# VC firms based in Luxembourg (2026 list)

> 157 VC firms based in Luxembourg, 17% active in the last 12 months. Led by Mangrove Capital Partners, N1, Runa Capital. Ranked by what they funded.

Source: https://millionrounds.com/lists/vc-firms-based-in-luxembourg (Millionrounds; every figure on the page links to its filing or article)

[Investor Lists](https://millionrounds.com/lists)

# VC firms based in Luxembourg

Updated 7 November 2026

VC firms headquartered in Luxembourg.

[See all 157 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fvc-firms-based-in-luxembourg)The top 25

**157** investors on the list No change this week

**102** cheques in 12 months *+23%* against the market

**$6.8M** median round they joined *-15%* against the market median

**17%** wrote a cheque in 12 months

**10%** have led a round

## The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (18)

- 1 [Mangrove Capital Partners](https://millionrounds.com/fund/mangrove-capital-partners) *Deploying now* VC firm · Luxembourg **136** **$7.2M** median round **Nov 2026** last seen
- 2 [N1](https://millionrounds.com/fund/n1) *Deploying now* VC firm · Luxembourg **134** **$1.4M** median round **Sept 2026** last seen
- 3 [Runa Capital](https://millionrounds.com/fund/runa-capital) *Deploying now* VC firm · Luxembourg **107** **$7.5M** median round **Oct 2026** last seen
- 4 [Adara Ventures](https://millionrounds.com/fund/adara-ventures) *Deploying now* VC firm · Luxembourg **46** **$6.5M** median round **Oct 2026** last seen
- 5 [SGH CAPITAL](https://millionrounds.com/fund/sgh-capital) *Deploying now* VC firm · Luxembourg **45** **$4.9M** median round **Apr 2026** last seen
- 6 [European Investment Fund](https://millionrounds.com/fund/european-investment-fund-eif) *Deploying now* VC firm · Luxembourg **44** **$5.2M** median round **Oct 2026** last seen
- 7 [Middlegame Ventures](https://millionrounds.com/fund/middlegame-ventures) *Deploying now* VC firm · Luxembourg **25** **$8.5M** median round **Sept 2026** last seen
- 8 [HOWZAT Partners](https://millionrounds.com/fund/howzat-partners) quiet VC firm · Luxembourg **17** **$3.8M** median round **Nov 2019** last seen
- 9 [Adara Ventures](https://millionrounds.com/fund/adara-ventures-2) quiet VC firm · Luxembourg **13** **$7.5M** median round **Sept 2013** last seen
- 10 [Brighteye Ventures](https://millionrounds.com/fund/brighteye-ventures) *Deploying now* VC firm · Luxembourg **11** **$4.5M** median round **Oct 2026** last seen
- 11 [Market One Capital](https://millionrounds.com/fund/market-one-capital) *Deploying now* VC firm · Luxembourg **10** **$5.1M** median round **Oct 2026** last seen
- 12 [Bullhound Capital](https://millionrounds.com/fund/bullhound-capital) *Deploying now* VC firm · Luxembourg **8** **$313M** median round **Oct 2026** last seen
- 13 [Simile Venture Partners](https://millionrounds.com/fund/simile-venture-partners) quiet VC firm · Luxembourg **8** **$3.2M** median round **Jun 2015** last seen
- 14 [Alpha Intelligence Capital](https://millionrounds.com/fund/alpha-intelligence-capital) *Deploying now* VC firm · Luxembourg **6** **$18M** median round **Mar 2026** last seen
- 15 [Bek Ventures](https://millionrounds.com/fund/bek-ventures) *Deploying now* VC firm · Luxembourg **5** **$28M** median round **Sept 2026** last seen
- 16 [Greenbridge](https://millionrounds.com/fund/greenbridge) quiet VC firm · Luxembourg **5** **$80M** median round **Nov 2023** last seen
- 17 [3B Future Health Fund I & II](https://millionrounds.com/fund/3b-future-health-fund-i-and-ii) *Deploying now* VC firm · Luxembourg **4** **$23M** median round **Sept 2026** last seen
- 18 [Expon Capital](https://millionrounds.com/fund/expon-capital) quiet VC firm · Luxembourg **4** **$16M** median round **Apr 2025** last seen
- 19 [Helloworld](https://millionrounds.com/fund/helloworld) *Deploying now* VC firm · Luxembourg **4** **$2.4M** median round **Nov 2026** last seen
- 20 [Hiro Capital](https://millionrounds.com/fund/hiro-capital) *Deploying now* VC firm · Luxembourg **4** **$534M** median round **Mar 2026** last seen
- 21 [Metastable Ventures](https://millionrounds.com/fund/metastable-ventures) dormant VC firm · Luxembourg **4** **$25M** median round **May 2019** last seen
- 22 [Satgana](https://millionrounds.com/fund/satgana) *Deploying now* VC firm · Luxembourg **4** **$5.8M** median round **Nov 2025** last seen
- 23 [Dotcorp Asset Management](https://millionrounds.com/fund/dotcorp-asset-management) quiet VC firm · Luxembourg **4** **$5.5M** median round **Nov 2010** last seen
- 24 [Alter Venture Partners](https://millionrounds.com/fund/alter-venture-partners) *Deploying now* VC firm · Luxembourg **3** **$27M** median round **Sept 2026** last seen
- 25 [Balnord](https://millionrounds.com/fund/balnord) *Deploying now* VC firm · Luxembourg **3** **$23M** median round **Oct 2026** last seen

