HPE Growth

What HPE Growth does

HPE Growth B.V. is a private, Amsterdam-based pan-European growth equity firm founded in 2009 that invests €5–40 million per company in early-to-mid stage digital technology businesses across Europe. The firm pursues minority or majority equity stakes in four specialized verticals: SaaS, FinTech, Digital Health, and Climate Tech. Its active portfolio of nine companies includes EGYM, WeTransfer, PPRO, Uberall, Xempus, Tiqets, NGDATA, ZAVA, and Aevi. The firm has offices in Amsterdam (headquarters) and Düsseldorf, and manages over €600 million in deployed and managed capital across two Funds and three SPVs, with €492 million in current assets under management and €178 million in co-investment vehicles.

HPE Growth positions itself as an active investor that supplements equity capital with operational support, sector expertise, and a structured value-creation playbook (sourcing, strategy, speed, structure, scale, sell). The firm is differentiated by its embedded ESG framework: it achieved B Corp certification in December 2022 (one of the first certified pan-European technology growth investors), is a UN PRI signatory, an ILPA member, and aligns with GIIN, SASB, IRIS+, GHG Protocol, and SDG frameworks. The European Investment Fund supports the platform through the Competitiveness and Innovation Framework Programme (CIP) and ERP-EIF Facility, and a Family Office made a minority GP investment in 2023.

The firm's revenue mechanics are typical of European growth equity: recurring management fees on committed/invested AUM supplemented by lumpy carried interest on realizations. The team of approximately 15 professionals is led by Managing Partner and Founder Tim van Delden, with senior partners drawn from TPG Capital (Manfred Krikke, Founding Partner of TPG Ventures), Disney Consumer Products (Harry Dolman, former EVP), and top-tier legal/finance backgrounds (De Brauw, Stibbe, EY, KPMG, INSEAD, LSE). Recent exits include WeTransfer's sale to Bending Spoons (2024), Tiqets to Expedia Group (December 2025), the announced acquisition of ZAVA by Hims & Hers (June 2025), and the EGYM/Playlist merger (January 2026).

Name

HPE Growth

Legal name

HPE Growth B.V.

Website

https://hpegrowth.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

HPE Growth is a pan-European growth equity firm investing €5–40 million in early-to-mid stage digital technology companies across SaaS, FinTech, Digital Health, and Climate Tech sectors. Founded in 2009 and headquartered in Amsterdam, it manages over €600 million in deployed capital.

Ownership category

akta.pro rank

Product category

Growth Equity Investment

NAICS

Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Technology & Software Growth Equity (FSANACAA)

akta.pro secondary industry

Financial Services / Fintech Growth Equity (FSANACAE)

Keywords

• Growth equity investment
• Venture capital funding
• Private equity firm
• Technology sector investing
• Portfolio management services

Headquarters

HQ city

Amsterdam

HQ country

Netherlands

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Growth Equity Investment Management: HPE Growth generates returns through equity investments in portfolio companies, deploying EUR 5-40 million equity per company in return for minority or majority stakes in early-to-mid stage digital technology companies throughout Europe.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

HPE Growth is a pan-European growth equity firm that invests EUR 5–40 million per company in early-to-mid stage digital technology businesses across Europe, taking minority or majority stakes. The firm provides equity capital alongside active operational support and sector-specific expertise in four digital verticals: SaaS, FinTech, Digital Health, and Climate Tech, to help portfolio companies scale into market leaders.

Product overview

HPE Growth is a European growth equity firm (not a technology product company). It deploys EUR 5–40 million per company in return for minority or majority stakes in early-to-mid-stage digital technology businesses. Its portfolio spans four digital sectors: SaaS, FinTech, Digital Health, and Climate Tech. The firm does not develop, sell, or license its own software products or platforms. Portfolio companies include EGYM (fitness technology), WeTransfer (file-sharing), PPRO (alternative payments), Uberall (location marketing SaaS), Xempus (pension/life insurance SaaS), Tiqets (ticketing platform), NGDATA (customer data platforms), ZAVA (telemedicine), and Aevi (payment gateway). HPE Growth describes itself as an active investor providing equity and operational support to help portfolio companies scale into market leaders.

Differentiator

Problem solved

Functional benefit

Brands

• HPE Growth Digital Climate Fund: An impact product with clear environmental sustainability objectives combining expertise of scaling digital technology and achieving environmental impact.

