OTB Ventures Research
Investment Thesis
OTB Ventures is a pan-European VC fund founded in 2017, backing DeepTech founders building the critical technological infrastructure of Europe's future. The firm's manifesto centers on "real tech": disruptive, technically defensible innovation with genuine real-world application rather than thin software layers on existing markets. OTB places explicit emphasis on dual-use technologies with both commercial and strategic/defense relevance, and positions itself as a specialist partner able to help technical founders navigate the long, capital-intensive path deep tech companies require to scale globally.
Sector Focus
OTB's four core verticals are SpaceTech, Enterprise Automation & AI, FinTech Infrastructure, and Cybersecurity, alongside an "AI and Novel Computing" / "Physical AI" framing used on the homepage. Recent 2025-2026 activity shows a clear acceleration into European defense-tech and dual-use themes: Alta Ares (AI-native air defense), MatrixSpace (AI-native portable radar), Tytan Technologies (counter-UAS), and Arlequin AI (topological neural network AI backed partly by Bpifrance's Defence Innovation Fund), alongside continued healthcare/diagnostics AI activity (Apheris, Ingenix.ai, Waiv).
Stage Focus
OTB specializes in early growth stages, specifically late Seed through Series A, and continues to participate in later rounds (Series B) as follow-on capital for existing portfolio companies such as MatrixSpace.
Check Size
No explicit check-size range is published on the firm's site. Observed total round sizes OTB has led or co-led range from roughly $6M seed rounds up to €50M Series A rounds (Alta Ares), with the firm typically taking a lead or co-lead position.
Lead Tendency
OTB both leads and co-leads: it led Auriga Space's seed round, co-led MatrixSpace's $20M Series B alongside Raptor Group, co-led Arlequin AI's €28M Series A alongside redalpine, and co-led Waiv's Series A. It also participates as a syndicate member in larger rounds it does not lead, such as Alta Ares's €50M Series A led by Air Street Capital. Overall lead tendency is best classified as "both."
Recent Activity
OTB is actively deploying capital as of September 2026. Most recent: Arlequin AI's €28M Series A (co-led with redalpine, alongside Bpifrance's Defence Innovation Fund, Vsquared Ventures, 10x Founders and Xavier Niel), announced early September 2026. Also recent: Alta Ares's €50M Series A (participant, led by Air Street Capital) and MatrixSpace's $20M Series B (co-led with Raptor Group, with L3Harris joining as a strategic investor). The firm also welcomed General Rajmund T. Andrzejczak, former Chief of the General Staff of the Polish Armed Forces, as a Strategic Adviser to support its defense-tech and dual-use investment work.
Portfolio Highlights
OTB's portfolio spans over 35 active companies across two exits. Flagship active holdings include ICEYE (SAR satellite imagery, invested since 2018, now the global leader in the category and celebrating its 8th anniversary with OTB), Hydrosat (thermal imaging SpaceTech), ClearSpace (in-orbit servicing and debris removal), Veridion (AI-driven company data platform), FintechOS (digital banking infrastructure), Plumerai (edge vision AI), KYP.ai (process/task mining), SilentEight (AML compliance automation), and a fast-growing cluster of European defense-tech names: Alta Ares, MatrixSpace, Tytan Technologies, Auriga Space, and Arlequin AI. Notable exits: BabbleLabs (speech enhancement, acquired by Cisco) and Minit (process mining, acquired by Microsoft).
Team
- Adam Niewiński — Co-founder, Managing Partner
- Marcin Hejka — Co-founder, Managing Partner
- Karol Szubstarski — Partner, focused on fintech infrastructure, data/analytics, and semiconductors
- Wojtek Walniczek — Partner
- Jeremy Teboul — Partner, leads the Luxembourg office covering applied AI, automation, and space technology
- Katarzyna Zwolanowska — Partner, Chief Operating Officer
- Gregory Jankilevitsch — Co-founder
- Kris Pałucki — Investment Director
- Maciej Zasada — Vice President
- Alicja Glinka — Investment Manager
- Anna Ślotała — Head of Investor Relations
- Ignacy Drzewiecki — Investment Analyst
- Karolina Czerwińska-Czaplicka — Chief Financial Officer
- Kateryna Lopatynska — Operations Manager
- Patrycja Werner-Zielińska — Senior Financial Controller
- Paula Zarębska — Office Manager and EA
- Szymon Pinczewski — Finance Manager
- General Rajmund T. Andrzejczak — Strategic Adviser, former Chief of the General Staff of the Polish Armed Forces (2018-2023)
Decision Process
OTB operates as a multi-partner investment team across Amsterdam, Warsaw, and Luxembourg offices, consistent with a partnership-style decision process rather than a solo-GP model.
Founder Preferences
OTB backs technical founders solving hard, defensible problems with deep domain expertise, frequently PhDs, researchers, or operators with direct sector experience (e.g., Auriga Space's CEO with an engineering/physics background, Safe Intelligence founded by an Imperial College London AI-safety pioneer). The firm favors founders building "real tech" with demonstrable technical moats over thin software wrappers.
Geographic Focus
OTB is explicitly pan-European, with portfolio companies headquartered across France, Poland, Germany, the Netherlands, Switzerland, Italy, Lithuania, Estonia, and the UK. The firm operates from Amsterdam (Netherlands), Warsaw (Poland), and Luxembourg. Established in 2017, OTB currently manages over $350 million in assets under management.