AI VCs in Europe: 18 Venture Capital Firms Backing European AI Startups, With Their AI Portfolios
Almost every European venture firm now says it invests in AI. For an AI founder the useful questions are narrower: is AI the firm's whole thesis or one sector among many, at which stage does it come in, how much does it write, and which AI companies has it actually backed? We checked 18 venture capital firms that back AI startups in Europe on their own websites: where they are based, the stage they state, their AI focus in their own words, a published ticket or fund where they give one, and AI companies from their own portfolio or news pages. Public money that often comes before or next to VC (Bpifrance, Enterprise Ireland and the EIC Accelerator) has its own section.
Quick answer: the European funds that invest only in AI are AI Seed (London, new $50M Fund II, pre-seed to Series A), Air Street Capital ($500K to $15M, early backer of ElevenLabs and Synthesia) and Merantix Capital (Berlin, EUR 103M AI fund, from pre-idea). Point Nine ($1M to $10M) says it invests "in AI for the digital, physical and biological world". MMC in London specialises in enterprise AI and data at seed and Series A. For a first cheque from a generalist with a strong AI record, look at LocalGlobe (Mistral AI), Fly Ventures (Wayve, 9fin) and Kindred (Fractile, Latent Labs). For bigger AI rounds, Earlybird (Aleph Alpha), Northzone (Black Forest Labs), Index Ventures (Mistral) and Balderton lead Series A rounds.
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AI VCs in Europe Compared
Sources: each firm's own website, portfolio and news pages, checked between 27 October and 2 November 2026. "Not published" means the firm's site does not state it.
The 18 AI VCs in Europe for 2027
The firms are grouped by how central AI is to them: first the AI-only funds, then early-stage generalists with strong AI portfolios, then the larger multi-stage firms, then deep tech investors with an AI practice. The AI companies named under each firm come from that firm's own portfolio or news pages.
AI-only and AI-specialist funds
1. AI Seed (London)
AI Seed calls itself Europe's number one pure-play, vertical AI venture capital firm. Founded in 2017, it invests only in vertical AI software. On October 1, 2026 it launched AI Seed Fund II, a $50 million fund that will invest in 40 AI companies globally over four years at pre-seed, seed and Series A, often as the lead investor. Its first fund invested in 50+ AI companies; its site names 9fin as its AI unicorn and lists exits such as Odin Vision (bought by Olympus for $80 million in 2023) and Observe Technologies (bought by AKVA for $30 million in 2025). Founders reach it through the Founders button on its site.
2. Air Street Capital
Air Street Capital invests only in AI-first technology and life science companies in Europe and the US, "as early as possible". With its $232 million Fund III (announced March 23, 2026) it leads early rounds with $500K to $15M and makes select growth investments of up to $25M; it calls itself the largest solo GP venture firm in Europe, so one person decides. Its portfolio page lists ElevenLabs, Synthesia, Black Forest Labs, Poolside, V7, Tractable and Sereact. Founder Nathan Benaich also publishes the yearly State of AI Report. There is no pitch form; use an introduction.
3. Merantix Capital (Berlin)
Merantix Capital has been building and investing in AI since 2016 and backs AI founders from pre-idea to seed. On June 4, 2026 it closed a EUR 103 million AI Fund for about 40 investments across Europe: half for founders who start with its venture studio at the pre-idea stage, half for direct pre-seed and seed investments. Its investors sit in Berlin and London, and the fund has already backed Droidrun (mobile AI agent infrastructure), Arqh (AI logistics optimisation) and Outpost Bio (AI for human microbiology). Founders also get the Merantix AI Campus in Berlin, with 80+ resident companies.
4. MMC (London)
MMC (formerly at mmcventures.com) says it funds early-stage AI and data companies across Europe and calls itself one of Europe's most active investors in AI and data science. It is a Series A specialist that invests selectively at seed, can put up to GBP 10 million into its first cheque and reserves a large share of its funds for follow-ons. Its focus areas are enterprise AI, fintech, data-driven health, data infrastructure and cloud; its homepage features Synthesia (AI video) and Albatross (AI real-time discovery). It has backed more than 100 early-stage founders over two decades.
