Start-ups Investment Report

Camels are considered frugal, resilient, and capable of surviving long periods of drought—qualities that are also expected of many start-ups. It therefore comes as no surprise that the desert animal is currently so popular within the scene. In particular, start-ups that grow slowly but steadily without external financing—that is, through “bootstrapping”—are referred to as camels.

“The trend is very clearly moving toward more bootstrapping,” explains Maximilian Eckel, Managing Director of the WHU Entrepreneurship Center. “Times have changed: More and more start-ups are choosing to grow steadily and sustainably rather than relying on externally financed scaling. This trend can also be observed in the United States, for example. Many start-up business models no longer require as much capital in the early stages and can initially be managed independently. Founders prefer to speak with investors later, from a position of strength, once their business model has been sufficiently validated.”

While venture capital firms can invest substantial means into a start-up within a short period of time to accelerate its development exponentially, some investors lose interest when it becomes apparent that the investment will not become a unicorn, as they are not interested in average growth. “That puts some founders off, as they would rather grow slowly and profitably. As a result, the camel is currently in focus for many and has pushed the unicorn somewhat into the background. In the past, many founders did not even consider bootstrapping because access to venture capital was very easy and its use represented the established blueprint of other successful founders.”

Building a start-up without external capital is not an entirely new phenomenon—but in 2025, significantly more founders chose this path. The 2025 Founder Salary Report by financial services provider Pilot shows that bootstrapping among start-ups increased by 57 percent compared with 2024, rising from 11.5 percent to 18 percent of all new ventures. This shift represents one of the most significant changes in the financing strategies of young companies in recent years. It reflects a profound change in how founders approach building their companies in the current economic environment. Increasingly, start-up founders want to retain full control over their businesses and rely on investments from friends and family, their own financial resources, and early company revenues, which are immediately reinvested into the start-up. “deutsche startups” concludes that start-up investments in Germany have fallen to a five-year low. However, as described at the outset, this does not mean that the founder scene is falling asleep—it is simply operating more behind the scenes.

In addition, bootstrapping is not suitable for every young company. Decisive factors include the business model, industry, and capital requirements. Founder teams with low start-up costs and early revenue opportunities, in particular, can benefit from this approach, as they do not have to shoulder high costs at the outset. However, if a company requires substantial financial resources from the very beginning in order to establish its business model, founders will generally need to rely more heavily on external capital.

Which investments were taken into the WHU start-up ecosystem in the fourth quarter of 2025 can be seen below:

October

- With its B2B fintech solution, Kuunda improves access to short-term liquidity for merchants in African markets. The Mauritius-based company addresses the problem of insufficient financing for many local businesses and has received seed financing of 7.5 million euros for this purpose. The co-founders include WHU alumnus Samuel Brawerman (MSc 2007).

- One of the largest financing rounds of the month comes from the energy sector: Enpal received debt financing of 700 million euros to further scale its solar leasing and energy services model. Behind the company’s development are WHU graduates Mario Kohle (BSc 2008), Viktor Wingert (MSc 2010), and Jochen Ziervogel (MSc 2015).

- Arbio is advancing a data-driven technology platform for vacation rentals that optimizes processes and guest experiences. More than 36 million US dollars from a Series A financing round are intended to further drive product development. The company was founded by WHU alumnus Constantin Schröder (BSc 2020).

- Vaestro is driving the expansion of heat pumps in multi-family residential buildings and assumes part of the investment costs. A strategic investment of undisclosed amount enables the team to roll out features more quickly and initiate initial scaling steps. The start-up was founded by WHU graduate Henri Voigt (BSc 2018).

- Onuava offers digital solutions for companies to advise employees on issues of reproductive or gender-specific health, thereby strengthening long-term retention, satisfaction, and performance. An angel investment is intended to improve product validation and further expand the digital offering. Onuava was co-founded by WHU alumna Dr. Julia Reichert (Diplom 2004). Also read the interview “Five Questions for Onuava.”

November

- With a seed financing round of 13 million US dollars, WHU alumnus Konstantin von Büren aims to redefine procurement processes with his London-based start-up Procure AI. The AI platform automates spend analyses, delivers precise forecasts, and supports companies in complex purchasing decisions.

- Berlin-based health-tech start-up Mirantus Health secured a seed financing round of 5.5 million euros. Co-founded by WHU alumnus Dominik Pederzani (BSc 2013), the company is developing a digital infrastructure that seamlessly connects patients with healthcare experts. The goal is a modern, scalable healthcare system that noticeably simplifies diagnostic and treatment pathways.

- The team at Kyrok is working on AI software designed to efficiently link medical data and intelligently support treatment processes. The solution is aimed at inside sales teams seeking to integrate data-driven diagnostics into everyday clinical practice. The company was founded by Lukas Bierfreund and Daniel Hofinger (both MSc 2022) and has now received financing in an undisclosed amount.

- WHU alumna Selket Caroline Euling and her team at Swiss Activities are developing a nationwide Swiss platform for leisure, sports, and tourism experiences. Their offering simplifies booking processes and creates visibility for local providers. The start-up has completed an early venture capital financing round.

December

- FORMEL SKIN was acquired in December 2025 by the British health-tech platform MANUAL. Originally co-founded by WHU graduate Anton Kononov (MSc 2014), the company specializes in dermatological treatments and skin conditions, combining medical consultations with digital processes.

- Munich-based company Crafthunt has been integrated into the new platform BauGPT. The start-up established itself as a digital solution for placing skilled workers in the construction and real estate sectors and supports companies in targeted personnel recruitment. Co-founder is Anna Hocker (BSc 2013).

- CRAVIES secured fresh capital in an early venture capital financing round. The team around co-founder Siddik Turhalli (MSc 2019) develops and produces high-quality snacks and positions them in the premium nutrition segment.