Picus Capital is a global venture capital firm founded in 2015 and headquartered in Germany. The firm was built as a privately financed investment platform with a long-term, founder-centric approach. Picus partners with entrepreneurs from the earliest stages of company formation and continues supporting them through scale, IPO, and beyond. Since inception, the firm has established itself as a high-conviction, multi-stage investor with a strong track record in building category leaders.
Picus Capital focuses on technology-driven companies across energy and climate, fintech, enterprise infrastructure, cybersecurity, healthcare, and geerative AI. The firm prioritizes businesses building core platforms and mission-critical systems with the potential to dominate large global markets. Its approach blends early-stage discovery with growth-stage conviction, allowing insights to compound across stages.
Picus Capital closed its Picus Venture Fund II at €250 million in 2025, reaching its hard cap and more than doubling the size of its first institutional fund. In addition to the fund, Picus secured a €150 million preferred equity financing from Carlyle AlpInvest to support both new investments and continued backing of its existing portfolio of nearly 200 companies. This capital structure strengthens Picus’ ability to deploy capital flexibly across stages while maintaining ownership discipline. The partnership with Carlyle AlpInvest represents a strategic milestone, providing long-term institutional support as Picus scales its global platform and expands investment activity across its early-stage and growth strategies.
Leadership
Picus Capital is led by founder and managing partner Robin Godenrath. The leadership team includes senior partners with dedicated focus across early-stage and growth investing, including Raphael Mukomilow, partner and head of growth investments. The firm operates with a collaborative partnership model and maintains active involvement across portfolio companies.
Investment Strategy
Picus follows a long-term, multi-stage investment strategy designed to support founders from ideation to global scale. The firm often invests at pre-seed or seed and continues deploying capital into follow-on rounds as conviction increases.
By combining early-stage access with growth-stage capital and operational support, Picus aims to identify category leaders early and remain a core partner throughout their evolution. The strategy emphasizes disciplined ownership, founder alignment, and global expansion.
Notable Investments
Picus Capital has built a diversified portfolio of nearly 200 companies and has been the first institutional investor in multiple unicorns, including Personio and Enpal.
The broader portfolio spans fintech, energy and climate, enterprise software, cybersecurity, and AI-driven platforms across Europe, North America, and beyond.
Notable Exits
Picus Capital has supported multiple companies through late-stage growth and liquidity events, contributing to an annual IRR reported above 40 percent since inception. Specific exits are not always publicly disclosed due to the firm’s long-term holding strategy.
Other
Picus Capital is designed for long-term partnerships rather than short funding cycles. The firm is comfortable investing very early, before clear product-market fit, and continuing support over many years. With significant capital at both fund and platform level, Picus is positioned to be a consistent, high-conviction backer across multiple stages without forcing premature exits.
Germany