Products and services

• HPE Growth Digital Climate Fund
• Pan-European Growth Equity Investment
• Active Portfolio Support Services

Quantifiable outcome

• +35% Annual Revenue Growth across portfolio since investment
• +3 more outcomes

Named customers9 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Twelve partnerships are on record, tiered core and minor.

• UN PRI (Principles for Responsible Investment)coreStrategic or Co-development PartnerSignatory to UN PRI, demonstrating commitment to responsible investment practices and ESG integration.
• ILPA (Institutional Limited Partners Association)coreStrategic or Co-development PartnerMember of ILPA, adhering to best practices for limited partner engagement and governance.
• SDG (Sustainable Development Goals)coreStrategic or Co-development PartnerAligned with UN Sustainable Development Goals, integrating SDG framework into impact measurement and reporting.
• GIIN (Global Impact Investing Network)coreStrategic or Co-development PartnerMember of GIIN, supporting impact investing standards and best practices.
• ESG Data Convergence InitiativecoreStrategic or Co-development PartnerParticipant in ESG Data Convergence Initiative for standardized impact measurement.
• Greenhouse Gas ProtocolcoreStrategic or Co-development PartnerAdopts GHG Protocol standards for carbon footprint measurement and reporting.
• SASB (Sustainability Accounting Standards Board)coreStrategic or Co-development PartnerUses SASB standards for sustainability accounting disclosures.
• Impact Management ProjectcoreStrategic or Co-development PartnerFollows Impact Management Project framework for impact measurement.
• IRIS+coreStrategic or Co-development PartnerUses IRIS+ metrics for social and environmental performance measurement.
• NVP (Nederlandse Vereniging van Participatiemaatschappijen)coreStrategic or Co-development PartnerMember of Dutch Private Equity Association for networking and best practice sharing.
• Women in Tech GlobalminorStrategic or Co-development PartnerPartnership supporting diversity and inclusion in technology and investment.
• MMOXcoreTechnology or IntegrationCyber risk management provider monitoring HPE Growth's traffic 24/7, analyzing security data and taking measures when needed.

Scale indicators8 records

Recent moves5 records

Expansion highlights6 records

Direct peers

• Insight Partners: Global growth equity firm dedicated to investing in high-growth technology and software businesses. Most direct comparable: same target customer base (founders/CEOs of venture-stage tech companies in Europe), same growth-stage focus, and similar deal-construction approach across SaaS, FinTech, and vertical software.
• General Atlantic: Global growth equity firm with deep European tech presence and expertise in SaaS, FinTech, and digital health. Direct comparable: same target sectors, similar equity check sizes, and competing for the same European growth-stage founders as HPE Growth.
• EQT Growth: European growth equity arm of EQT focused on high-growth technology and digital companies across Europe. Direct comparable: pan-European mandate, technology-only focus, similar ticket sizes, and ESG-aligned brand identity.
• TPG Growth: Growth equity arm of TPG focused on growth-stage investments globally, including European tech. Direct comparable: one of HPE Growth's senior team (Manfred Krikke) is a former TPG Growth Partner; operates with a similar playbook on SaaS and digital services.
• Summit Partners: Growth equity firm investing across technology, healthcare, and other growth sectors with strong European activity. Direct comparable: similar deal sizes, focus on growth-stage tech/SaaS, and active value-creation approach.
• Kennet Partners: European growth equity firm investing in technology companies across Europe. Direct comparable: pan-European tech growth focus, similar B2B SaaS and FinTech theses, comparable ticket sizes.
• Bregal Milestone: European tech growth equity firm with focus on lower mid-market and growth-stage software and tech-enabled services. Direct comparable: pan-European growth tech mandate, similar ticket size range, active operational support model.

Emerging players

• Balderton Capital: European early-to-growth stage venture firm focused on technology companies. Partial comparable: same European tech focus and similar stage, but earlier-stage emphasis than HPE Growth.
• Digital Asset Capital Management: European digital/tech investment firm. Partial comparable: thematic European tech focus with growth-stage and trade-sale orientation.

Broad incumbents

• Index Ventures: Pan-European and US venture capital firm with growth-stage activity across SaaS and FinTech. Comparable: overlapping portfolio themes and European tech franchise, though broader early-to-late stage mandate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hpe-growth-capital

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A1 record

Investments36 records

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

Frequently asked questions about HPE Growth