Puzzle Ventures

Puzzle Ventures is a Berlin-based venture capital firm investing in early-stage technology companies. Its fund backs pre-seed and seed-stage businesses, with a focus on B2B software and fintech in the European Economic Area, Switzerland, the United Kingdom and the United States. The firm invests through equity and quasi-equity to support long-term capital appreciation.

Founded by Gloria Bäuerlein as a solo-GP fund, Puzzle Ventures works with entrepreneurs building technology businesses and provides early-stage capital. The firm is registered as an alternative investment fund manager in Germany. Its investment process considers sustainability risks as part of due diligence, while its investment strategy emphasizes early-stage software and technology companies. Puzzle Ventures is based in Berlin, Germany, and operates the Puzzle Ventures Management GmbH.