Heartcore Capital, a prominent European venture capital firm, has raised $180 million for its latest fund, Fund V, marking a significant shift in focus beyond its initial consumer technology thesis. This new fund will "leaven the bread" of its earlier strategy, with a more generalist approach that targets productivity, software, infrastructure, and other areas.

The firm, founded 17 years ago, has established a strong track record, with a portfolio that includes notable companies like Boozt, Neo4j, Peakon, Tink, GetYourGuide, TravelPerk, and Podimo. Heartcore Capital has also been ranked the 9th best VC globally in the HEC Paris-Dow Jones VC ranking, solidifying its position as a leading early-stage investor.

According to Jimmy Nielsen, partner and co-founder of Heartcore Capital, the new fund will focus on areas where technology can have a significant impact. "This fund is more generalistic in focus, more focused on productivity, software, infrastructure," Nielsen explained in an interview with TechCrunch. The firm plans to make 25-30 early-stage investments with Fund V, with a focus on the compute stack, synthetic biology, productivity/AI, software infrastructure, travel, and climate tech.

Heartcore Capital has already made investments in LLM compute infrastructure, database software, software for carbon capture, and consumer travel. The firm's limited partners (LPs) include repeat investor Industriens Pension, and it also has a smaller, dedicated Web3 fund. Nielsen highlighted the firm's strong performance, with a return of 1.6 euros for every euro invested, and expressed optimism about the European market, which he believes will "warm up" next year.

The firm's CEO and co-founder, Emil Eifrem, who also founded Neo4j, a company that has received funding from Heartcore Capital, praised the firm's long-term support. "Heartcore was the first fund to believe in us 15 years ago and have remained on our board through all financing rounds, all the way to a multi-billion-dollar company," Eifrem said in a statement.

With the new fund, Heartcore Capital's cumulative committed capital reaches €800 million, solidifying its position as a leading venture capital firm in Europe. The firm operates offices in Copenhagen, Stockholm, Berlin, and Paris, providing a strong presence in the region.

The launch of Fund V marks an exciting new chapter for Heartcore Capital, as it expands its focus to address emerging opportunities in productivity, software, and infrastructure. As the European startup ecosystem continues to evolve, Heartcore Capital is well-positioned to play a key role in shaping its future.