Heliad
Also known as Heliad AG, Heliad Equity Partners GmbH & Co. KGaA
Listed Frankfurt investment company backing tech founders from pre-seed to IPO from its evergreen balance sheet; majority shareholder Bernd Förtsch; early-stage arm Collective Ventures.
USEFUL FOR Founders · Business owners seeking a long-term partner · Co-investors
Family & background
- FAMILY
- Bernd Förtsch
- WEALTH ORIGIN
- Financial media and online brokerage (founder of Börsenmedien AG; helped build flatex, now flatexDEGIRO)
- HEADQUARTERS
- Frankfurt am Main, Germany
- OUTSIDE CAPITAL
- Yes — also manages others' money
Investment approach
- SECTORS
- Artificial IntelligenceFintechDeep TechClimate & EnergyHealthTechMobility & LogisticsSoftware & SaaSCrypto & Web3
- GEOGRAPHY
- Europe
- STAGES
- Pre-SeedSeedSeries ASeries BGrowth
- ROUTES
- Direct investments
- STRATEGIES
- Venture capitalDirect investments
Overview
Heliad AG is a listed investment company in Frankfurt am Main with locations in Berlin and San Francisco. It says it invests directly from its balance sheet through an evergreen structure, free of fund life cycles, and supports companies up to and beyond an IPO, while its fully owned vehicle Collective Ventures invests pre-seed to Series A with a co-investor network of family business owners, executives and entrepreneurs. Its website names Bernd Förtsch, founder of Börsenmedien AG and co-builder of flatex (now flatexDEGIRO), as majority shareholder and strategic advisor. Portfolio highlights include flatexDEGIRO, Raisin, Enpal, FINN, Aikido Security and ARX Robotics.
Investment thesis
Backs generational founders from the earliest stages and gives them access to capital markets: in-house experts in venture debt, equity financing and M&A help portfolio companies structure financing, raise growth capital and prepare exits or IPOs. Focus themes: European resilience, AI agents and robotics, next-gen finance, AI health, energy transition and seamless mobility.
Holdings & investments (47)
INVESTMENT ARMS & VEHICLES
- Fully owned early-stage investment vehicle investing pre-seed to Series A alongside a co-investor network of family business owners, executives and entrepreneurs
- Heliad Crypto PartnersCrypto and digital-asset vehicle; co-led Tangany's Series A and launched the Heliad Dynamic Blockchain Index
HOLDINGS & INVESTMENTS · MOST RECENT FIRST
- flatexDEGIRONOTABLEFintech · since 2013
- RaisinNOTABLEFintech · since 2015
- EnpalNOTABLEClimate & Energy · since 2021
- FINNNOTABLEMobility & Logistics · since 2022
- Aikido SecurityNOTABLESoftware & SaaS · since 2025
- StarcloudSpace · since 2026
- Dynamic CreaturesDeep Tech · since 2026
- Sci2sciArtificial Intelligence · since 2026
- Project QDeep Tech · since 2026
- Bayshore AIArtificial Intelligence · since 2026
- Conduct AIArtificial Intelligence · since 2026
- Deep Tech · since 2025
- GeneralMindArtificial Intelligence · since 2025
- HealthTech · since 2025
- LimetaxArtificial Intelligence · since 2025
- AlbacoreDeep Tech · since 2025
- Lette AIReal Estate & PropTech · since 2025
- Sunrise RoboticsDeep Tech · since 2025
- DecartArtificial Intelligence · since 2025
- StratifAIHealthTech · since 2025
- TanganyCrypto & Web3 · since 2025
- encosaClimate & Energy · since 2024
- lemon.marketsFintech · since 2024
- Artificial Intelligence · since 2023
- FloozArtificial Intelligence · since 2023
- Flowers SoftwareSoftware & SaaS · since 2023
- IngestroSoftware & SaaS · since 2023
- bunchFintech · since 2023
- ChefCocoConsumer & E-commerce · since 2023
- AI21 LabsArtificial Intelligence · since 2023
- HealthTech · since 2022
- KarlaSoftware & SaaS · since 2022
- MeadowConsumer & E-commerce · since 2022
- WorkMotionSoftware & SaaS · since 2022
- KrakenCrypto & Web3 · since 2021
- KlarnaFintech · since 2021
- PodimoMedia & Entertainment · since 2021
- ZenfulfillmentSoftware & SaaS · since 2021
- ToniesConsumer & E-commerce · since 2021
- NewtonXSoftware & SaaS · since 2021
- Razor GroupConsumer & E-commerce · since 2021
- CLARKFintech · since 2021
- MODIFIFintech · since 2021
- BURNHARDConsumer & E-commerce · since 2021
- TiltFintech · since 2020
- FreshbooksFintech · since 2017
- InvesdorFintech · since 2015
People
- Christopher GarlichInvestment Lead · source
- Can KulogluInvestments · source
- Cecil von CroÿVenture Partner (Collective Ventures) · source
- Dr. Nicolaus BerlinVenture Partner (Collective Ventures) · source
- Co-CEO (Executive Board) · source
- Co-CEO (Executive Board) · source
- Stefan MüllerChairman of the Supervisory Board · source
- Volker RofalskiMember of the Supervisory Board · source
- Herbert SeulingMember of the Supervisory Board · source
- Ibrahim KöranHead of GovTech · source
- Margarita ZittelHead of Finance · source
Classification
Family-anchored Fund. Started with one family's capital but now also manages money for third parties. How family capital is classified →
FAQ
Heliad is a family-anchored fund based in Frankfurt am Main, Germany.
Heliad invests on behalf of the Bernd Förtsch family (Financial media and online brokerage (founder of Börsenmedien AG; helped build flatex, now flatexDEGIRO)).
Heliad invests directly in companies. Its stated asset mix includes venture capital and direct investments.
Heliad invests at Pre-Seed, Seed, Series A, Series B and Growth stages in Artificial Intelligence, Fintech, Deep Tech, Climate & Energy, HealthTech, Mobility & Logistics, Software & SaaS and Crypto & Web3.
Key people at Heliad include Falk Schäfers (Co-CEO (Executive Board)), Julian Kappus (Co-CEO (Executive Board)), Stefan Müller (Chairman of the Supervisory Board) and Volker Rofalski (Member of the Supervisory Board).
Heliad's holdings and investments include flatexDEGIRO, Raisin, Enpal, FINN, Aikido Security, ARX Robotics, Lio (formerly askLio) and GeneralMind, among others.
The most recent publicly reported investment by Heliad is Limetax (Pre-seed (EUR 6m equity, led by Motive Partners)), announced in Sep 2026.
Yes. Heliad manages capital from outside investors.