What Calm/Storm VC does

Calm/Storm Ventures (legally Calm Storm Management GmbH) is a boutique venture capital firm headquartered in Vienna, Austria, founded in March 2020 by Managing Directors Lucanus Polagnoli and Stephanie Urbanski. The firm operates as a registered Alternative Investment Fund Manager (AIFM) under EU AIFMD, deploying capital through multiple EUVECA-compliant fund vehicles — CALM STORM 1 EUVECA, CS A1 EUVECA, CS II EUVECA, and a newly launched €30M healthtech fund announced in October 2025. It invests at the super-early stage (typically the founder's first fundraising round) in purpose-driven HealthTech, digital health, and well-being startups across B2B and B2C, spanning fertility, mental health, AI-enabled infrastructure, clinical decision support, insurtech, chronic care, FemTech, and SaaS tools for healthcare providers. The firm has been named the #1 most active HealthTech investor in Europe by Sifted/Financial Times in 2022, 2023, and 2024, and is the only European firm in Pitchbook's top 10 most active FemTech investors globally.

The firm's go-to-market is a hybrid of product-led, community-led, and event-driven motions. A self-serve Typeform pitch form on calmstorm.vc accepts draft decks and pre-co-founder-team applications, with the firm stating it reads every submission. Deal flow is supplemented by a 300+ partner network of LPs/VPs/Founders, a 'Supporting Partner' bench of senior operators (Joe Spector/Hims co-founder, Domagoj Dolinsek/PlanRadar co-founder, Monika Köppl-Turyna/Director of EcoAustria), the annual Storm.Days HealthTech conference in Vienna (400+ attendees, 150+ investors, 100+ founders, 30+ speakers), a podcast featuring portfolio founders, the Digital Health Compass annual book, and a gated FemTech Report. The firm reports it sees ~90% of all EU pre-seed HealthTech deals and that 500+ VCs are already on the cap tables of its 70+ portfolio companies. Co-investors include Sequoia, Khosla, Y Combinator, Founders Fund, Creandum, Octopus Ventures, Speedinvest, EQT Ventures, Seedcamp, Nina Capital, and Atomico.

Revenue is generated through standard European VC economics: recurring management fees on committed and deployed capital across the EUVECA fund vehicles, plus carried interest on portfolio exits. The firm employs 11–50 people at the Vienna headquarters (Goldeggasse 26, 1040 Vienna), with leadership comprising Polagnoli and Urbanski as Managing Directors, Partner Johannes Blaschke, Venture Partner Paul Varga, and a small extended team. The firm states that more than 50% of its team members, board members, and portfolio founders come from underrepresented minority groups, and that it has more female board members than any other fund.

Name

Calm/Storm VC

Legal name

Calm Storm Management GmbH

Website

https://calmstorm.vc

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Calm/Storm Ventures is a Vienna-based boutique venture capital firm investing at pre-seed/seed in European HealthTech startups, ranked the #1 most active HealthTech investor in Europe by Sifted since 2020, with 70+ portfolio companies spanning fertility, mental health, AI-enabled infrastructure, insurtech, and FemTech.

Ownership category

akta.pro rank

Product category

Venture Capital (HealthTech-focused)

NAICS

Portfolio Management and Investment Advice (523940)

akta.pro primary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

akta.pro secondary industry

Accelerators & Incubators (Investor-Operated) (FSANAAAM)

Keywords

• Venture capital investing
• HealthTech investments
• Early-stage startup funding
• Digital health ventures
• Pre-seed equity investment

Headquarters

HQ city

Vienna

HQ country

Austria

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: Calm/Storm operates multiple EUVECA fund vehicles (CALM STORM 1, CS A1, CS II) under Calm Storm Management GmbH, a Vienna-registered alternative investment fund manager (FN 524428 v). Recurring management fees on committed/deployed capital across these vehicles.
2. Carried Interest on Portfolio Exits: Outcome-based upside on exits from a 70+ HealthTech portfolio; carried interest on profitable realizations from portfolio companies including Clicks, Foundation Health, Fertifa, Newton's Tree, SquareMind, OpenHealth, etc.
3. New €30M Healthtech Fund (Calm/Storm Ventures): Launched a new €30 million healthtech fund in 2025 to expand dry powder and deploy into additional HealthTech pre-seed/seed rounds alongside co-investors.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels9 records

Core offering

Calm/Storm Ventures is a Vienna-based boutique venture capital firm and EU-registered Alternative Investment Fund Manager that invests at the super-early-stage (pre-seed and seed) in purpose-driven HealthTech, digital health, and well-being startups across both B2B and B2C models. It operates EUVECA-registered fund vehicles (CALM STORM 1 EUVECA, CS A1 EUVECA, CS II EUVECA) and a €30M healthtech fund launched in October 2025, deploying capital alongside Tier-1 co-investors such as Sequoia, Khosla, Creandum, Y Combinator, and Octopus Ventures.

Differentiator

Problem solved

Functional benefit

Brands

• Digital Health Compass: Annual publication/book series by Calm/Storm featuring insights on the European HealthTech landscape; the fourth edition covers European Health Tech in depth.
• Storm.Days (StormDays)
• FemTech Report

Products and services

• Calm/Storm Ventures (Core Fund)

Quantifiable outcome

• #1 most active HealthTech investor in Europe (Sifted/FT) in 2022, 2023, and 2024
• +6 more outcomes

Named customers16 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

17 partnerships are on record, tiered flagship event partner, core event partner, core technology vendor, flagship supporting partner and minor grant partner.