Early-stage generalists with strong AI portfolios
5. LocalGlobe (London)
LocalGlobe is the early-stage fund of Phoenix Court in King's Cross, London. It is a sector generalist and says it is Europe's number one investor for backing $100M+ revenue companies at seed. Its fund page tags several companies "AI and Machine Learning": Mistral AI (2023), CuspAI and Olix (2024), and MicroAGI and Wonder Studios (2025). It publishes no ticket size; later rounds go to Phoenix Court's Latitude and Solar funds.
6. Point Nine
Point Nine is a small equal partnership based in Europe that now invests globally "in AI for the digital, physical and biological world". It invests $1 million to $10 million per company, and each of its three partners works closely with six to eight companies at a time. Featured companies include Poolside, a frontier lab building foundation models for software development, and Attio, an AI-native CRM it backed at seed in 2021.
7. Fly Ventures (Berlin)
Fly Ventures is a Berlin first-cheque VC for technical founders across Europe and European founders in the US. It invests at pre-seed and seed, usually leads or co-leads, and backs companies that are mostly pre-product and pre-revenue, almost always with "a computational core". It backed embodied AI with Wayve in 2017, AI-driven debt market intelligence with 9fin in 2019 and AI security with Lakera in 2022. It says it meets founders mainly through its portfolio founders and people it trusts, so a warm introduction helps.
8. Kindred (London)
Kindred is a London VC built by former founders that has invested in six to eight early-stage startups a year since 2016. Its portfolio page sorts companies by sector, with Applied AI and Compute Stack among them: Fractile (2024, faster inference for frontier models), Latent Labs (2023, AI-generated protein candidates), ZML (2025) and Artificial Societies (2025). It publishes no ticket size.
9. Speedinvest (Vienna)
Speedinvest has a dedicated AI and Infra team that invests in AI infrastructure and agent platforms, from models, data and orchestration to security and deployment, and in AI-native applications. Its spotlight companies include Runware, Sona and Nomos. Speedinvest invests EUR 250K to 5 million from inception to seed and closed its fourth flagship fund at EUR 350 million on January 31, 2024.
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Multi-stage firms that lead AI rounds
10. Earlybird
Earlybird (Berlin, Munich, London and Milan) backs pre-seed to Series A founders in emerging tech, with initial tickets up to EUR 12 million and EUR 2.5 billion under management. On its homepage the co-founder of German AI company Aleph Alpha says Earlybird led its Series A in 2021, and UiPath's founder calls Earlybird the first investor he met in 2014. On April 30, 2026 it closed Fund VIII at EUR 360 million.
11. Northzone
Northzone has offices in London, New York, Berlin, Stockholm and Amsterdam, backs companies from inception to IPO and has more than $3.1 billion under management. It says it is now backing "the labs where human and machine intelligence meet": its portfolio shows Black Forest Labs (Freiburg, early stage, 2024), Cusp AI (Cambridge, 2024) and Tandem Health (Stockholm, 2024). In June 2026 it hired a London partner to lead early-stage AI investment from seed to Series B.
12. Index Ventures
Index Ventures invests from seed to growth from London, San Francisco and New York. On July 31, 2026 it announced new funds bringing its investing capital to $3.5 billion, including a $400 million seed fund. European AI companies on its companies page include Mistral, Tessl, Granola and Causaly.
13. Balderton Capital (London)
Balderton Capital backs European tech companies at seed and Series A. On August 12, 2024 it announced $1.3 billion across Early Stage Fund IX and Growth Fund II. Its website blocked our direct checks; its own news pages (read through a search copy) report Series A rounds it led in AI companies such as Escape (AI-powered pentesting) and Spott (an AI-native operating system for recruitment agencies).
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Deep tech investors with an AI practice
14. Amadeus Capital Partners
Amadeus Capital Partners is a deep tech VC with offices in London, Cambridge and Oxford that has backed more than 200 companies since 1997 and invests from seed to growth. "Intelligence" (AI, machine learning, advanced computing and quantum) is one of its three investment areas. Its site lists Ravelin, an AI-native fraud prevention platform it first backed in 2015 and that Worldpay bought in 2025, and 2026 rounds for Photon Bridge (EUR 10 million, lasers for AI) and iPronics ($125 million, optical networking for AI data centres). Founders use "Submit a proposal" on its site.
15. IQ Capital
IQ Capital is a dedicated European deep tech VC in London and Cambridge; its homepage names "advancing intelligence" first among the areas its founders work on. It leads rounds from pre-seed to Series A and can follow on with up to $40 million from its growth opportunity funds. In June 2023 it closed Fund IV at $200 million plus a $200 million Growth Fund. Gravis Robotics is among the companies on its homepage.
