Heliad AG

What Heliad AG does

Heliad AG (formerly FinLab AG) is a Frankfurt am Main-based, publicly listed investment company that operates as an evergreen venture capital vehicle, providing public market investors with access to pre-IPO technology equity returns. The company invests across the full venture lifecycle: from pre-seed through Series A via its wholly-owned Collective Ventures subsidiary (acquired July 2024), through growth-stage balance sheet investments made directly from the corporate balance sheet, and beyond IPO. Coverage spans DACH (Frankfurt and Berlin) and the United States (San Francisco). Key portfolio holdings include Enpal (solar energy), Raisin (B2C savings platform with over EUR 75 billion in platform assets), FINN (car subscriptions), flatexDEGIRO (~4.7% stake), ARX Robotics (autonomous defense vehicles deployed by six European armed forces and Ukraine), askLio/Lio Technologies (AI procurement automation), Bayshore (AI compliance), GeneralMind (AI workflow automation), and Tangany (BaFin-regulated digital asset custody). Following the October 2023 merger of Heliad Equity Partners GmbH & Co. KGaA into the listed entity (then FinLab AG), the company reached approximately EUR 150 million in NAV with roughly 40% free float.

The business model is structurally distinct from traditional European VC funds: Heliad charges no management or performance fees and operates with a net expense ratio below 2% of NAV, returning the underlying investment economics directly to public shareholders. Revenue mechanics come from equity appreciation, realized exits, dividends, and a small stream of third-party mandates (EUR 0.5-1 million annually). Supporting services to portfolio companies are delivered through the CapitalCollective — a team providing venture debt, equity financing, and M&A advisory. Heliad Crypto Partners, launched with the Heliad Dynamic Blockchain Index in December 2024, extends the strategy into crypto multi-strategy investing.

The company is majority-owned by GfBk Gesellschaft für Börsenkommunikation mbH, whose beneficial owner is founder Bernd Förtsch. In June 2026, management announced a delisting from the Frankfurt Stock Exchange's Freiverkehr (Basic Board), with the majority shareholder launching a voluntary public acquisition offer at EUR 14.25 per share and trading expected to cease September 24, 2026. The stated rationale is that the venture capital business model is incompatible with ongoing public market disclosure requirements, and the company intends to continue operating as a private entity post-delisting.

Name

Heliad AG

Legal name

Heliad AG

Website

https://heliad.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

Heliad AG is a Frankfurt-listed evergreen venture capital investment company that provides public market investors access to pre-IPO technology equity returns, investing from pre-seed through growth and beyond IPO across DACH and the US.

Ownership category

akta.pro rank

Product category

Venture Capital / Listed Private Equity

NAICS

Other Financial Vehicles (52599), Other Financial Investment Activities (5239)

akta.pro primary industry

International/Ex-U.S. Developed Equity (Active) (FSAAAIAE)

akta.pro secondary industry

HELOC Origination (Revolving Lines of Credit) (FSALAGAB)

Keywords

• Venture capital investing
• Pre-IPO equity stakes
• Growth-stage investments
• Listed investment company
• Startup equity financing

Headquarters

HQ city

Frankfurt

HQ country

Germany

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Returns: Heliad generates returns through equity appreciation, realized gains from portfolio company exits, and dividends from investments. The company operates with no management or performance fees and maintains a net expense ratio below 2% of NAV.
2. Third-party Mandates: Recurring income from third-party mandates currently amounts to EUR 0.5-1 million annually.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Heliad AG is a German publicly listed investment company that provides shareholders access to pre-IPO venture capital returns through an evergreen structure. It invests directly from its balance sheet in market-leading technology companies from growth-stage through and beyond IPO, while its wholly owned Collective Ventures vehicle invests pre-seed to Series A. The CapitalCollective provides venture debt, equity financing, and M&A advisory services to portfolio companies.

