Munich VC firm Picus Capital raises €250m to double down on existing investments (climate being one of them)

Picus Capital has raised €250m for a new fund aimed at doubling down on its existing early-stage investments.

The Munich-based firm, which has backed unicorns such as German HR software company Personio and solar power firm Enpal, says it will focus on technology companies in financial services, HR, energy and climate, healthcare, enterprise software and infrastructure, techbio, cybersecurity and AI applications.

"With the launch of Picus Venture Fund II, we are excited to deepen our commitment to the visionary entrepreneurs we’ve partnered with since inception," founding partner and managing director Robin Godenrath said in a statement. "This new fund enables us to continue to provide even more comprehensive support at the most pivotal inflection points of their growth journeys."

The fund is Picus' second "double down" fund aimed at making follow-on investments in existing portfolio companies. Its first such fund raised €100m in 2021.

Picus says it has raised the money from institutional investors such as M&G Investments and Wilshire, as well as global fund of funds, international corporations, European family offices and tech founders.

The firm says it has already made its first investments from the new fund. "We’re also pleased to have already made the first investments from the fund into global, highly disruptive technology companies that align with our vision of backing purpose-driven innovation," partner and head of growth Raphael Mukomilow said.