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VC FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 7 SOURCES

Venture Stars

Also known as Venture Stars Kapitalverwaltungsgesellschaft mbH, Venture Stars GmbH

Munich early-stage VC (EuVECA manager) investing €500k–1.5m at pre-seed/seed in digital B2C and B2B models; former company builder, first fund (2015, €15m) from private investors and family offices.

Munich VC (venture-stars.com), formerly a company builder. venturestars.de is an unrelated site.

HEADQUARTERS
Munich, Germany
FOUNDED
—
AUM
—
OUTSIDE CAPITAL
Yes
TEAM LISTED
5 people

Focus

STAGES
Pre-SeedSeed
SECTORS
Software & SaaSConsumer & E-commerceFintechArtificial IntelligenceClimate & Energy
ASSET MIX
Venture capital
GEOGRAPHY
GermanyEurope

Overview

Venture Stars is a Munich-based venture capital firm, managed by Venture Stars Kapitalverwaltungsgesellschaft mbH, that invests at pre-seed and seed stage in innovative digital B2C and B2B business models with initial tickets of €500k–1.5m. Before becoming a VC fund it operated as a company builder co-founding startups; managing partner Martin Junker and founding partner Stefan Pfannmoller co-founded netzathleten media (acquired by RTL). Its first venture capital fund, launched in 2015 with €15 million, was raised primarily from a selected circle of private investors and family offices. The manager is registered with BaFin as a EuVECA manager.

Investment thesis

Pre-seed and seed investments in innovative digital B2C and B2B business models, with initial tickets of €500k–1.5m; a founders-first, boutique approach with a small, high-quality portfolio and hands-on operational support from a team of serial entrepreneurs.

PORTFOLIO (31)

People

  • Martin Junker
    Managing Partner; managing director of the KVG · source
  • Florian Calmbach
    Managing Partner; managing director of the KVG · source
  • Raphael Budday
    Principal · source
  • Stefan Pfannmoller
    Founding Partner · source
  • Christian Maerzke
    Managing Director (operating partner) · source

Links

Frequently asked questions

Venture Stars is a VC fund based in Munich, Germany.

Yes. Venture Stars invests its own capital in private companies.

Venture Stars invests at Pre-Seed and Seed stages in Software & SaaS, Consumer & E-commerce, Fintech, Artificial Intelligence and Climate & Energy.

Venture Stars's stated ticket size is €500K–€1.5M.

Key people at Venture Stars include Martin Junker (Managing Partner; managing director of the KVG), Florian Calmbach (Managing Partner; managing director of the KVG), Raphael Budday (Principal) and Stefan Pfannmoller (Founding Partner).

Venture Stars's investments include Blue Activity, CyberDesk, AlphaPet, DaphOS, enabl, Freshflow, Infravoltaic and Dixa, among others.

The most recent publicly reported investment by Venture Stars is VoiceLine (€10m round (with Alstin Capital, Peak, Scalehouse Capital and NAP)), announced in Feb 2026.

Yes. Venture Stars manages capital from outside investors.