Mojo Ventures

Mojo Capital Research

Overview

Mojo Capital is a Luxembourg-based collaborative investment platform focused exclusively on European digital technology companies. Founded in 2014 by Matthias Ummenhofer (formerly head of the European Investment Fund's technology investment division), the firm operates the 'European Digital Opportunities Fund' — an integrated investment vehicle that combines fund-of-funds allocations, secondaries, co-investments, and direct startup deals.

The firm is headquartered at 29, Boulevard Prince Henri, L-1724 Luxembourg and can be reached at [email protected]. With 6 total employees, Mojo Capital operates as a lean, high-conviction platform.

Investment Thesis

Mojo Capital positions itself as 'Your gateway to Europe's next digital technology champions.' The firm believes Europe's digital economy represents a significant and undercapitalized opportunity, citing the continent's leading R&D clusters, 500+ million consumers, strong IT talent pools, and maturing early-stage financing ecosystems. Their investment philosophy centers on collaboration and participation — 'our relationships are our most important assets.'

The firm points to Spotify, Shazam, Supercell, Zalando, Klarna, and TransferWise as benchmarks for the kind of European-born unicorns they target. Their track record validates this thesis: 3 unicorns, 1 IPO, and 5 acquisitions from 13+ direct investments.

Sector Focus

Mojo Capital invests broadly across European digital technology with particular concentration in:

• Fintech & Payments: iZettle (acq. PayPal $2.2B), Tink (acq. Visa €1.8B), Wise, Smava, Habito
• Insurance Technology: Wefox
• HR & Workforce Technology: Job and Talent
• Identity & Security: Veriff
• Travel & Hospitality: HomeToGo
• Marketing & Adtech: Partnerize
• Automotive Marketplace: Auto1 (IPO Frankfurt 2021)
• Telecom Infrastructure: Parallel Wireless

Stage Focus

The firm focuses on growth-stage companies, primarily Series A through Series C and beyond. They target 'fast-growing digital technology companies' with demonstrated product-market fit rather than pre-revenue ventures.

Check Size

Specific check sizes are not publicly disclosed. Given the growth-stage focus and portfolio composition, investments are estimated in the $1M–$20M range for direct co-investments, with larger allocations for the fund-of-funds component.

Lead Tendency

Mojo Capital operates primarily as a collaborative co-investor and fund-of-funds. They are not typically lead investors; instead they participate in rounds led by major European VCs and also invest as LPs in top European funds.

Geographic Focus

Exclusively European companies. The firm is headquartered in Luxembourg and invests across the European technology ecosystem from the UK to Eastern Europe. They also facilitate market access for portfolio companies in the US and Asia through their proprietary network.

Fund Structure

Mojo Capital manages the 'European Digital Opportunities Fund' (also referenced as 'Mojo Digital One'). The fund integrates three investment strategies:

1. Fund-of-funds in top European VC funds (Atomico, HV Capital, DN Capital, Seedcamp, Felix Capital, Lakestar, Headline, Highland Europe, etc.)
2. Direct co-investments in portfolio companies alongside these funds
3. Secondary investments in European digital companies

The Mojo Partnership operates as a members-only investment club for LPs.

Decision Process

Partnership-based decision making. Founding Partners Matthias Ummenhofer and Kart Siilats lead investment decisions, supported by Growth Partners Björn Wettergren, Anil Hansjee, and Alexander Rittweger. The Board provides governance oversight.

Portfolio Highlights

Realized Exits

• iZettle: Acquired by PayPal in September 2018 for $2.2 billion (now Zettle by PayPal)
• Tink: Acquired by Visa in March 2022 for €1.8 billion (~$2B)
• Auto1: IPO on Frankfurt Stock Exchange in February 2021, raising €1.8B
• Habito: Acquired by Monzo in December 2025 (Monzo's first-ever acquisition)

Unrealized / Active Portfolio

• Wise (TransferWise): Global money transfer unicorn, ~$11B valuation
• Veriff: Leading identity verification platform
• Wefox: European insurtech unicorn
• Job and Talent: Workforce management and staffing platform
• HomeToGo: Vacation rental marketplace
• Partnerize: Partnership management and affiliate marketing platform
• Parallel Wireless: Open RAN wireless networking
• Smava: German personal loans marketplace

Team

Founding Partners

• Matthias Ummenhofer: Former head of European Investment Fund's technology investment division, which he grew to €4.7bn committed across 260+ funds investing in approximately 3,800 technology companies. Led major mandates including the €1bn ERP-EIF Dachfonds and GBP 200m UK Future Technologies Fund.
• Kart Siilats: Harvard graduate and CFA charterholder. Background at Citigroup (IPO/M&A transactions), INSEAD MBA, Barclays Wealth (private equity/VC investments), and European Investment Fund (€100m Baltic Innovation Fund). Harvard Innovation Labs advisor.

Growth Partners

• Björn Wettergren: Operational investor and entrepreneur. Co-founded and scaled etventure to 300 employees before EY acquisition (2017). Board member of Vontobel Holding AG. MEng, MBA, Harvard Impact Investing certification.
• Anil Hansjee: Former Google executive responsible for $450M+ in deals; prior roles at IDG, Modern Times Group. Advisor to EQT and various funds. Honorary Doctorate in Computing.
• Alexander Rittweger: Founded PAYBACK loyalty platform (1998), scaled to 70M+ active members globally. Sold majority stake to American Express in 2011 for $700M+, remaining shares in 2013 for $1.4B. Active angel investor.

Board

• Willi Leimer (Chairman): Former Goldman Sachs and Morgan Stanley; sold WMPartners to Julius Baer (2013); SIKA AG board member.
• Ulrich Grabenwarter (Board Member): Deputy Director of Equity Fund Investments, European Investment Fund.

Founder Preferences

Mojo Capital targets proven founder-operator teams building growth-stage European digital businesses with clear product-market fit and scalable models. The firm emphasizes European digital champions and values founders who can leverage their network to access US and Asian markets.

Fund-of-Funds Partners

As an LP, Mojo Capital has invested in: Seedcamp, DN Capital, HV Capital, Atomico, Cabiedes & Partners, EMH, Hedosophia, Acton Capital, Felix Capital, Lakestar, Highland Europe, Local Globe, Headline, Cherry VC, Atlantic Labs, GP Bullhound, Mundi Ventures, Seaya Ventures, Project A, Evolution Equity, IDinvest, Bootstrap Europe, and Superangel.