Product overview

Heliad AG operates as a single unified investment services platform rather than a multi-module product architecture. The company provides publicly listed access to venture capital investments through its evergreen structure, differentiating itself from traditional fund-based VC by being free from fund life cycles. The core offering combines two complementary investment vehicles: Collective Ventures (early-stage, pre-seed to Series A) and direct balance sheet investments (growth-stage and beyond IPO). The CapitalCollective team of experts supports portfolio companies with venture debt, equity financing, and M&A advisory services. Additionally, Heliad Crypto Partners offers a separate crypto-focused investment vehicle.

Differentiator

Problem solved

Functional benefit

Products and services

• Heliad AG Investment Services Listed investment company providing public shareholders access to pre-IPO venture capital returns through an evergreen structure, investing in market-leading European technology companies from growth-stage through and beyond IPO.
• Collective Ventures Heliad's wholly owned early-stage investment vehicle investing pre-seed to Series A alongside a co-investor network of family business owners, executives, and entrepreneurs.
• CapitalCollective Dedicated team of experts providing venture debt, equity financing, and M&A advisory services to help portfolio companies structure financial strategies, secure growth capital, and navigate strategic exits.
• Heliad Crypto Partners Wholly owned crypto multi-strategy investment vehicle combining early-stage VC investments with directional and market-neutral crypto investments, including the Heliad Dynamic Blockchain Index.

Quantifiable outcome

• Net Asset Value increased to EUR 150 million following merger
• +2 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Daimler TruckcoreStrategic or Co-development Partner · 28 April 2025ARX Robotics entered strategic partnership with Daimler Truck to co-develop next generation military mobility solutions.
• Collective VenturescoreStrategic or Co-development Partner · 5 July 2024Heliad acquired Collective Ventures to expand its product portfolio and enable earlier-stage VC investments. Collective Ventures operates as a deal-by-deal venture capital network with co-investor access to family business owners, executives, and entrepreneurs. The acquisition complements Heliad's later-stage portfolio approach.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Deutsche Beteiligungs AG (DBAG): Frankfurt-listed German investment company providing equity capital to mid-market companies. Most direct peer in the German public-investment-company category with comparable evergreen structure and mid-market focus.
• Mutares SE & Co. KGaA: Frankfurt-listed investment firm focused on acquiring and restructuring mid-sized companies in special situations. Comparable as a German listed investment platform; Volker Rofalski (Heliad Supervisory Board) is also Chairman of Mutares' Supervisory Board.
• Molten Ventures (formerly Draper Esprit): London-listed venture capital investment company providing public-market investors exposure to European tech startups. Closest direct peer in structure — listed VC investing from balance sheet across stages, including growth and pre-IPO.
• Augmentum Fintech plc: London-listed investment company focused on early- and growth-stage fintech. Highly comparable in being a publicly traded vehicle offering investors venture exposure with similar fee-light structure.
• IP Group plc: London-listed intellectual-property commercialisation company that builds and backs deep-tech ventures. Comparable as a listed vehicle with balance-sheet investing and value-add portfolio support.

Broad incumbents

• 3i Group plc: London-listed large-cap PE/VC firm. Comparable in being a publicly traded private-markets investor, but with a much larger fund base, broader mandate, and established buyout/ growth focus.
• Kinnevik AB: Stockholm-listed investment company with a long-term focus on consumer-internet and technology businesses. Comparable listed-asset-management platform investing from balance sheet across venture and growth stages.
• Investor AB: Stockholm-listed Swedish investment company owning controlling positions in listed and unlisted companies. Comparable listed evergreen structure but at much larger scale and broader sector exposure.
• EQT AB: Stockholm-listed global PE/VC firm. Comparable as a publicly traded private-markets manager, though EQT operates traditional closed-end funds rather than a pure balance-sheet evergreen model.

Others

• Earlybird Venture Capital: Berlin-based European venture capital firm. Not a listed peer, but Heliad has co-invested alongside Earlybird in Bayshore's seed round and Earlybird is a frequent European venture co-investor, making them a relevant ecosystem comparable for deal sourcing and pricing.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/heliad-ag

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries2 records

Funding overview

Funding rounds2 records

Investors1 record

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

M&A1 record

Investments60 records

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

Frequently asked questions about Heliad AG