests up to 500,000 euros.
Most recently, the Bavarians invested in up-and-coming startups such as deeplify, Neuramancer and meinebyte. The team is targeting a total of 30 investments.
In an interview with deutsche-startups.de, Vanagon General Partner Axel Roitzsch speaks in detail about the current investment situation in Germany.
How would you explain Vanagon Ventures to your grandmother?
Dear Grandma, remember being out and about in the ’80s and someone saying, “This computer stuff will never work.” That’s exactly what happened to Europe and it missed the Internet boom. Now the next wave is coming, DeepTech, and this time we want to be at the forefront. By 2030, there is a trillion euros in value that clever technologies can create. We invest in founders with real industry and science experience who are solving big problems: saving water, developing materials faster, securing data for millennia. So stuff that really changes the world. We get involved very early, for example shortly after the company was founded, with up to 500,000 euros as the first investor. We then actively help the young companies grow and are happy when we can tell our grandchildren about them.
How do you assess the current investment situation in Germany?
DeepTech is on everyone’s lips and yet many generalist VCs remain cautious. Longer development cycles do not fit well into classic return models, and from seed onwards at the latest, predictable sales development becomes the decisive benchmark. Technological progress, which is not – yet – directly reflected in numbers, is rarely recognized as a real value driver – but that is exactly the core of what is partly important. On the other hand, we are observing a growing, previously underestimated demand: corporates and medium-sized, owner-managed companies are actively looking for technologies that make them more independent and keep their own tech stack sustainable. This willingness to invest is real, it just runs a little under the radar.
What expectations do you have for the coming months?
We see very strong deal flow in all areas relevant to our fund, Advanced Manufacturing, Future Materials, Geospatial Intelligence, Artificial Intelligence, Next-Gen Computing and are actively investing accordingly. In the first quarter of 2026 we were among the 15 most active VCs in Germany, and we want to maintain this pace for the rest of the year. We are also pleased that there have been some major exits and IPOs announced in the last few weeks. The momentum is back and wonderful opportunities are emerging.
What advice would you give to founders who are currently looking for capital?
Define early on which “currency” you want to measure your traction in. Sales are one possibility, but by no means the only one. Production output, design customers or other reliable signals can be just as meaningful in early phases. What is crucial is that your progress is measurable. And: Look for customers who are willing to develop the product together with you; they are often more valuable than ten passive buyers.
Which startups are you particularly excited about at the moment?
Teams that leverage new technological capabilities to solve problems that were previously structurally unaddressable, led by technical founders with strong commercial savvy. They pave the way to scaling through data sovereignty and strong distribution as a matter of course. We are very proud of our portfolio, in which the teams have adopted the necessary mindset extremely quickly. The learning curve for startups, but also investors, is currently steeper than ever.
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