**132 more on this list**

All 157 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000.

[See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fvc-firms-based-in-luxembourg)

## The Newest Cheques

Rounds this list's investors joined most recently

- **5** Nov **[Lombard Systems](https://millionrounds.com/company/lombard-systems)** Seed · $4M *With* [Veris Digital](https://millionrounds.com/fund/veris-digital)
- **4** Nov **[Titan OS](https://millionrounds.com/company/titan-os)** Other · $46M *With* [Mangrove Capital Partners](https://millionrounds.com/fund/mangrove-capital-partners)
- **1** Nov **[Talky Labs](https://millionrounds.com/company/talky-labs)** Pre-seed *With* [Helloworld](https://millionrounds.com/fund/helloworld)
- **29** Oct **[Cohere](https://millionrounds.com/company/cohere)** $5B *With* [Bullhound Capital](https://millionrounds.com/fund/bullhound-capital)
- **26** Oct **[North Vector Dynamics](https://millionrounds.com/company/north-vector-dynamics)** Series A · $20M *Led by* [Tech Horizons](https://millionrounds.com/fund/tech-horizons)
- **26** Oct **[PureTerra Ventures](https://millionrounds.com/company/pureterra-ventures)** Other · $33M *With* [European Investment Fund](https://millionrounds.com/fund/european-investment-fund-eif)

## Stages This Year

101 rounds

- Seed **22%**
- Series A **21%**
- Pre-seed **18%**
- Venture **9%**
- Other **8%**
- Other **23%**

## What They Backed

Sectors, last 12 months

- AI **44**
- Fintech **15**
- Big Data & Analytics **6**
- Cleantech **6**
- Advertising & Adtech **5**
- Hardware & Electronics **5**

## Cheques by Quarter

Led Joined

25 Q1 25

23 Q2 25

14 Q3 25

29 Q4 25

32 Q1 26

20 Q2 26

26 Q3 26

13 Q4 26

The last bar is the quarter still running.

## Lists Like This

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- [PE firms based in United Kingdom 974](https://millionrounds.com/lists/pe-firms-based-in-united-kingdom)
- [Incubators and accelerators based in United States 828](https://millionrounds.com/lists/incubators-accelerators-based-in-united-states)

[All investor lists *→*](https://millionrounds.com/lists)

## Quick answers about VC firms based in Luxembourg

### Who are the most active VC firms based in Luxembourg?

By cheques observed, the most active are Mangrove Capital Partners, N1, Runa Capital, Adara Ventures and SGH CAPITAL.

### How many VC firms based in Luxembourg are there?

157 are on record. 17% made an investment in the last 12 months and 10% have led a round.

### Which stages do VC firms based in Luxembourg back?

Of the rounds with a named stage in the last 12 months, mostly Seed (27%) and Series A (25%).

### How big are the rounds VC firms based in Luxembourg join?

The typical (median) round among the leading investors here is $7.5M.

### Which sectors do VC firms based in Luxembourg back most?

In the last 12 months, mostly AI, Fintech and Big Data & Analytics.

### Which VC firms based in Luxembourg lead the most rounds?

Bullhound Capital (5 led), Market One Capital (4 led) and Mangrove Capital Partners (3 led).

### What have VC firms based in Luxembourg invested in recently?

Recent rounds include Lombard Systems (Seed, Nov 2026, with Veris Digital), Titan OS (Other, Nov 2026, with Mangrove Capital Partners) and Talky Labs (Pre-seed, Nov 2026, with Helloworld).

### How is this list of VC firms based in Luxembourg ranked?

By cheques observed, from the rounds and filings we watched, and never by anything anyone paid for. It is rebuilt every night.

Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)