Puzzle Ventures is a Berlin-based early-stage venture capital fund founded by solo GP Gloria Bäuerlein. It partners with European entrepreneurs building transformational B2B software businesses, investing at pre-seed and seed stages.
36% of their portfolio is in Fintech. Deal activity decreased year-over-year (2 deals in the last 12 months vs 5 prior). Their most common stage is series-a (45% of deals). Average disclosed round size is $6.5M (across 4 rounds with reported amounts).
Portfolio
8
Fund Size
$23.2M
Top Stage
Series A
Last 12 Mo
2
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
11 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Duna | Series A | — | Feb 2026 |
 Build | Seed | $8.5M | Jan 2026 |
 Gradient Labs | Series A | — | Jul 2025 |
| Duna | Seed | — | May 2025 |
 Integral Development Corp | Series A | — | Feb 2025 |
 Comstruct | Series A | $13M | Feb 2025 |
 reonic | Series A | — | Sep 2024 |
| Gradient Labs | Seed | — | Aug 2024 |
 EyesFi | Unknown | $2M | Jan 2022 |
| Integral Development Corp | Unknown | — | — |
 Blade Games | Seed | $2.4M | — |
Top Co-Investors
Index Ventures3 shared
Phoenix Court Group2 shared
Cherry Ventures2 shared
General Catalyst2 shared
Stripe1 shared
20VC1 shared
GV1 shared
BOOOM1 shared
Redpoint Ventures1 shared
Liquid 2 Ventures1 shared
Exceptional Capital1 shared
Northzone1 shared
Point Nine Capital1 shared
Animoca Brands1 shared
IOSG Ventures1 shared
Pebblebed1 shared
Multicoin Capital1 shared
Delta Blockchain Fund1 shared
Signum Capital1 shared
Last updated: 8 September 2026