NAP (formerly Cavalry Ventures)
Also known as NAP, NAP Investment Management GmbH, Cavalry Ventures, Cavalry, Cavalry Ventures Management GmbH, NAP – The Expert Founder Fund
Berlin pre-seed/seed VC (Cavalry Ventures until 2025) leading €1–3M first cheques in European vertical-AI companies built by expert founders; backed Aleph Alpha, Usercentrics, PlanRadar.
Berlin pre-seed/seed VC renamed from Cavalry Ventures in February 2025 (nap.vc); not Nordic Alpha Partners (NAP, napartners.dk), the Copenhagen/Munich GreenTech growth fund.
- HEADQUARTERS
- Berlin, Germany
- FOUNDED
- 2016
- AUM
- —
- OUTSIDE CAPITAL
- Yes
- TEAM LISTED
- 2 people
Focus
- STAGES
- Pre-SeedSeed
- ASSET MIX
- Venture capital
- GEOGRAPHY
- Europe
Overview
NAP is the Berlin early-stage venture firm launched as Cavalry Ventures in 2016 and renamed NAP in February 2025 with the same team. It leads pre-seed and seed rounds of €1–3M, often pre-product and pre-revenue, in European 'expert founders' building vertical AI for high-stakes industries such as manufacturing, energy, logistics, compliance, construction and healthcare. Its LPs are entrepreneurs, family offices, Mittelstand and corporate investors; its third fund, Cavalry III, was launched in December 2022 with €160m. Portfolio and exits include Aleph Alpha (acquired by Cohere), Usercentrics, PlanRadar, Forto, Flip and Delivery Hero (IPO).
Investment thesis
Expert founders (domain insiders with technical depth) building vertical AI in industries where context, trust and domain expertise decide who wins; leads pre-seed and seed in Europe with €1–3M initial cheques plus follow-on; no consumer, no horizontal scale-only infrastructure, nothing outside Europe and no Series A+.
PORTFOLIO (34)
- UsercentricsNOTABLESoftware & SaaS
- PlanRadarNOTABLEReal Estate & PropTech
- FortoNOTABLEMobility & Logistics
- FlipNOTABLESoftware & SaaS
- Aleph AlphaNOTABLEArtificial Intelligence · Acquired
- Delivery HeroNOTABLEConsumer & E-commerce · IPO
- AlmetraIndustrial & Manufacturing
- AMPECOClimate & Energy
- be-SiriusClimate & Energy
- CharmSoftware & SaaS
- ClarisightsSoftware & SaaS
- Companion.energyClimate & Energy
- distil labsArtificial Intelligence
- EnzaiSoftware & SaaS
- GrandFintech
- KinnuEducation
- Logistica OSMobility & Logistics
- NoryFood & Agriculture
- ObliviousSoftware & SaaS
- REKKIFood & Agriculture
- SERAFood & Agriculture
- SPREADIndustrial & Manufacturing
- TerramateSoftware & SaaS
- UniteLabsBiotech & Life Sciences
- VernaClimate & Energy
- VoiceLineArtificial Intelligence
- XaverFintech
- ZelaraArtificial Intelligence · since 2026
- Cohere (via Aleph Alpha)Artificial Intelligence
- Mangopay (via WhenThen)Fintech
- EmpionSoftware & SaaS · Acquired
- LoctaxSoftware & SaaS · Acquired
- PlanetlyClimate & Energy · Acquired
- WhenThenFintech · Acquired
People
Links
Frequently asked questions
NAP (formerly Cavalry Ventures) is a VC fund based in Berlin, Germany, founded in 2016.
Yes. NAP (formerly Cavalry Ventures) invests its own capital in private companies.
NAP (formerly Cavalry Ventures) invests at Pre-Seed and Seed stages in Artificial Intelligence, Software & SaaS, Industrial & Manufacturing, Climate & Energy and Fintech.
NAP (formerly Cavalry Ventures)'s stated ticket size is €1M–€3M.
Key people at NAP (formerly Cavalry Ventures) include Claude Ritter (Investment Partner; Managing Director (Geschäftsführer)) and Stefan Walter (Investment Partner; Managing Director (Geschäftsführer)).
NAP (formerly Cavalry Ventures)'s investments include Usercentrics, PlanRadar, Forto, Flip, Aleph Alpha, Delivery Hero, Almetra and AMPECO, among others.
The most recent publicly reported investment by NAP (formerly Cavalry Ventures) is Zelara (Pre-seed (led by NAP, alongside Heartfelt and Angelinvest)), announced in Jun 2026.
NAP (formerly Cavalry Ventures) states that it accepts submissions through its official contact page.
Yes. NAP (formerly Cavalry Ventures) manages capital from outside investors.