WE ARE EUROPE's
SME TECH FUND.
SME TECH LEADERS COMMUNITY & EVENTS
// Join our SME Tech Leaders community.
āltitude x Fortino Capital x SME Tech Leaders Meet-up
This event is unfortunately over.
January 2025 in Munich, GER
āltitude x LP Meet-up
This event is unfortunately over.
November 2024 in Zurich, CH
āltitude x Italian Founders Fund x SME Tech Leaders Meet-up
This event is unfortunately over.
October 2024 in Milan, IT
āltitude x Left Lane Capital x SME Tech Leaders Meet-up
This event is unfortunately over.
October 2024 in London, UK
āltitude x Wunderland Capital x GP-LP Meet-up
This event is unfortunately over.
October 2024 in Dubai, UAE
āltitude x Merantix x SME Tech Leaders Summit 2024
This event is unfortunately over.
May 2024 in Berlin, GER
āltitude x Speedinvest x SME Tech Leaders Meet-up
This event is unfortunately over.
March 2024 in Vienna, AUT
āltitude x Project A x SME Tech Leaders Meet-up
This event is unfortunately over.
January 2024 in Berlin, GER
SME TECH MANIFESTO
// The last decade was dominated by B2B enterprise, we bet on the next decade SME Tech.
Why SMEs?Small and medium-sized enterprises (SMEs) play a major role in most economies. They represent about 99% of businesses and more than 50% of employment worldwide.In Europe, 26 million SMEs form the backbone of the economy. They employ more than 100 million Europeans and are the most important force for economic growth, innovation and job creation.In the current macroeconomic climate, technology has become a crucial factor for survival, determining future growth and competitiveness for many businesses. 76% of European SMEs consider digitalisation a priority, and 54% of them see the need to adopt new technologies to remain competitive.Accordingly, SMEs are being compelled to undergo digital and sustainable transformation, leading to a rise in early-stage start-ups addressing their specific challenges.We believe that great B2B technology start-ups start with SMEs as their primary target customers and either succeed in capturing massive market shares as an SME solution or grow into fully fledged enterprise solutions over time.
Why now?Advancements in AI, ML, LLMs and cloud computing: BCG suggests that this is lowering the costs and complexities of serving SMEs, making this market increasingly attractive.Pandemic-driven digital transformation: A survey by Salesforce found that 71% of SMEs in Europe increased their use of digital tools during the COVID-19 pandemic, with 50% saying these tools were critical to their survival.Rising demand for SME Tech: A Gartner report stated that worldwide IT spending by SMEs is expected to grow by 4.6% annually, reaching USD1.5T by 2025. This growth highlights the increasing importance of tech solutions for SMEs.Regulatory pressures: The European Union’s GDPR and other regulatory frameworks are pushing SMEs to adopt more sophisticated data management and compliance tools, which creates a growing market for tech solutions.SME Tech is the most undercapitalised opportunity of the next decade, only 15% of all B2B investments went into SME Tech start-ups. We want to change that.
Why āltitude?We are not an ordinary B2B fund - we are Europe’s first SME Tech fund, targeting a distinct segment of B2B. We solely invest into start-ups targeting SMEs as their primary ICP.We are veteran VCs, serial exited entrepreneurs and ex operators with a specific SME Tech intel and network. We as well operate the largest SME Tech community in Europe with SME Tech Leaders, building for the real economy.
PORTFOLIO OVERVIEW
// We have invested in exceptional founders digitalizing SMEs across Europe and the US.
#1. Debtist | Germany | Pre-Seed | FinTech | Workflow and process automation for SME receivables management. More
#2. Cleverlohn | Germany | Pre-Seed | HRTech | Workflow and process automation for SME pay slip management. More
#3. Zyphe | Italy / US | Pre-Seed | RegTech | Legal and regulatory solution for decentralized identity verification & storage. More
#4. Ooodles | United Kingdom | Seed | FinTech | Value- and supply chain optimisation for circular SME IT rentals. More
#5. Keaz | Germany | Pre-Seed | RetailTech | vSaaS solution to turn existing customers into new profits for SMEs. More
#6. OmniDock | Germany / US | Seed | RetailTech | Platform to enable SME merchants to sell on multiple marketplaces. More
#7. QRaGo | Germany | Seed | HealthTech | Vertical SaaS solution to optimize external logistics in healthcare. More
#8. Spherecast | Germany / US | Pre-Seed | eCommerce | Vertical SaaS solution to supercharge NetSuite ERPs for SMEs. More
#8. Immofolia | Germany | Pre-Seed | PropTech | Automating property accounting and leveraging data for RE SMEs. More
// We have co-invested with many outstanding VCs from Europe and the United States.
INVESTMENT FOCUS
// āltitude is Europe's first SME Tech VC fund.