16. Elaia (Paris)
Elaia invests from pre-seed to pre-IPO and often partners when innovation is still taking shape in research labs. Its portfolio includes Shift Technology (AI for insurance fraud detection), Aqemia (AI drug discovery) and quantum company Alice and Bob. In March 2026 it closed its DTS3 deep tech seed fund at EUR 134 million, which invests EUR 1 million to 13 million in pre-seed and seed B2B startups across Europe.
17. High-Tech Gründerfonds (HTGF, Bonn)
HTGF is a multi-stage VC platform that backs tech founders from pre-seed to growth in Deep Tech, Life Sciences and Digital Tech. On July 1, 2026 it named Axel Nitsch partner for Digital Tech and AI, "doubling down on AI and deep tech". Its May 2026 news covers Avelios, which builds an AI-native digital health ecosystem with Fresenius. Its fourth fund closed at EUR 493.8 million in 2023; founders apply through the "My pitch" form.
18. Octopus Ventures (London)
Octopus Ventures has seven investment areas; its Deep Tech team names "enabling new models for AI and machine learning" among its interests and its B2B Software team backs software that automates industries. Its sweet spot is pre-seed to Series A: the pan-European pre-seed fund typically invests about GBP 100,000, and seed and later cheques typically start at GBP 1 million.
Public Money for AI Startups in Europe: Bpifrance, Enterprise Ireland and the EIC
Two names on the 2025 list are public bodies, not VC firms, so they moved here. Their money often comes before the first VC round:
- Bpifrance (France): the French public investment bank. Its Bourse French Tech is a grant of up to EUR 30,000 that covers up to 50% of eligible research and development costs (70% for some companies) over at most 24 months; the Bourse French Tech Emergence gives up to EUR 90,000 to deep tech startups under one year old. Bpifrance also invests in startups directly and through funds.
- Enterprise Ireland (Ireland): its Pre-Seed Start Fund offers a EUR 50,000 or EUR 100,000 investment plus 10 mentoring sessions for early-stage Irish startups.
- EIC Accelerator (EU): a grant component below EUR 2.5 million plus up to EUR 10 million in equity for startups with innovations at TRL 6 to 8. Read our sister site's EIC Accelerator tips and the guide to artificial intelligence grants in Europe.
What Changed Since the 2025 List
- Kept (13 VCs): LocalGlobe, Amadeus, Speedinvest, IQ Capital, HTGF, MMC, AI Seed, Elaia, Balderton, Northzone, Index, Earlybird and Octopus are still active and still back AI companies.
- Moved: Bpifrance and Enterprise Ireland are public bodies, so they are in the public money section.
- Added (5): Air Street Capital, Merantix Capital, Point Nine, Fly Ventures and Kindred, all with a clear AI record on their own sites.
- Removed figures: every "Number of Investments" count ("55 AI investments in Dec 2024" and so on) had no source on the firms' own sites and was dropped. Old non-AI "notable investments" such as Revolut, Klarna, Adyen and Bitpanda were replaced with AI companies from each firm's own portfolio.
- Updated: Speedinvest's ticket is now EUR 250K to 5M (not EUR 250K to 4M) and Earlybird's initial ticket up to EUR 12M; AI Seed moved to aiseed.com and MMC to mmc.vc; AI Seed, Merantix, Air Street, Earlybird and Elaia all have new funds since the old article.
Raising for a European AI Startup in 5 Steps
- Start with non-dilutive money. Grants buy time to prove the model works: see our AI startup grants in Europe.
- Pitch an AI-only fund for pre-seed. AI Seed, Merantix Capital and Air Street test the model, the data and the defensibility. An accelerator is another first step: compare AI accelerators in Europe.
- Or take a first cheque from a generalist with an AI record. LocalGlobe, Fly Ventures, Point Nine, Kindred and Speedinvest all say they invest at the very start.
- Line up a Series A lead. MMC (up to GBP 10M first cheque), Balderton, Earlybird, Northzone and Index lead larger AI rounds. Our guide to finding a lead investor helps.
- Plan for compute-heavy growth. AI hardware and infrastructure startups fit Amadeus, IQ Capital and Elaia; see also our deep tech VCs in Europe.
