Point Nine Capital Research
Investment Thesis
Point Nine Capital is a European-based software-focused venture capital firm that invests in the future of software built on AI. The fund deliberately maintains a small, equal partnership structure—with each partner closely working with 6-8 companies at any given time—to provide deep operational support, unfair shortcuts, and strategic guidance beyond just capital.
The firm's core thesis is that exceptional early-stage software companies emerge from technical founders solving specific problems with AI, marketplaces, and modern infrastructure. They partner with founders to accelerate learning, reduce time to market, and help them reach their potential.
Stage and Ticket Size Focus
Point Nine invests primarily in early-stage companies:
- Investment Range: $1-10 million per company
- Primary Focus: Seed and Series A
- Sweet Spot: ~$1.5-3M investments for seed-stage companies
- Fund Structure: Small equal partnership with 4 general partners, each actively managing a curated portfolio
They explicitly position themselves as "first institutional investor" for v0.9 stage founders—the gap between angel investors and traditional VCs that they've uniquely positioned to fill since 2008.
Sector Focus and Strategy
Point Nine has evolved from purely SaaS focus to specifically emphasize AI-driven software:
Primary Sectors:
- Enterprise Software (B2B SaaS, vertical SaaS)
- Developer Tools & Infrastructure
- AI and AI-first services
- Business software and productivity
- Fintech and payments
- Healthcare software (legal tech, medical software)
Technology Focus:
- AI/ML applications and integration
- Business automation
- Cloud infrastructure
- Marketplace platforms
- EdTech and online learning
Explicit Portfolio Themes:
- V0.9 founder stage (first institutional capital after angels)
- AI-first problem solving
- PLG (product-led growth) companies
- Vertical SaaS automation
Geographic Preferences
Headquarters-Based: Europe (Berlin is hub, but equal partnership structure)
- Germany (Berlin) - strongest concentration
- France (Paris) - strong presence
- UK (London) - growing focus, especially with Attio (London-based)
- Scandinavia (Sweden, Denmark, Finland)
- Southern Europe (Spain, Italy, Portugal)
Global Investment: Invest globally but heavily represented in Europe with selective US presence
- Selective investments in SF Bay Area and NYC
- International focus across 30+ countries
Recent Activity and Fund Status
Recent Investments (2025):
- EraDrive (Dec 2025) - AI-powered spacecraft autonomy, Seed
- Rekord (Sep 2025) - AI-native financial platform, Pre-seed (~$2.1M)
- Vercept (Nov 2025) - Foundational model for computer control, Seed
- Zauber (Dec 2025) - AI operating system for logistics, Pre-seed
- Draxon (Dec 2025) - VR training platform for airport operations, Seed
- Cryptio (Jan 2025) - Crypto compliance platform, Series A
Point Nine maintains a consistent deployment pace of 10-12 investments annually since 2008, with focus on AI-first and software-driven innovations.
Portfolio Highlights
Notable Exits (5 acquisitions in past 5 years):
- Loom (acquired by Atlassian, 2023, ~$1B) - Led seed round in 2017
- Athenian (acquired by Linux Foundation, 2022)
- Back (acquired by Personio, 2022)
- Automile (acquired by ABAX, 2020)
- Bearer (acquired by Cycode, 2024)
17+ Unicorn Portfolio Companies (>$100M ARR):
- Clio (2012) - Legal software
- Docplanner (2012) - Healthcare marketplace
- Revolut (2015) - Global neobank
- Brainly (2017) - Education platform
- Attio (2021) - AI-native CRM
- Algolia (2013) - AI search platform
- Chainalysis (2015) - Blockchain intelligence
- 15Five - Performance management
- Preply - Language learning
- ChartMogul - Subscription analytics
- Candis - Invoice automation
- Poolside - Foundation models
- CallDesk - AI voice agents
- Amenitiz - Hotel management OS
- AMMP - Clean energy management
- CloudTalk - Business phone system
- Findable - Building documentation
- Sensmore - Embodied AI for machinery
- Rerun - Physical AI data stack
Team and Decision Process
Equal Partnership Structure:
- 4 co-founder General Partners (Janz, Chudzinski, Coppey, Sequerra)
- Each GP actively works with 6-8 portfolio companies
- All investment decisions made collaboratively
- Supporting team of 8-10 professionals
Investment Decision Timeline: Fast, typically 1-2 weeks
- Partnership consensus model
- Thesis-driven evaluation
- Founder quality and fit primary criteria
Portfolio Company Support
Typical Involvement:
- Board seats for most investments
- Active advisor and operational support
- Portfolio network access and introductions
- Strategic advice and founder acceleration programs
- International expansion support
Check Size Breakdown
- Pre-seed: $1-3M
- Seed: $1.5-5M
- Series A participation: $3-10M+
- Average investment: $1.5-3M sweet spot
Warm Introduction Preferences
Warm introductions are strongly preferred through:
- Existing portfolio companies
- European tech ecosystem connections
- Founder community networks Cold inbound reviewed but with lower priority.
Fund History
- Founded: 2008 (nearly 15 years of operation)
- Deployment Model: Consistent 10-12 investments annually
- Portfolio Size: 100+ companies
- Philosophy: "Growing like a bonsai—focusing on strengths, not size"
Investment Profile Summary
Point Nine Capital represents a unique positioning in the venture ecosystem: a small, founder-focused firm that has consistently backed exceptional software companies since 2008. Their emphasis on:
- Small partnership (each partner works with 6-8 companies)
- AI-first and software-focused investing
- Early-stage v0.9 founder support
- Operational involvement beyond capital
- European base with global reach
They are actively deploying, maintain strong founder relationships, and explicitly seek to be the "first institutional investor" for v0.9 stage founders transitioning from friends/family capital to building scalable companies.