We are a pan-European venture capital fund operating out of Berlin (Germany), London (United Kingdom) and Zurich (Switzerland).We invest in (Pre-Seed / Seed) software start-ups accelerating the digital transformation of SMEs.We invest EUR 100k to EUR 1m entry cheques and double down in outstanding start-ups in subsequent rounds.
// We look for mission critical SME Tech attributes to pick higher up the curve.
// Go-to-Market Edge (GTM)
Clear ICP segmentation by value and alignment to GTM
GTM as an unfair advantage over the competitive landscape
Clear path to embeddedness or 3rd party platform integration
// Multi-Revenue Playbook
A high margin combination of multiple revenue steams
Strong net retention potential via up- and cross-selling
Preference for (v)SaaS with transaction-based revenues
// Industry Leader / Upmarket Potential
Clear path to become an industry or category leader
Potential to sell to mid-market or large enterprises
Scalable and international setup by default
// High Capital Efficiency
Strong CAC:LTV ratio with high optimisation potential
Business model specific unit economic profitability
Profitable by design and a default alive mentality
// Founder Excellence
Serial founders with a particular domain expertise preferred
Complementary execution skillset in the founding team
High degree of coachability and natural sales DNA
IMPRINT
Legal Form, Register Entry, Registered Office, Representation:
altitude Capital Management GmbH is a limited liability company (GmbH) under the GmbHG with its registered office in Berlin, registered in the Commercial Register (Handelsregister) of the Local Court Berlin Charlottenburg under number HRB 247308 B. Authorized Representative Marc Penkala.Information according to Sec. 5 German Telemedia Act (TMG):
altitude Capital Management GmbH
Bergengruenstrasse 26
14129 Berlin, GermanyContact Information:
hello@altitude-vc.com
www.altitude-vc.comSupervisory Authority:
Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
Graurheindorfer Str. 108
53117 Bonn, GermanyDispute resolution:
We do not take part in online dispute resolutions at consumer arbitration boards.
DISCLAIMERaltitude Capital Management GmbH assumes responsibility as a content provider in accordance with § 7 TMG (Telemediengesetz) for its "own content" made available for use. While all content is thoroughly checked and regularly updated, altitude Capital Management GmbH cannot guarantee its completeness, accuracy, and up-to-dateness. Consequently, altitude Capital Management GmbH is not liable for any damages resulting from the use of this content.
Cross-references ("links") to content provided by external providers are distinct from this "own content." Through these cross-references, altitude Capital Management GmbH provides access to "external content" in accordance with § 8 TMG. altitude Capital Management GmbH is not digitally responsible for this "external" content since it does not initiate the transmission of information, determine the recipients of the information, or modify the transmitted information. Additionally, no automatic short-term storage of this "foreign information" occurs due to the specific calling and linking method employed by altitude Capital Management GmbH, thus absolving altitude Capital Management GmbH of any responsibility for this external content. However, please note that "links" always refer to "living" (dynamic) Internet presences of third parties.At the time of initial linking, altitude Capital Management GmbH assessed the external content to determine if it could potentially lead to civil or criminal liability. Nonetheless, altitude Capital Management GmbH is not obligated to continuously monitor the content linked from its website for changes that may impose new responsibilities. In the event that altitude Capital Management GmbH becomes aware, either through its own observation or notification from others, that a specific linked offer triggers civil or criminal responsibility, the company will remove the link, provided that it is technically feasible. The technical feasibility and reasonableness of such actions remain unaffected by the possibility that the illegal or criminal content can still be accessed from other servers even after its removal from the altitude Capital Management GmbH homepage.COPYRIGHT
The contents on the website of altitude Capital Management GmbH are protected by copyright. All content (texts, pictures, graphics, sound, animations, videos, etc.) and their arrangement on the website are subject to copyright law and other protective regulations. Usage of the content is permitted only within the limits of copyright law and any other applicable laws, with prior written consent from altitude Capital Management GmbH. All rights are reserved. Unauthorized use of the texts and illustrations, even in part, without prior written consent from altitude Capital Management GmbH, constitutes a violation of copyright law and is therefore illegal. This includes, but is not limited to, all exploitation rights such as reproduction, translation, or use in electronic systems. Registered trademarks, trade names, and logos featured on the website of altitude Capital Management GmbH are subject to the relevant legal regulations, even if not explicitly marked as such at their respective locations.