• Kauffman Fellowsflagship event partnerGTM or Marketing PartnerExclusive Kauffman Fellows Breakfast at Storm.Days in Vienna connects Calm/Storm's LPs and founders with leading US HealthTech investors (e.g., Sandeep Bakshi/Prosus Ventures, Kauffman Fellow Class 27). Listed as a Storm.Days event partner.
• naturalX Health Venturescore event partnerGTM or Marketing PartnerListed as a Storm.Days event partner; represented at the conference by Marvin Amberg (naturalX Health Ventures) on the 'Consumer as the New Payor in Health' panel.
• CSS Versicherungcore event partnerGTM or Marketing PartnerListed as a Storm.Days event partner.
• Erste Bankcore event partnerGTM or Marketing PartnerListed as a Storm.Days event partner; Andreas Treichl (Chairman ERSTE Foundation) is a previous speaker at the event.
• Wicklow Capitalcore event partnerGTM or Marketing PartnerListed as a Storm.Days event partner.
• Taylor Wessingcore event partnerImplementation/ SI/ Consulting PartnerListed as a Storm.Days event partner; international law firm providing legal services to the European venture ecosystem.
• Coulter Partnerscore event partnerImplementation/ SI/ Consulting PartnerListed as a Storm.Days event partner; executive search firm supporting healthtech leadership hiring.
• Wirtschaftsagentur Wien (Vienna Business Agency)core event partnerGTM or Marketing PartnerListed as a Storm.Days event partner; Gabriele Tatzberger from the Vienna Business Agency is a previous speaker.
• Webflow, Inc.core technology vendorTechnology or IntegrationSan Francisco-based website builder hosting calmstorm.vc per Calm/Storm's imprint disclosure; data transfer under EU-US Privacy Shield.
• Rocket Science Group LLC d/b/a Mailchimpcore technology vendorTechnology or IntegrationUS-based newsletter mailing platform; certified under the EU-US Privacy Shield Agreement per Calm/Storm's imprint disclosure.
• Typeform, S.L.core technology vendorTechnology or IntegrationSpain-based form platform powering the Calm/Storm pitch application form on calmstorm.vc/pitch and general-application job form.
• Google LLCcore technology vendorTechnology or IntegrationProvides Google Analytics (with IP anonymization) and YouTube embeds on calmstorm.vc; certified under the EU-US Privacy Shield.
• Joe Spector (Co-Founder Hims)flagship supporting partnerStrategic or Co-development PartnerCalm/Storm 'Supporting Partner' — Joe Spector (Hims co-founder) provides expertise and experience to portfolio founders.
• Domagoj Dolinsek (Co-Founder PlanRadar)flagship supporting partnerStrategic or Co-development PartnerCalm/Storm 'Supporting Partner' — Domagoj Dolinsek (PlanRadar co-founder) supports portfolio founders with his expertise.
• Monika Köppl-Turyna (Director of EcoAustria)flagship supporting partnerStrategic or Co-development PartnerCalm/Storm 'Supporting Partner' — Director of EcoAustria, supports portfolio founders.
• LEGO Foundationminor grant partnerStrategic or Co-development PartnerProvided £2.09 million grant funding to portfolio company Little Journey alongside Calm/Storm's Series A participation.
• SBRI Healthcareminor grant partnerStrategic or Co-development PartnerProvided £493,000 grant funding to portfolio company Little Journey alongside Calm/Storm's Series A participation.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Nina Capital: Barcelona-based specialist HealthTech VC investing pre-seed to seed across Europe, US, Israel, Canada, and Australia. Closest direct peer: same stage, same vertical, similar ticket size, and co-investor on multiple Calm/Storm portfolio companies (Healee, IMA Health, LillianCare, The Lowdown).
• Heal Capital: Berlin-based early-stage HealthTech VC backed by major German insurers, investing across digital health with a European focus. Comparable as a thematic, early-stage HealthTech specialist competing for the same founder pool in DACH.
• YZR Capital: Munich-based early-stage VC focused exclusively on European health tech from pre-seed to Series A. Co-investor with Calm/Storm on Univa, IMA Health, and OpenHealth; directly comparable on stage, vertical, and geography.
• Earlybird Health: Berlin-based specialist HealthTech fund within the Earlybird family, investing across Europe at early stages. Closely comparable as a thematic early-stage HealthTech peer operating in the same European geography.
• btov Partners: European VC with a dedicated HealthTech/digital health investment vertical active at pre-seed and seed. Comparable as a thematic early-stage HealthTech peer in the European market.
• Digital Health Ventures: Frankfurt-based specialist HealthTech VC focused on early-stage digital health companies in Europe. Directly comparable on vertical, stage, and DACH geographic focus.

Broad incumbents

• Speedinvest: Austria's largest VC with health, deep tech, and fintech verticals. Co-investor with Calm/Storm on 9am.health, Hi.health, Second Nature, The Lowdown, ThinkSono, Timeular, and Fertifa. Comparable as a larger, multi-vertical European fund with overlapping HealthTech exposure.
• Octopus Ventures: London-based early-stage VC backing HealthTech, fintech, and deep tech. Repeat co-investor with Calm/Storm on Béa Fertility, Little Journey, LVNDR Health, Mindstep, Visible, and OpenHealth. Comparable as a larger pan-European fund with material HealthTech allocation.
• Creandum: Leading European early-stage VC with significant HealthTech exposure. Listed as a co-investor on Calm/Storm's website and partners on portfolio companies including Lindus Health. Comparable as a larger generalist with overlapping HealthTech deal flow.

Regional players

• Kfund: Spanish early-stage VC backing digital health and B2B software, recently co-invested alongside Calm/Storm in the Circle Health seed round. Comparable on vertical and stage with a stronger Iberian/LatAm tilt.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/calmstorm

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A

Investments112 records

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

Frequently asked questions about Calm/Storm VC