Prototype — Investment Thesis & Preferences

Prototype Capital Research

Overview & Evolution

Prototype Capital is the rebranded entity of Remote First Capital (as of January 2026), a solo-GP venture fund led by Andreas Klinger. Originally founded in 2020 to invest in remote-work infrastructure, the fund has evolved significantly to focus on frontier tech, robotics, automation, and manufacturing innovation across Europe. Andreas Klinger, a technical founder and former CTO of Product Hunt and Head of Remote at AngelList, brings deep operational expertise and a passion for improving European technology and policy.

Investment Thesis

Prototype Capital's core belief is that Europe can and should be the best place to live, innovate, and build technology worldwide. The fund specifically focuses on companies working in:

Robotics & Automation: European companies leveraging robotics for manufacturing automation, industrial applications, and solving the European manufacturing labor crisis
Frontier Tech: Hardware, deep tech, and engineering-focused companies that require technical founders with obsessive attention to their problem
Industrial Manufacturing: Precision manufacturing, supply chain automation, and rebuilding Europe's industrial base
Developer Tools & Infrastructure: Engineering-focused tools and platforms that serve technical founders
Emerging AI/Hardware: Multimodal AI models, computer vision, and AI applied to robotics and manufacturing

The fund believes Europe's fragmented nature and industrial expertise create unique advantages. With one of the densest industrial supply chains globally and exceptional manufacturing talent, Europe is positioned to lead in robotics and physical AI. However, Europe risks becoming a customer of the US without decisive action. Prototype Capital combines media, policy advocacy (through EU-INC), and strategic investment to address this gap.

Fund Details & Stage Focus

Fund Structure:

Fund III (2026): €15M raised of €20M target, first fund exclusively focused on Europe
Previous Funds: Fund I & II invested globally (1/3 Bay Area, 1/3 US, significant Europe and India)
Total AUM: >$200M across all funds
Check Size: €200k-€400k ($200k-$400k USD equivalent)
Investment Approach: 10-15 investments per year

Stage Preferences:

Pre-Seed: Early-stage projects with strong founders
First-Round/Seed: Primary sweet spot
First-Check Emphasis: Comfortable being the first institutional investor
Statistics: 60% of investments are first-round, ~1/3 are first commits, only 3% post-Seed (Series A or later)

Lead Tendency & Decision Process

Lead Tendency: Leads - Prototype Capital is very comfortable being the first investor and frequently sets up rounds from scratch. The fund explicitly states it either "joins a round early, or sets up the round in first place."

Decision Process: Solo GP - Andreas Klinger makes investment decisions independently. However, he heavily involves founders and the ecosystem, publishing decision rationale on YouTube, engaging with policy makers, and building a strong community around the fund.

Decision Timeline: Fast - Andreas is known for on-the-spot decisions and minimal VC homework. Direct founder-to-investor discussions without traditional diligence spreadsheets.

Warm Introduction: While not strictly required, warm introductions work best. The fund is transparent that only ~10% of investments come through cold outreach forms, though they maintain an open submission process.

Portfolio & Recent Activity

Portfolio Highlights (90+ deal participations):

Luma Labs: Multimodal AI models for AGI and video generation (first check 2021) - significant exit potential
Fly.io: Global application platform (first check ~2021)
Remote.com: Global payroll and HR (early investment)
Sunrise Robotics: Robotic manufacturing cells for high-mix production (first check 2023, seed 2025)
Voltrac: Electric tractors for agriculture and defense (seed 2025)
Simulon: Studio-quality VFX on iPhone (first round 2023)
Rollo Robotics: Autonomous robots for commercial and national security (first round 2025)
Hyperdrives: Mass-produceable electrical drive systems (first check 2025)
Allonic: Braiding machines for tendon-driven robotic components (first round 2026)
Highcat: European reconnaissance drones (seed 2025)
Isembard: Accelerating European industrial base (first round 2025)
Sensmore: Autonomous heavy machinery for mining (seed 2024)
ZED: Lightning-speed IDE built from scratch in Rust (first round 2021)
Litona: Sodium-ion batteries (pre-seed 2026)

