Puzzle Ventures

Puzzle Ventures is a €21.5 million early-stage venture fund based in Berlin, Germany, dedicated to partnering with exceptional European entrepreneurs to build transformational B2B software businesses. The firm typically invests between €200,000 and €700,000 in pre-seed and seed rounds, collaborating with other venture capitalists or angel investors. Puzzle Ventures focuses on products that form the backbone of companies' daily operations, either at the infrastructure or application level.

The fund is managed by Gloria Bäuerlein, who brings extensive experience from both venture capital and startup operations. Backed by a group of passionate international tech founders and operators, Puzzle Ventures emphasizes a hands-on approach, offering support throughout the entrepreneurial journey. The firm is committed to being a sparring partner for the entire journey, showing up for entrepreneurs to take late-night phone calls, meet potential new hires, or help prepare for investor conversations.

Puzzle Ventures operates with a philosophy that small can be big, striving to be the most impactful investor on a company's cap table. They believe in open, honest partnerships and aim to become trusted confidants for the entrepreneurs they support. The firm has been involved in several investments, including Gradient Labs, Ankar AI, Integral, Reonic, and Rillet, demonstrating a diverse portfolio across various sectors and stages of development.