# Puzzle Ventures: portfolio, investments and team > Puzzle Ventures is a vc firm based in Germany. 4 investments on record, 2 in the last 12 months, latest Sept 2026. Portfolio, stages, co-investors and team. Source: https://millionrounds.com/fund/puzzle-ventures (Millionrounds; every figure on the page links to its filing or article) Germany · [Investor](https://millionrounds.com/investors) # Puzzle Ventures Last cheque observed Sep 2026; 4 cheques on record. Email VC firm Deploying now Seed Series A Venture Capital & Private Equity Follow Puzzle Ventures and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fpuzzle-ventures) Deploying now **100%** of best year **2** **cheques in 12 months**, 4 on record Since the last cheque **50** days **00** hrs **00** min **00** sec Median round **$17M** Rounds led **0 of 4** Pitch Puzzle Ventures ## Puzzle Ventures highlights - 01 2 cheques in the last 12 months - 02 Mostly Seed and Series A: 100% of its rounds ## What they do - **Type:** VC firm (from a list, unverified) - **Cheque size:** Not stated - **Sectors:** Venture Capital & Private Equity - **Based in:** Berlin, Germany - **Cold pitches:** Not stated ## The record Every round we can evidence, newest first **4 appearances** - **2026** 2 rounds - **Sept** **[Integral](https://millionrounds.com/company/integral)** Series A · DE · Tech.eu **$21M** With 4 others - **Feb** **[Duna](https://millionrounds.com/company/duna)** Series A · TechCrunch **$36M** With 8 others - **2025** 2 rounds - **May** **[Ankar](https://millionrounds.com/company/ankar)** Seed · GB · Silicon Canals **$3.4M** With 6 others - **Feb** **[Comstruct](https://millionrounds.com/company/comstruct)** Seed · DE · TechCrunch **$13M** With 4 others An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor. ## The team We hold **1** person at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them. ## The cheque Seed Series A Median round joined **$17M** the round, not its cheque Led 0 of 4 rounds **0%** - **Sole investor:** Never alone - **Last cheque:** Sept 2026 Rounds by stage said on their site - Seed *2* - Series A *2* Cheques by month Led Joined Dec 2023 Nov 2026 Often in the room with - [BOOOM](https://millionrounds.com/fund/booom) 2 - [Index Ventures](https://millionrounds.com/fund/index-ventures) 2 **Pitching Puzzle Ventures?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque. Add to your CRM *→* ## Who they invest alongside The investors most often in the same rounds as Puzzle Ventures. A count of rooms they were both in, not a relationship either has claimed. [**BOOOM** Micro VC **2** rounds together](https://millionrounds.com/fund/booom)[**Index Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/index-ventures) ## Recently backed The latest companies Puzzle Ventures put money into. [**Ankar** $3.4M · May 2025](https://millionrounds.com/company/ankar)[**Comstruct** $13M · Feb 2025](https://millionrounds.com/company/comstruct) ## Quick answers about Puzzle Ventures ### What does Puzzle Ventures invest in? Puzzle Ventures invests most often at Seed and Series A (100% of the rounds on record), in sectors such as Venture Capital & Private Equity. ### How active is Puzzle Ventures? 4 investments on record, 2 of them in the last 12 months. The most recent was in Sept 2026. ### What has Puzzle Ventures invested in recently? Its most recent investments on record: Integral (Series A, Sept 2026), Duna (Series A, Feb 2026) and Ankar (Seed, May 2025). ### How big are Puzzle Ventures's cheques? The median round it joins is $17M. ### Is Puzzle Ventures investing now? Yes: it is actively investing, with 2 investments in the last 12 months. ### Who does Puzzle Ventures invest alongside? Most often BOOOM (2 rounds together) and Index Ventures (2 rounds together). ### What kind of investor is Puzzle Ventures? Puzzle Ventures is a VC firm based in Berlin, Germany. ### When was Puzzle Ventures founded? Puzzle Ventures was founded in 2022. ## Raising now? Find the investors who back rounds like yours, and keep every conversation on one fundraising board. Find similar investorsOpen your CRM Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=puzzle-ventures) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=puzzle-ventures)