PRIVACY
DATA PROTECTION
Protection and proper use of personal data are of utmost importance to altitude Capital Management GmbH. Generally, you can visit our website without providing any personal data. Any personal data collected will be processed and used in accordance with German regulations for the protection of personal data.
altitude Capital Management GmbH may require your personal data to respond to your inquiries or provide you with access to special information or offers, such as newsletters or media subscriptions. Rest assured that we will not collect any personal data via our website without your explicit consent. In cases where such collection becomes necessary, we will inform you and seek your consent. Your personal data will not be sold or marketed to third parties by altitude Capital Management GmbH.LEGAL BASIS OF PROCESSING
The legal basis for processing operations involving your personal data depends on the specific purpose. If we require your consent for a particular processing purpose, we will rely on Art. 6 para. 1 lit. a DSGVO. When processing is necessary for the performance of a contract to which you are a party, Art. 6 para. 1 lit. b DSGVO serves as the legal basis. Legal obligations that necessitate the processing of personal data are based on Art. 6 para. 1 lit. c DSGVO. In some instances, processing may be necessary to protect vital interests of you or another person, in which case Art. 6 para. 1 lit. d DSGVO applies. Finally, if none of the aforementioned legal bases are applicable, we may process your data based on Art. 6 para. 1 lit. f DSGVO, provided it serves a legitimate interest of our company or a third party, while ensuring that your fundamental rights and freedoms are not compromised.TRANSFER OF DATA
We only transfer your personal data to third parties under specific circumstances. We will share your personal data with third parties if you have given explicit consent (Art. 6 para. 1 lit. a DSGVO), when disclosure is required for the assertion, exercise, or defense of legal claims (Art. 6 para. 1 lit. f DSGVO), or when there is a legal obligation to disclose (Art. 6 para. 1 lit. c DSGVO). Additionally, we may share your data when necessary and legally permissible to process contractual relationships with you (Art. 6 para. 1 lit. b DSGVO).DATA SUBJECT RIGHTS
As a data subject, you have several rights concerning your personal data:1. Right to information (Art. 15 DSGVO): You may request information about the personal data we process, including details on the purposes, recipients, storage periods, and more.
2. Right to correction (Art. 16 DSGVO): If your personal data is inaccurate or incomplete, you can request its correction without undue delay.
3. Right to deletion (Art. 17 DSGVO): You may request the deletion of your personal data under certain circumstances, such as when the data is no longer needed for the original purpose.
4. Right to restriction of processing (Art. 18 DSGVO): You have the right to limit the processing of your personal data in specific situations, like when its accuracy is contested.
5. Right to data portability (Art. 20 DSGVO): You can receive your personal data in a structured, commonly used, and machine-readable format and, if feasible, transfer it to another controller.
6. Right to withdraw consent (Art. 7 (3) DSGVO): If data processing is based on your consent, you can revoke that consent at any time.
7. Right to lodge a complaint (Art. 77 DSGVO): You have the right to lodge a complaint with a supervisory authority if you believe your data protection rights have been violated.RIGHT OF REVOCATION
If personal data processing is based on legitimate interests, you can object to the processing under certain conditions (Art. 21 DSGVO). This right may apply to direct marketing as well.GENERAL COLLECTION OF DATA
When accessing our website or retrieving files, data related to this process is stored in a log file on our web server. This data may include your IP address, domain name of the referring website, files accessed, date, time, internet service provider, and your device's operating system and browser version. IP addresses are stored for data security purposes to ensure system stability and security (Art. 6 para. 1 lit. f DSGVO).COOKIES
Our website uses cookies, which are text files temporarily stored on your system when you visit the site. These files allow the server to analyze your website usage and provide personalized features. Cookies are necessary for the functionality of our website (Art. 6 para. 1 lit. f DSGVO). You can adjust your internet browser settings to prevent cookie usage.INFORMATION MAIL
We may send you information, news, or reminders via email with promotional content, but only with your explicit consent or as permitted by law. If you wish to stop receiving such emails, you can reply to the email to inform us of your decision.SECURITY NOTICE
We implement appropriate technical and organizational measures to protect your data from loss, unauthorized access, modification, or disclosure. However, we cannot guarantee complete data security in all situations, especially when communicating by email. For confidential information, we recommend using postal mail.CHANGES TO THIS DATA PROTECTION DECLARATION
We reserve the right to change this data protection declaration if required by changes in the legal situation, our online offer, or data collection practices. If your consent is necessary or if the declaration regulates the contractual relationship with you, we will only change the declaration with your consent.RIGHT TO INFORMATION
If you wish to know whether and what personal data we store about you, we will provide this information in writing, as required by law. Please contact us for any data-related inquiries or changes to your data.
