OTB Ventures Research
Investment Thesis
OTB Ventures is a pan-European venture capital fund founded in 2017 by Adam Niewiński and Marcin Hejka, dedicated to 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, as opposed to thin software layers on existing markets. OTB places explicit emphasis on dual-use technologies — innovations 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 that deep tech companies require to scale globally.
Sector Focus
OTB's stated verticals have evolved somewhat over time but converge on four core areas: SpaceTech and Physical AI, Enterprise Automation & AI, FinTech Infrastructure, and Cybersecurity, with an increasingly visible tilt toward Defense Tech and dual-use technologies (air defense, counter-drone radar, ISR satellites, semiconductors). Recent 2025-2026 investments in Alta Ares, MatrixSpace, Tytan Technologies, and Arlequin AI show a clear acceleration into European defense-tech and sovereign-AI themes, alongside continued healthcare AI activity (Waiv, Ingenix.ai, Apheris).
Stage Focus
OTB invests at "early growth stages," specifically late Seed through Series A, occasionally participating in Series B rounds for existing portfolio companies (e.g., MatrixSpace) or providing follow-on capital into later rounds.
Check Size
No explicit check-size range is published on the firm's site. Observed round sizes OTB has led or co-led range from roughly $6M seed rounds (Auriga Space) up to $50M Series A rounds (Alta Ares), with the firm typically taking a lead or co-lead position rather than a small syndicate ticket.
Lead Tendency
OTB frequently leads or co-leads rounds: it led Auriga Space's seed round, co-led MatrixSpace's $20M Series B alongside Raptor Group, co-led Waiv's $33M Series A alongside Alpha Intelligence Capital, and co-led Arlequin AI's €28M Series A alongside redalpine. It has also participated as a syndicate member in larger defense rounds 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. Notable recent investments: Arlequin AI (€28M Series A, September 2026, co-led with redalpine), Alta Ares (€50M Series A, June 2026, participated alongside lead Air Street Capital), Waiv (€33M/$33M Series A, March 2026, co-led with Alpha Intelligence Capital), and MatrixSpace ($20M Series B, October 2025, co-led with Raptor Group). The firm opened a Luxembourg office in March 2025, hiring three team members (Jeremy Teboul, Estelle Godard, Kateryna Lopatynska) from Promus Ventures' Orbital fund team to strengthen deal flow in Benelux and France.
Portfolio Highlights
OTB's portfolio spans over 30 active companies and includes two notable exits: BabbleLabs (speech enhancement, acquired by Cisco in 2020) and Minit (process mining, acquired by Microsoft). Flagship active holdings include ICEYE (SAR satellite imagery, invested since 2018, now the global leader in the category), Hydrosat (thermal imaging SpaceTech), ClearSpace (in-orbit servicing and debris removal), Veridion (AI-driven company data platform), FintechOS (digital banking infrastructure), and a fast-growing cluster of European defense-tech names: Alta Ares, MatrixSpace, Tytan Technologies, and Auriga Space.
Team
- Adam Niewiński — Co-founder, Managing Partner. Former Deputy CEO of Pekao SA, co-founder of Expander and Platinum Bank; 20+ years as entrepreneur/executive, board member at ICEYE, SilentEight, KYP.ai, Hydrosat, FintechOS.
- Marcin Hejka — Co-founder, Managing Partner. 18 years at Intel Capital as VP and Managing Director for Europe/Israel/MEA/India; sourced 50+ venture deals including five unicorns/decacorns; board member at Apheris, Plumerai, MatrixSpace.
- Karol Szubstarski — Partner. Joined at OTB's inception; previously at Intel Capital covering CEE, Russia, Africa, and the Middle East; focuses on fintech infrastructure, data/analytics, and semiconductors.
- Wojtek Walniczek — Partner. Former CFO at Punkta, Investment Director at MCI Capital, prior roles at McKinsey, KPMG, and Credit Suisse.
- Jeremy Teboul — Partner (Luxembourg office). Formerly a Partner at Promus Ventures deploying the Orbital fund (largest early-stage European space-tech fund); focuses on applied AI, automation, and space technology.
- Katarzyna Zwolanowska — Partner, Chief Operating Officer.
- Gregory Jankilevitsch — Co-founder.
- General Rajmund T. Andrzejczak — Strategic Adviser; former Chief of the General Staff of the Polish Armed Forces (2018-2023), supporting OTB's defense-tech and dual-use investment work.
Decision Process
OTB operates as a multi-partner investment team (five Managing Partners/Partners plus an Investment Director and analysts 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 experience in the sector (e.g., Arlequin AI's founders from ENS/CNRS, Waiv's founders spun out of Owkin, Auriga Space's CEO with an engineering/physics background). 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 itself operates from Amsterdam (Netherlands), Warsaw (Poland), and Luxembourg. Established in 2017, OTB currently manages over $350 million in assets under management.