Tengelmann Ventures
Venture arm of Tengelmann Twenty-One KG
Also known as Tengelmann Ventures Management GmbH
Munich-based venture arm of the Haub family's Tengelmann Group, investing about €1–15M per company in B2B and B2C companies in the DACH region, with seed and early stage as its core focus.
USEFUL FOR Fund managers raising capital · Founders · Business owners seeking a long-term partner · Co-investors
Venture arm of the Haub family's Tengelmann Group (holding: Tengelmann Twenty-One KG). Not the Tengelmann retail operations, and not Cusp Capital (Essen), a separate fund launched in 2021 by former Tengelmann Ventures leaders.
Family & background
- FAMILY
- Haub
- WEALTH ORIGIN
- Retail (Tengelmann Group, est. 1867; OBI, KiK)
- HEADQUARTERS
- Munich, Germany
Investment approach
- GEOGRAPHY
- GermanyAustriaSwitzerland
- STAGES
- SeedGrowth
- ROUTES
- Companies (own capital) · Funds (as LP)
- TICKET
- €1M–€15M
Overview
Tengelmann Ventures is one of the affiliated investment companies of Tengelmann Twenty-One KG, the Munich holding of the family-owned Tengelmann Group, alongside Tengelmann Growth Partners and ECP Growth. It invests about €1–15M per company, depending on size and maturity, in B2B and B2C companies in Germany, Austria and Switzerland. Its website names seed and early stage as its core lifecycle focus and also lists later stage and growth. Its portfolio page lists Zalando, Delivery Hero and Uber among its exits, and Klarna, SumUp and Planet A Foods among its active holdings.
Investment thesis
Invests along three themes: Preservation (conscious consumption and its effect on health and the environment), Simplification (technology that makes everyday life more convenient) and Individualization (customized products and services).
Holdings & investments (48)
- ZalandoNOTABLEExited
- UberNOTABLEExited
- KlarnaNOTABLE
- SumUpNOTABLE
- Delivery HeroNOTABLEExited
- High-Tech Gründerfonds IIDeep Tech · since 2011 · High-Tech Gründerfonds II (fund commitment), €2.5M
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People
Frequently asked questions
Tengelmann Ventures is a family holding based in Munich, Germany.
Tengelmann Ventures invests on behalf of the Haub family (Retail (Tengelmann Group, est. 1867; OBI, KiK)).
Tengelmann Ventures invests its own capital into companies and in third-party funds as an LP.
Tengelmann Ventures invests at Seed and Growth stages.
Tengelmann Ventures's stated ticket size is €1M–€15M.
Key people at Tengelmann Ventures include Patrick Schaich (Managing Director / CEO), Werner Stütz (Managing Director / CFO), Nadine Short (Investment Professional) and Benedikt Grimmeisen (Investment Professional).
Tengelmann Ventures's holdings and investments include Zalando, Uber, Klarna, SumUp, Delivery Hero, Versandhaus Walz, babymarkt and Planet A Foods, among others.
The most recent publicly reported investment by Tengelmann Ventures is Edurino (€17M Series B led by Ravensburger Next Ventures and Summiteer; Tengelmann Ventures participated as existing investor), announced in Jul 2025.