D11Z.Ventures invests from Heilbronn with additional offices in Munich and Zurich. It emerged in 2024 from Zukunftsfonds Heilbronn, the early-stage vehicle founded in 2005, and is run by Thomas Villinger. The firm uses an evergreen structure without fixed fund cycles and describes itself as one of Europe’s most active early-stage software investors, writing initial cheques reported at €100k-€400k with follow-on capacity into the millions. Focus areas are AI infrastructure, B2B SaaS, physical AI, cybersecurity and resilience. Portfolio companies include Aleph Alpha, doinstruct, akirolabs, SpinDrive, traplinked and EEDEN.
Investment thesis
D11Z.Ventures is an early-stage software investor backing European founders in AI infrastructure, B2B SaaS, physical AI, and cybersecurity and resilience. It runs an evergreen fund structure with no fixed fund cycles, which lets it hold positions and support companies from first cheque through to scale. The team works from Heilbronn with additional offices in Munich and Zurich.