Fund Performance:

Fund I & II: 5.6x net returns (exceptional for early-stage)
2025 Portfolio Activity: Portfolio companies raised >$1 billion in total financing (demonstrating strong syndication power and follow-on support)
Current Status: Actively deploying Fund III with focus on European robotics, automation, and industrial tech

Founder Feedback:

"Andreas was the first check in Luma! He's high conviction and nothing but support and value for founders." - Amit Jain, Luma
"Andreas is the GOAT! Builds his own strong thesis, helps Europe get their sh*t together... The only thing he doesn't do: waste your time." - Tom Hubregtsen, Voltrac
"Andreas was extremely helpful at all pivotal points for the business, helping us elevate our mission, narrative, and product approach from the beginning." - Tomaž Štolfa, Sunrise Robotics

Sector & Technology Focus

Primary Sectors:

Robotics & Automation - Dominant focus with Fund III
Manufacturing & Industrial Tech - Precision manufacturing, automation, supply chain
Developer Tools & Infrastructure - Technical tools for engineers
Hardware & Physical AI - Including drones, electric vehicles, and sensor systems

Technology Preferences:

Hardware engineering
Robotics (manufacturing automation, autonomous systems)
AI/ML applications (especially computer vision for robotics)
Manufacturing innovation
Electrical/mechanical engineering
Industrial automation

Geographic & Founder Preferences

Geographic Focus:

Primary: Pan-European (all of Europe)
Recent Shift: Fund III is "first fund exclusively focused on Europe" - pivoting away from US and India due to strategic conviction about European opportunity
Preferred Regions: Central Europe (manufacturing hubs like Germany, Austria, Slovenia), Western Europe, Nordic countries
Why Europe: Dense industrial supply chains, manufacturing talent, fragmentation creating opportunity, two decades to fix infrastructure gap

Founder Preferences:

Technical Founders: Deep domain expertise, often with manufacturing or engineering backgrounds
Obsessive Problem Solvers: Founders who care obsessively about their problem, not just market opportunity
Industry Experience: Background in manufacturing, robotics, engineering, or relevant scale-ups
Execution Focus: Ability to ship fast and deploy real solutions
Independence: Not looking for founders needing spreadsheets to prove viability - high conviction required

Additional Context: EU-INC Initiative

Andreas Klinger also founded and runs EU-INC, a policy and community initiative to improve Europe's startup ecosystem. This demonstrates Prototype Capital's approach beyond pure investment - combining media (YouTube channel with significant following), policy advocacy, and capital to create systemic change. This positions the fund as a thought leader and policy influencer in European tech, not just a capital provider.

Decision & Investment Characteristics

Warm Intro Requirement: Not required but strongly preferred (~90% of deals come through network/warm intros)

Typical Involvement: First-check investor, occasional board seat or advisory involvement, strong support and follow-on capacity

Co-Investor Reputation: Syndicates with Tier-1 funds including a16z, Accel, Sequoia, Index, General Catalyst, Atomico, Matrix, Insight, and others

Fund Positioning: "NO BS, NO VC homework. JUST tech investor to TECH FOUNDER." - This captures the fund's philosophy of direct, efficient engagement with founder-first mentality.

Historical Context & Transition

Remote First Capital (2020-2026) originally invested in remote-work infrastructure globally, with notable early-stage participation in companies like Fly.io and Luma. The rebranding to Prototype Capital reflects a strategic pivot driven by:

Founder expertise (robotics, manufacturing, deep tech)
Market timing (European industrial renaissance opportunity)
Competitive advantage (European supply chains, manufacturing density)
Fund conviction (Europe's opportunity window)

This evolution shows a fund willing to pivot its thesis based on opportunity and founder conviction, not market trends.