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.
Deal activity decreased year-over-year (1 deal in the last 12 months vs 3 prior). Their most common stage is seed (47% of deals). Average disclosed round size is $7.6M (across 7 rounds with reported amounts).
Portfolio
12
Fund Size
$23.2M
Top Stage
Seed
Last 12 Mo
1
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
15 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Duna | Series A | — | Feb 2026 |
 Build Inc | Seed | $8.5M | Jan 2026 |
 Gradient Labs | Series A | — | Jul 2025 |
| Duna | Seed | — | May 2025 |
 Comstruct | Series A | $13M | Feb 2025 |
 Integral | Unknown | — | Jan 2025 |
 reonic | Series A | — | Sep 2024 |
| Gradient Labs | Seed | — | Aug 2024 |
 EyesFi | Unknown | $2M | Jan 2022 |
| SSender | Seed | $4.5M | Jan 2022 |
| IIzumi Finance | Unknown | $600K | Oct 2021 |
| IIzumi Finance | Series A | $22M | Jan 2021 |
 Blade Games | Seed | $2.4M | — |
 Ankar AI | Seed | — | — |
 Conlio | Seed | — | — |
Top Co-Investors
Index Ventures4 shared
BOOOM2 shared
Phoenix Court Group2 shared
General Catalyst2 shared
Tess Ventures2 shared
Mirana Ventures2 shared
Adaptive Capital Partners2 shared
Stripe1 shared
20VC1 shared
GV1 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
Transpose1 shared
Last updated: 20 October 2026