What henQ does

henQ is an Amsterdam-based venture capital firm founded in 2004 that invests exclusively in early-stage European B2B software startups. The firm runs a deliberately concentrated strategy, targeting only two new portfolio companies per year with initial tickets of €1–10 million, and explicitly avoids competitors of existing portfolio companies. Its positioning centers on what it calls the "odd ones out": founders building software for markets that mainstream VCs overlook as too boring or atypical, including hospitality ops (Mews), e-commerce shipping (Sendcloud), digital canteens (Kanpla), parking management (Wemolo), and environmental compliance (Tanso). The firm claims its portfolio companies reach €60M ARR with less funding and lower dilution than the average VC-backed business, and that it actively supports hiring, fundraising, and goal-setting without imposing influence.

Revenue is generated through traditional VC fund management economics: management fees on committed capital across its five successive funds, and carried interest on exits. The portfolio to date exceeds 20 companies with multiple realized exits (Mendix, Zivver, SEOshop, Aidence, Cronofy, Orderchamp, Studytube, Energyworx, Formulate, Impraise, Insided). In November 2025 henQ announced the first close of Fund 5 at €67.57 million toward a €90 million target, deploying into 8–12 new B2B software companies. Institutional capital comes from European LPs including the European Investment Fund under InnovFin Equity and the European Commission via EFSI/Horizon 2020, alongside undisclosed European investors.

The operational model is a small in-house team (founding partners Coen van Duiven and Herman Hintzen, plus partners Jan, Hein, Mick, and Rob, principal Rob, and associates Orphée Sarrabezolles and Rob Rousseau, with Sylvie as office manager) executing a relationship-driven, founder-friendly deal process where first meeting to signed term sheet targets "days rather than weeks." Distribution is entirely direct and network-based, with no APIs, products, or software platforms offered externally; henQ's "product" is investment capital plus deep operational support.

Name

henQ

Legal name

henQ Capital Management 4E B.V.

Website

https://henq.vc

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

1–10 employees

Short description

henQ is an Amsterdam-based venture capital firm founded in 2004 that invests €1–10 million in European early-stage B2B software startups, targeting only two deals per year with a contrarian focus on "odd ones out" founders building software for overlooked markets.

Ownership category

akta.pro rank

Headquarters

HQ city

Amsterdam

HQ country

Netherlands

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Venture Capital Fund Management: henQ generates returns through traditional VC mechanisms including management fees on committed capital and carried interest (carry) on fund profits. As an investment firm, revenue is tied to the success of portfolio companies through equity ownership.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

henQ is a Dutch venture capital firm that invests in early-stage European B2B software startups with initial tickets of €1-10 million. The firm makes 2 investments per year, targeting founders building businesses in unconventional or "boring" markets rather than mainstream opportunities. henQ provides hands-on support in hiring, fundraising, and goal setting, with the option for portfolio companies to build sustainable businesses without raising further VC funding.

Product overview

henQ is a Dutch venture capital firm based in Amsterdam that invests in early-stage B2B software startups across Europe. The firm does not offer a product or service in the traditional sense—it provides investment capital and strategic support to portfolio companies. henQ's Fund 5 targets €90 million (with €67.57 million raised at first close) to invest in 8-12 B2B software startups with initial checks of €1-10 million. The firm focuses on unconventional markets and 'odd ones out' founders rather than mainstream opportunities.

Differentiator

Problem solved

Functional benefit

Products and services

• Early-Stage B2B Software Venture Capital (Fund 5) Early-stage venture capital investment in European B2B software startups with initial tickets of €1-10 million per company. The fund targets 8-12 investments across Europe, focusing on founders building in unconventional or "boring" B2B markets. For European founders at Series A stage with proven business models seeking founder-friendly capital.
• Hands-On Portfolio Company Support

Quantifiable outcome

• henQ companies use less funding and dilute less to grow to €60M ARR / annualized net revenue than average VC-backed business

Named customers6 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators6 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Dawn Capital: London-based early-stage VC focused on European B2B software and fintech. Direct peer with similar B2B focus, European scope, and Series A entry approach.
• Point Nine Capital: Berlin-based seed-stage VC focused on B2B SaaS across Europe. Highly comparable to henQ given shared B2B SaaS focus, European geographic scope, and early-stage entry (though Point Nine invests at seed rather than Series A).
• Atomico: London-based European venture capital firm founded by Skype's Niklas Zennström, focused on early-to-growth stage technology companies across Europe. Directly comparable as a European-focused early-stage VC with selective investment approach and pan-European mandate.
• Index Ventures: London/Geneva/San Francisco-based venture firm investing across Europe and the US in technology and life sciences. Comparable as a European early-stage VC with similar portfolio scope, though at much larger fund size.
• Earlybird Venture Capital: Berlin-based European venture capital firm investing across technology sectors at early and growth stages. Comparable pan-European VC with selective investment approach, though larger fund size.
• Speedinvest: Vienna-based early-stage VC with sector-focused funds across B2B, fintech, deep tech, and consumer in Europe. Comparable European early-stage focus and B2B portfolio emphasis, though larger fund size and broader sub-sector coverage.
• Notion Capital: London-based VC exclusively focused on B2B SaaS in Europe. Closely comparable to henQ given pure B2B SaaS focus, European mandate, and early-to-growth stage entry approach.
• Mangrove Capital Partners: Luxembourg-based early-stage VC focused on European tech startups. Comparable European-focused, selective early-stage VC with B2B software exposure.

Broad incumbents

• EQT Ventures: Stockholm-based venture arm of EQT Group, investing in European tech startups from seed to growth. Comparable as a European tech-focused VC, though backed by a much larger alternative asset manager and with broader stage mandate.
• Accel: Global venture capital firm with significant London office focused on early-stage and growth-stage technology companies. Comparable European early-stage tech investor with similar B2B SaaS portfolio focus, though with much larger fund size and global reach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/henq-invest

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments60 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about henQ