3TS Capital Partners Research
Investment Thesis
3TS Capital Partners is a European technology-focused growth capital and venture capital firm founded 25 years ago, with a mission to build "Local Leaders" and "Global Challengers" out of Europe's most innovative tech companies. The firm advises multi-vintage funds (TCEE Fund III, TCEE Fund IV, and predecessor Catalyst Romania vehicles) that provide growth capital, typically leading or co-leading substantial funding rounds. 3TS pairs capital with hands-on strategic support: sector expertise, cross-border expansion guidance, and access to a global network spanning Europe and North America. While the funds are Pan-European in mandate, 3TS's core origination focus is companies headquartered or operating in the DACH, CEE, and Nordic regions that are scaling internationally.
Sector Focus
3TS organizes its focus into three pillars: Technology & Internet (software, hardware, mobile, cybersecurity, e-commerce, AI, and dual-use technologies), Media & Communications (digital media, content distribution and monetization, network operators, often AI-enhanced), and Technology-Enabled Services (consumer and business services, including healthcare and other regulated sectors, where technology is a core enabler). Practically, this spans SaaS, cloud, industrial IoT, cybersecurity, fintech, edtech, spacetech, and digital platforms.
Stage Focus
3TS is a growth-equity investor, not an early-stage fund. It backs proven businesses that are already Local or Regional Leaders, or expansion-stage Global Challengers, typically at Series A through growth/expansion rounds. Round sizes on recent deals range from ~$10M Series A checks up to €115M growth rounds.
Check Size
Fund IV deploys individual investments in the EUR 5 million to EUR 20 million range, consistent with recent disclosed rounds (Tiger Technology's $10M Series A, BOOKR Class's €6.1M Series A).
Lead Tendency
3TS predominantly leads or co-leads its rounds. Recent deals across Tiger Technology, BOOKR Class, Wealthon, and Sybilla Technologies (co-led with Vinci) were all lead or co-lead positions via TCEE Fund IV.
Recent Activity
TCEE Fund IV, which held its final close at €111M in January 2024, is actively deploying. In 2025-2026 alone: 3TS led Wealthon's €115.5M growth round (Feb 2025) for the Polish SME lending/payments fintech; co-led (with Vinci) Sybilla Technologies' €8M+ growth round (June 2026) for the Polish space situational awareness company; led BOOKR Class/BOOKR Kids' €6.1M Series A (Aug 2026) for the Budapest-based AI literacy edtech platform; and led Tiger Technology's $10M Series A (July-Aug 2026) for the Bulgarian hybrid data storage deep-tech platform.
Portfolio Highlights
Across more than 70 investments and 6+ fund vehicles (plus co-investment vehicles) over 13 countries, notable portfolio companies include Piano (global digital-experience/paywall platform for publishers like WSJ, BBC, CNBC, grown into a US-headquartered Global Challenger since 3TS's initial 2012 investment), Tosibox (Finnish industrial OT networking security leader deployed in 150+ countries, Series A led by TCEE Fund IV in 2021), TourRadar, 123FormBuilder, Autenti, and Eyerim. Notable prior exit: SALESmanago, acquired by a SilverTree Equity/Perwyn consortium (2021).
Team
3TS operates as a multi-office partnership across Vienna (HQ), Budapest, Warsaw, Helsinki, Washington DC, Luxembourg, Bratislava, Rotterdam, and Bucharest, with 20+ years of joint experience among the current team.
- Pekka Mäki — Managing Partner
- Zbigniew Lapinski — Senior Partner
- Marius Ghenea — Partner
- Markus Hoefinger — Partner
- Andreas Huber — Partner
- Alin Stanciu — Partner
- Sever Totia — Partner (author of 3TS's recurring market-outlook blog)
- Markus Fleischer, Alina Georgescu, Katarzyna Pac-Malesa — Investment Directors
- Barnabas Vincze — Investment Manager
- Piotr Oślizło, Adam Rossmann, Lorena Scheusan — Investment Analysts
- Simon Becica — Fund Operations Director
- Katarina Hudakova — Financial Manager
- Nikola Nossal, Alexandra Tudor — Office Managers
Decision Process
Partnership-style investment decisions across a team of seven Partners/Senior/Managing Partners, supported by Investment Directors, Managers, and Analysts across the regional offices.
Founder Preferences
3TS backs experienced founders and management teams already running proven, revenue-generating businesses with a clear path to becoming a Local, Regional, or Global Leader — favoring teams that welcome hands-on strategic support for cross-border and international expansion rather than pure early-stage bets.
Geographic Focus
Primary origination in DACH, CEE, and Nordic Europe, with funds enabling portfolio companies to expand cross-border within Europe, into North America, and increasingly Asia.