Start-ups Investment Report

For some time now, a rather exciting trend has tightened its grip within the German start-up scene: More and more these days, investments are being made at the regional level. Berlin and Munich, the country’s two start-up hubs, continue to dominate the ecosystem, yet the regional diversification among investors is increasing. Locations in North Rhine-Westphalia (NRW), such as Aachen, Düsseldorf and Cologne, have taken their seat at the table. “The fact that NRW is gaining recognition as a start-up hotspot is something reflected in our community. More WHU alumni are starting their own companies in the region—exploring everything from quantum computing in Siegen to biotech in Aachen,” noted Maximilian Eckel, Managing Director of the WHU Entrepreneurship Center. “Our campus in Düsseldorf is naturally an incubator for this development.”

In terms of the overall amount of venture capital invested in 2024, NRW was even ahead of other regions in the hardware sector. In its assessment, the EY Startup Barometer Germany concluded that more than every second euro invested in that sector went to start-ups based in NRW, the state home to the nation’s highest population. This fact was underscored in “Next Generation – Startups in Germany,” a report published by the Startup Verband and startupdetector. The number of start-ups based in NRW increased by a staggering 20% in 2024 (494 start-ups compared to only 413 start-ups in 2023). In fact, last year was the strongest year for the state’s start-up scene—and Germany as a whole—since 2021. “These are exciting developments for Germany as a place of innovation,” noted Eckel.

The WHU Start-ups Investment Report for Q2 2025 details all the investments made in start-ups with roots to WHU:

April

- Sesh, co-founded by Iñigo-Hubertus Bunzl Pelayo (BSc 2018), is a start-up focusing on mental health. In April, the company secured €6.4M in an early venture capital funding round, which will go toward offering easily accessible and more inclusive online therapy.

- Co-founded by Florian Raetzer (2015 exchange student), Hilos was assumed by ActiveCampaign. The company will continue to realize its goal of reimagining corporate communication on WhatsApp through smart automatization.

- In raising €3.3M in seed capital from Y Combinator and Cherry Ventures, Telli, co-founded by Finn zur Mühlen (BSc 2020), aims to redesign the digital world through innovative new formats.

- Deep-tech start-up Volektra, founded by Cade Gorman (EMBA 2023) and Manish Seth (EMBA 2020), received seed funding to further develop its virtual magnet technology, poised to drastically shake things up in the world of e-mobility.

- Prematch, co-founded by Niklas Brackmann (MSc 2021), received an angel investment from soccer legend Toni Kroos. The software and corresponding app is helping amateur football go digital with its data-supported, community-driven platform.

- Energy firm Enpal, founded by Jochen Ziervogel (MSc 2015), Mario Kohle (BSc 2008), and Viktor Wingert (MSc 2010), has collected €110M in growth capital from the Rise Fund (TPG). The company plans to use these funds to continue scaling its  all-in-one greenly sourced energy solutions for private residences.

- Foliume, co-founded by Guillermo Vergara Ferrari (2015 exchange student), secured €1M in a seed funding round and plans to strengthen its AI-supported platform for automatizing the marketing process within the insurance industry.

- Co-founded by Franz Tschimben (Doctoral Program 2021), Covision Media secured €5M in a seed funding round to further expand its world-class 3D scanning technology for manufacturers and to assist major brands in their own digital transformation efforts.

May

- With €55.3M in outside funding now secured, SumUp, founded by Dr. Jan Deepen (Doctoral Program 2006) and Daniel Klein (Diplom 2002), plans to expand and globally scale its affordable and secure payment solutions for small businesses.

- The Berlin-based Trawa, co-founded by David Budde (BSc 2016), collected €24M in a series A funding round. The company will continue to advance its infrastructure for the intelligent procurement of greenly sourced energy and the expansion of the energy transition seen within the corporate sector.

- Ravio has secured €10.9M in a series A funding round, which will go toward rolling out its benchmarking platform for compensation and human-resources-related processes across all of Europe. The company was founded by Merten Wulfert (Msc 2011).

- Janik Schmalhorst (BSc 2015) has secured growth capital to expand his company Endocare and its medically supported approach to weight loss and corresponding lifestyle coaching service.

- Seedflex, co-founded by Ritwik Ghosh (MBA Exchange Program), received a seed investment of €2.9M to further establish its innovative “pay as you sell” model for online sellers in the fintech sector.

- Fideus was founded by David Czaniecki (BSc 2014) and recently secured €900K in a seed funding round. The company aims to simplify tax-related and legal administrative processes for holding structures through smart automatization.

- Co-founded by Honza Ngo (MSc 2022), Blockbrain develops AI-supported systems that automate document and workflow management. The company recently secured seed funding.

- Making a second appearance this quarter is Prematch, the social networking site for amateur football, co-founded by Niklas Brackmann (MSc 2021), which is furthering its efforts to expand with the help of a seed funding round. 

- With the help of an angel investment worth €200K, Cravies, co-founded by Siddik Turhalli (MSc 2019), is bringing new sunflower seed snacks to the market and raising the bar in the culinary world.

- Financial Navigator, founded by Dr. Jürgen Wolff (Doctoral Program, 2005), secured €1.1M in financial support to further develop its treasury management tools that make navigation easier and cut through complex financial data.

June

- June saw the deep-tech start-up Lidrotec, founded by Alexander Igelmann (MSc 2014), collect roughly €12M in a series A funding round. The company is developing highly precise laser technology for the production of microchips, thereby having a positive effect on the semiconductor, energy, and pharmaceutical sectors.

- Kadmos, an automatic payroll platform specialized for nautical companies, has been assumed by Nippon Yusen Kabushiki Kaisha (NYK). This fintech-focused organization was co-founded by Justus Schmueser (BSc 2016) and, before this month, had already secured investments totaling over US$29M.

- Green-tech company Ostrom, founded by Matthias Martensen (BSc 2014), secured €20M in a series B funding round. This renewable energy provider offers a flexible pricing structure and was recently lauded as a Certified B Corporation for its efforts in social and ecology sustainability.

- Superscale AI, founded by Lukas Minnebeck (BSc 2022), received €4.5M in a seed funding round. The platform uses artificial intelligence to automatize the production of user-generated marketing content.

- Mercanis offers a one-stop procurement and delivery management solution for today’s companies. The start-up, helmed by Moritz Weiermann (MSc 2016), secured €18M in a series A funding round. The platform automates strategic purchasing processes with the help of artificial intelligence.

- Co-Power, founded by Kilian Zedelius (BSc 2014), secured €6.4M in a seed funding round. The company installs and operates solar and battery storage systems for industrial customers directly on company premises.

- Tele-dermatology company LemonDocs, founded by Thomas Hodits (BSc 2020, MSc 2023), Moritz Wobith, and Marc Jäger (both MSc 2026), has completed the pre-seed funding stage. It combines AI-based remote diagnostics with modern dermatology practices.