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VC FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 11 SOURCES

Fly Ventures

Also known as Fly Ventures Management GmbH, Fly VC, Fly Ventures Fund III GmbH & Co. KG

Berlin first-check VC for technical founders in Europe; leads pre-seed and seed rounds in AI, developer tools, industrial automation and techbio. Fund III closed at €80M in 2024.

HEADQUARTERS
Berlin, Germany
FOUNDED
—
AUM
—
OUTSIDE CAPITAL
Yes
TEAM LISTED
6 people

Focus

STAGES
Pre-SeedSeed
SECTORS
Artificial IntelligenceSoftware & SaaSIndustrial & ManufacturingDeep TechBiotech & Life Sciences
ASSET MIX
Venture capital
GEOGRAPHY
Europe

Overview

Fly Ventures is a Berlin-based early-stage venture capital firm founded by Gabriel Matuschka and Fredrik Bergenlid that describes itself as a first-check investor for technical founders across Europe. It invests from day zero through seed, usually leading or co-leading the first institutional round, and almost always looks for a computational core in the companies it backs. Its first-check investments include Wayve (2017), 9fin (2019), Lakera (2022) and Orbital Industries (2022). The manager, Fly Ventures Management GmbH, is a registered AIFM under the KAGB and closed Fly Ventures Fund III at €80 million in December 2024.

Investment thesis

Backs exceptional technical founders at inception (mostly pre-product and pre-revenue) working on problems that are technically hard, commercially non-trivial or largely unmapped; areas of interest include AI infrastructure and applications, AI security, robotics and embodied AI, developer tools, data infrastructure and cybersecurity. Writes the first check, leads or co-leads, invests heavily upfront with limited follow-ons and helps European founders sell in the US.

PORTFOLIO (53)

People

  • Gabriel Matuschka
    Partner (Berlin); co-founder; Managing Director of Fly Ventures Management GmbH · source
  • Fredrik Bergenlid
    Partner (Zurich); co-founder; Managing Director of Fly Ventures Management GmbH · source
  • Matt Wichrowski
    Partner (London, San Francisco) · source
  • Steven Tran
    Operating Partner (Berlin) · source
  • Meltem Tumer
    Associate (Berlin) · source
  • Julian Bientzle
    Analyst (Berlin) · source

Links

Frequently asked questions

Fly Ventures is a VC fund based in Berlin, Germany.

Yes. Fly Ventures invests its own capital in private companies.

Fly Ventures invests at Pre-Seed and Seed stages in Artificial Intelligence, Software & SaaS, Industrial & Manufacturing, Deep Tech and Biotech & Life Sciences.

Fly Ventures's stated ticket size is €1M–€4M.

Key people at Fly Ventures include Gabriel Matuschka (Partner (Berlin); co-founder; Managing Director of Fly Ventures Management GmbH), Fredrik Bergenlid (Partner (Zurich); co-founder; Managing Director of Fly Ventures Management GmbH), Matt Wichrowski (Partner (London, San Francisco)) and Steven Tran (Operating Partner (Berlin)).

Fly Ventures's investments include GitButler, Orbital Industries, Lakera, 9Fin, Metaview, GitGuardian, Wayve and GitBook, among others.

The most recent publicly reported investment by Fly Ventures is Zendo (Pre-seed (GBP 1.75m, lead)), announced in May 2025.

Fly Ventures states that it reviews opportunities through introductions only.

Yes. Fly Ventures manages capital from outside investors.