SFDR
altitude Capital Management GmbH, being an alternative investment fund manager as defined by the German Investment Code (Kapitalanlagegesetzbuch, KAGB), provides the following information in compliance with Regulation (EU) 2019/2088 of the European Parliament and the Council of 27 November 2019, known as the "SFDR," which pertains to sustainability disclosure requirements in the financial services sector.Art. 3 SFDR - Statement on Sustainability Risk Policies
altitude Capital Management GmbH acknowledges sustainability risks in its investment decision-making process when relevant. For clarity, "sustainability risk" refers to any environmental, social, or governance event or condition that, if it occurs, could potentially have a material negative impact on the value of an investment. When evaluating sustainability risks during the due diligence process for potential investments, altitude Capital Management GmbH makes decisions based on the specific circumstances and considers the principle of proportionality. This means that the company may either proceed with the investment while implementing appropriate measures to mitigate the relevant sustainability risk or decide not to proceed. Regular reviews of policies are conducted to ensure they adequately address emerging risks and investor concerns.Art. 4 SFDR - Non-Consideration of Principal Adverse Impacts
altitude Capital Management GmbH does not take into account the principal adverse impacts of investment decisions on sustainability factors. "Sustainability factors" encompass environmental, social, and employee-related matters, as well as considerations regarding human rights, anti-corruption, and anti-bribery issues. The company does not utilize sustainability indicators. altitude Capital Management GmbH cites the legal uncertainties associated with the SFDR provisions and the Regulatory Technical Standards (RTS), particularly concerning the consideration of adverse impacts. Due to the administrative burden stemming from these uncertainties, the company, in light of its fiduciary duty to the fund and its investors, cannot commit to this standard at present. However, altitude Capital Management GmbH remains open to reconsidering its stance on adverse impacts in the future, subject to (i) the establishment of best practices among market participants, (ii) clear guidance from regulatory authorities on the application of such rules, and (iii) a reasonably clear understanding of the consequences of committing to the consideration of principal adverse impacts.Art. 5 SFDR - Remuneration Disclosure
As a registered alternative investment fund manager under the German Investment Code (Kapitalanlagegesetzbuch, KAGB), altitude Capital Management GmbH is not required to have a remuneration guideline or policy in accordance with KAGB requirements. Sustainability risks are not taken into account when determining remuneration.
ESG
At altitude Capital Management GmbH our approach is multifaceted, with a compass on Environmental, Social, and Governance (ESG) strategy, Diversity, Equity, and Inclusion (DE&I), Sustainability, and Corporate Social Responsibility (CSR) initiatives.Description of Sustainability-related Principal Adverse Impacts:At present, we already incorporate Environmental, Social, and Governance (ESG) factors in both our operational practices and investment activities.To strengthen our commitment to ESG compliance and enhance transparency, we have appointed an part-time ESG Officer as the primary contact for all internal and external ESG matters. This Officer will address inquiries from various stakeholders, such as employees, existing and potential investors, and media representatives.In order to further improve our transparency and consistency, we have decided to establish our own ESG policy framework. Additionally, we plan to implement an ESG management system during the course of 2021. This will enable us to provide more detailed information on our website, aligning with the requirements of the Sustainable Financial Disclosure Regulation (SFDR).Regarding portfolio management and investment selection, we will introduce a set of checklists to analyse ESG-related opportunities and risks. This assessment will cover both potential investments and existing portfolio companies. We will also ensure that our portfolio companies regularly document their adherence to ESG guidelines. Our ESG management system will be tailored to the nature and scale of our activities in the venture capital investment market. The system will include well-defined procedures and tools for identifying, assessing, disclosing, and mitigating any significant ESG deficiencies, particularly those falling under the category of Principal Adverse Impacts (PAI) as defined in SFDR.Once our Board approves the ESG policy and management system, we will publish more information about our policies on identifying and prioritizing principal adverse sustainability impacts and indicators, along with any actions taken or planned in response.As part of this process, we will also assess our adherence to responsible business conduct codes and internationally recognized standards and reporting practices. Furthermore, we will evaluate the extent to which our practices align with the objectives of the Paris Agreement.Article 5 of SFDR requires us to include a statement on how our policies align with the integration of sustainability risks in our remuneration policies. We will ensure that this information is appropriately communicated.
ABOUT THE TEAM
// We are seasoned VCs, super angels, SME Tech operators and exited founders.
The fund was founded 2023 by three General Partners Marc Penkala (Berlin), Ingo Drexler (Zurich), and Videesha Boeckle (London). We are complemented by our fantastic Chief of Staff Torge Schwandt (Luxembourg).We have a strong SME operator background as serial founders and operators with over a decade each of venture capital B2B investment experience.We have jointly participated in over 450 transactions (from leading to following) and deployed over EUR 100M into early stage start-ups.
ABOUT OUR ADVISORS
āltitude is complemented by thesis- and execution-relevant expertise from outstanding individuals, such as Daniel Keiper-Knorr, Chris Tottman, Volker Rofalski, and Jenny Fieldings, enabling us to support our portfolio effectively on all fronts. Together with us we reach over 200.000 VC and industry professionals via LinkedIn.
REACH OUT TO US
// We would love to meet you.
If you are a SME Tech founder, super angel, or VC professional who would like to notify us about an investment opportunity that fits our criteria, say 'hello'!