Join Capital

Join Capital Research

Investment Thesis

Join Capital is a Berlin-based early-stage venture capital firm founded in 2015 by Jan Borgstädt, Tobias P. Schirmer, and Sebastian von Ribbentrop. The firm's thesis centers on "resilience" as the foundation of prosperity, security, and progress: it backs founders building deep tech with real intellectual property that strengthens industry, enterprise, and defence — sectors it frames as "the foundation of a competitive and stable future." Join's language is explicitly geopolitical: the firm positions itself around "the next industrial edge," arguing it "isn't flashy — it's foundational," and looks for companies that can "lead, scale, and last." The firm has progressively concentrated its focus on European and NATO-aligned defence, space, and dual-use technology, a shift reinforced by a €50M European Investment Fund (EIF) commitment to its Fund III specifically earmarked for defence and dual-use deeptech.

Stage Focus

Join Capital invests from Pre-Seed through Series A, with a minimum technology readiness level (TRL) of 4 and a stated preference for real user or customer feedback at the time of investment. The firm explicitly commits to staying engaged well beyond the first check, describing its approach as "First Check to Full Scale."

Check Size

The firm writes typical checks of €1–5M per the "Approach" page on its site, spanning Pre-Seed to Series A rounds. It frequently participates in larger syndicated rounds (e.g., HyImpulse's $58M Series A Extension) alongside strategic and public co-investors.

Lead Tendency

Join Capital states it will "lead or co-lead" investments and "take board seats," reflecting a hands-on, engaged ownership style rather than passive capital. Recent rounds (enclaive, ISPTech's antecedent) show a mix of co-lead and participant roles alongside other funds and public investors like the EIF and NATO Innovation Fund.

Recent Activity

Join Capital has been highly active through 2025–2026, particularly in defence and space:

• September 2026: Co-led HyImpulse's $58M Series A Extension (with Ace Capital Partners, DLR, and other co-investors) to advance European orbital rocket launch technology.
• February 2026: Co-led enclaive's €4.1M seed round (confidential computing) alongside Amadeus APEX Technology Fund and Auriga Cyber Ventures.
• February 2026: Backed ISPTech's €5.5M seed round for in-space propulsion technology.
• March 2026: Secured a €50M EIF commitment via the InvestEU Defence Equity Facility for Fund III, reported as the EIF's largest-ever defence-focused VC commitment, with Fund III targeting €235M.
• September 2025: Invested alongside the NATO Innovation Fund in Kreios Space's €8M seed round for Very Low Earth Orbit satellites.

According to CB Insights, Join Capital has made 49 investments and recorded 7 portfolio exits (most recently Advae, acquired by Orisha in March 2025), across two closed funds — Fund II closed at $119.27M in June 2024 — with Fund III now raising.

Portfolio Highlights

Publicly listed portfolio companies span defence, space, and enterprise deep tech:

• HyImpulse (hybrid orbital-class rockets)
• Thyra (autonomous counter-drone interception systems)
• ISPTech (in-space propulsion for small and large satellites)
• Enclaive (multi-cloud confidential computing)
• Quadsat (RF emitter detection and geolocation for defence)
• Kreios Space (Very Low Earth Orbit satellites)
• PhotonPath (photonic integrated circuits for optical communications)
• Optics11 (fibre-sensing early-warning systems for critical infrastructure)

Exits include Advae (acquired by Orisha, March 2025).

Team

Join Capital's team combines venture, entrepreneurship, and deep operating experience:

• Jan Borgstädt — Managing/Founding Partner, co-founder; background in law and digital transformation, serial entrepreneur.
• Tobias P. Schirmer — Founding Partner; background in venture capital, entrepreneurship, and financial markets.
• Sebastian von Ribbentrop — Founding Partner; over a decade of venture investing experience in Berlin.
• Oliver Hehl — Partner; enterprise architecture and transformation consulting background, investor/mentor at Join since 2018.
• Julia Flaig — Principal.
• Nikhil Ninne — Investor (deep tech), two-time founder and product leader.
• Manuel Effenberg — CFO; prior experience at Signals Venture Capital, Regis24, and HPI SEED.

Decision Process

Join Capital operates as a founding-partner-led partnership (three co-founders plus additional partners and principals), consistent with a collegial, partnership-based decision process rather than a solo-GP or large formal investment-committee structure.

Founder Preferences

The firm looks for technical founders with defensible IP and a "clear advantage over legacy systems," typically already at TRL 4+ with early user or customer validation. It emphasizes founders "building what others won't" in hard, complex, mission-critical categories, and backs teams it can support through its "Ambassador Network" — senior operators from industry, defence, and enterprise who help portfolio companies land customers and navigate procurement and supply chains.

Geographic Focus

Europe and NATO-aligned regions are the firm's explicit geographic focus, reflecting its defence and dual-use orientation. Join Capital is headquartered in Berlin, Germany, with additional offices/advisory presence in London, UK and Milan, Italy.