Capmont Technology Research
Investment Thesis
Capmont Technology is the dedicated venture capital arm of Capmont, a Munich-based investment group that also runs a private equity strategy (Capmont Private Equity) with over EUR 1 billion in group AUM. Capmont Technology backs entrepreneurs building B2B technology companies that already have proven product-market fit and early market traction. The firm explicitly looks for "technologies with a strong and already proven economic equation" rather than pre-revenue, thesis-only bets, and leans on the wider Capmont group's industrial network (40+ portfolio companies, 8,000+ employees) to help portfolio founders land pilot customers and enterprise relationships. The firm was founded in 2016 and closed its first dedicated technology fund at EUR 100 million (~$111M) in September 2024, giving it a distinct capital pool separate from the private equity strategy.
Sector Focus
Capmont Technology organizes its focus into seven verticals, all rooted in industrial and enterprise technology rather than consumer:
- Advanced Manufacturing & Industrial Automation
- DataOps & Data Analytics
- Enterprise Tech
- (Industrial) IoT, Mechatronics & Robotics
- Industrial Clean & EnergyTech
- (OT) Cybersecurity & Industrial Developer Tools
- Procurement, Supply Chain & Logistics
This is a deliberately narrow, industrial-B2B mandate. The firm does not appear to invest in consumer apps, fintech, or biotech.
Stage Focus
Capmont Technology invests at late Seed through Series B, targeting companies that already have commercial traction rather than pure pre-seed bets. They will also do selective seed-extension rounds (e.g., Matchory, January 2025).
Check Size
Initial investment: EUR 2-5 million (roughly $2.2M-$5.5M), with up to EUR 15 million reserved per company for follow-on rounds. This gives the firm meaningful ownership at entry with capacity to double down through Series B.
Lead Tendency
Mixed. Capmont Technology has led rounds (e.g., Matchory's EUR 6M seed extension, January 2025) and has also joined as a new investor in syndicates led by others (e.g., Sifflet's $18M round alongside existing investors EQT Ventures and Mangrove Capital Partners, June 2025; Manex AI's EUR 8M seed led by Lightspeed Venture Partners and BlueYard Capital, June 2025; Boost inc's EUR 16M Series B led by Direttissima Growth Partners, June 2025).
Recent Activity
The firm has been actively deploying since closing its EUR 100M fund in September 2024:
- June 2025: Joined Sifflet's $18M round (data observability)
- June 2025: Participated in Manex AI's EUR 8M seed (autonomous manufacturing/quality control)
- June 2025: Joined Boost inc's EUR 16M Series B (unattended retail technology)
- January 2025: Led Matchory's EUR 6M seed extension (procurement/supplier discovery)
Fund status reads as actively deploying, with multiple new investments per year since the 2024 fund close.
Portfolio Highlights
Capmont Technology's portfolio spans 16+ active and exited companies, including:
- Konux (industrial IoT/AI for railway optimization) - 2016, one of the firm's earliest investments
- Plume (self-optimizing WiFi) - 2017
- CrateDB / Crate.io (data platform) - 2018
- Proglove (industrial IoT wearables) - 2018, later acquired by Nordic Capital (exit)
- Fero Labs (manufacturing ML software) - 2019
- NPS.ai (autonomous driving) - 2019
- shyftplan (workforce management) - 2021
- Celus (electronics engineering software) - 2022
- Arch Systems (manufacturing intelligence) - 2023
- Mercanis (procurement software) - 2023
- Matchory (supply chain/supplier discovery) - 2024
- Sifflet (data observability) - 2025
- Boost inc (unattended retail tech) - 2025
- Manex AI (autonomous manufacturing) - 2025
- Deeploi (IT operations) - 2025
Team
- Dr. Torsten Kreindl, Founding & Managing Partner - Has led the technology strategy since May 2016 (as Capmont Venture Capital) and became Managing Partner of the renamed Capmont Technology in May 2022. Industrial engineer by training (master's and doctorate from Johannes Kepler University, Linz); previously a director and chairman of the finance committee at Swisscom AG (2003-2016). Describes himself as having become a venture capitalist "when there was not even a job description for that in Europe."
- Michael Wittner, Partner - Holds an M.Sc. in Strategy and Innovation from Leopold-Franzens Universitat Innsbruck; background in technology entrepreneurship and investment.
- Philipp König, Investor - Investment team member focused on sourcing and supporting portfolio companies; runs public-facing "Investors Office Hours" sessions for founders.
Capmont's broader group leadership (co-founders Dr. Rüdiger Schmid-Kühnhöfer and Ralf Huep) oversees both the Private Equity and Technology strategies at the holding level, but day-to-day investment decisions for Capmont Technology sit with Kreindl, Wittner, and König.
Decision Process
Small, partnership-style investment team (three named investment professionals). No evidence of a large investment committee; decisions appear to run through the Managing Partner and Partner.
Founder Preferences
Capmont Technology favors technical, industrial-domain founders solving real operational problems in manufacturing, supply chain, data infrastructure, and industrial cybersecurity, generally post-product-market-fit rather than idea-stage. Several portfolio founders come from deep industrial or engineering backgrounds (e.g., Matchory's founders building supplier-search infrastructure used by DMG Mori, Bosch, and Jungheinrich).
Geographic Focus
Primarily Europe with a stated emphasis on the DACH region (Germany, Austria, Switzerland), Northern Italy, and Poland, plus selective investment in the United States. The firm is headquartered in Munich (Ottostrasse 5) and operates across the four European offices of the wider Capmont group.