Which AI VC in Europe Should You Choose?
- Pre-idea or pre-product AI team: Merantix Capital (venture studio from pre-idea), Fly Ventures or AI Seed.
- Vertical AI (AI for one industry): AI Seed, which invests only in vertical AI, or MMC for enterprise AI.
- Foundation models, agents or AI infrastructure: Air Street, Point Nine, Speedinvest's AI and Infra team, Kindred (compute stack) or Index.
- UK startup: AI Seed, MMC, LocalGlobe, Kindred, Balderton, Amadeus, IQ Capital or Octopus. German startup: Merantix, Fly, Earlybird, HTGF or Point Nine. French startup: Elaia plus Bpifrance. Irish startup: Enterprise Ireland first.
- AI in health or biology: Kindred (Latent Labs), Elaia (Aqemia), Merantix (Outpost Bio) or Air Street (AI-first life sciences).
- Seed round of several million with a lead: Earlybird (up to EUR 12M), Point Nine ($1M to $10M) or Air Street ($500K to $15M).
- Outside Europe or a global AI list: compare our VCs for AI startups and the early-stage VCs in North America.
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How European AI Founders Prepare to Raise
AI investors see many demos, so they look for proof that customers use and pay for the product, plus data or distribution that others cannot copy. Start with our early-stage VCs in Europe for sector-agnostic seed funds and our list of angel investors for AI startups for the cheques that often come first. If you are still choosing where to build, compare the best cities for AI startups in Europe, the best countries for AI startups and our incubators for AI startups in Europe. Before you pitch, build a fundraising pitch deck that tells a story, read up on term sheet negotiation and avoid the classic pre-seed fundraising mistakes. Partners meet founders at events and competitions: see the top startup events on AI, our fundraising and investor events and startup competitions in Europe.
FAQ About AI VCs in Europe
Which VCs in Europe invest only in AI startups?
AI Seed (London, vertical AI only), Air Street Capital (AI-first companies in Europe and the US), and Merantix Capital (Berlin, AI-native teams). Point Nine says it invests in AI for the digital, physical and biological world. MMC in London specialises in enterprise AI and data.
Which European AI investors write the first cheque?
Merantix Capital starts at the pre-idea stage, Fly Ventures calls itself a first-cheque VC, AI Seed invests from pre-seed, and LocalGlobe, Point Nine and Speedinvest (from inception) also invest at the very start.
How much do AI VCs in Europe invest?
Only some publish it: Air Street $500K to $15M, Point Nine $1M to $10M, Speedinvest EUR 250K to 5M, Elaia's DTS3 EUR 1M to 13M, Earlybird up to EUR 12M initially, MMC up to GBP 10M as a first cheque, and Octopus about GBP 100K at pre-seed.
Which European AI funds raised a new fund recently?
AI Seed launched a $50M Fund II on October 1, 2026, Merantix Capital closed a EUR 103M AI fund in June 2026, Earlybird a EUR 360M Fund VIII in April 2026, Air Street a $232M Fund III in March 2026 and Elaia its EUR 134M DTS3 in March 2026.
Who invested early in Mistral AI?
LocalGlobe lists Mistral AI among its AI and machine learning companies (2023), and Index Ventures lists Mistral on its companies page.
Which VCs back AI startups in Germany?
Merantix Capital and Fly Ventures in Berlin, Earlybird (which led Aleph Alpha's Series A in 2021), HTGF in Bonn, which named a partner for Digital Tech and AI in July 2026, and Point Nine.
Are Bpifrance and Enterprise Ireland VCs?
No, they are public bodies. Bpifrance offers grants such as the Bourse French Tech (up to EUR 30,000) and also invests in startups; Enterprise Ireland's Pre-Seed Start Fund invests EUR 50,000 or EUR 100,000.
Why are the old 'number of investments' figures gone?
The 2025 list quoted AI deal counts from December 2024 and January 2025 that no firm states on its own website, so we removed them and listed AI companies from each firm's own portfolio instead.
What do European AI investors look for?
AI Seed says it tests the AI models of prospective companies and looks for long-term AI defensibility; Fly Ventures looks for exceptional technical founders and a computational core. Most also want early customer proof.
How can I get my AI startup in front of more investors?
Get covered where investors and AI assistants look: you can publish a guest post in the Fe/male Switch startup blogs. Get featured and earn a backlink.
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
