---
title: Puzzle Ventures - Startup Match Score & Focus Areas
description: Is Puzzle Ventures the right VC for you? See how their thesis aligns with your startup and discover more active investors focusing on B2B software and early-stage tech.
---

[![Höpöhöpö_logo_black](https://27245214.fs1.hubspotusercontent-eu1.net/hubfs/27245214/H%C3%B6p%C3%B6h%C3%B6p%C3%B6_logo_black.png)](https://www.hopohopo.io/?hsLang=io)

- [For Startups](https://www.hopohopo.io?hsLang=io)
- For Investors & Accelerators
  
    - [Screen your deal flow with AI](https://www.hopohopo.io/for-investors?hsLang=io)
    - [Source deals from co-investors and accelerators](https://www.hopohopo.io/source-deal-flow?hsLang=io)
    - [Help your portfolio fundraise](https://www.hopohopo.io/portfolio-fundraising?hsLang=io)
- [For BANs](https://www.hopohopo.io/business-angel-networks?hsLang=io)
- [Pricing](https://www.hopohopo.io/pricing?hsLang=io)
- Resources
  
    - [Maritime Venture program](https://maritime-venture.com/)
    - [Startup Fundraising Essentials](https://www.hopohopo.io/fundraising-essentials?hsLang=io)
    - Investor lists 
          - [EdTech investors in Europe](https://www.hopohopo.io/edtech-investors?hsLang=io)
          - [FinTech investors in Europe](https://www.hopohopo.io/fintech-investors?hsLang=io)
          - [HealthTech investors in Europe](https://www.hopohopo.io/healthtech-investors?hsLang=io)
          - [Climate & Sustainability investors](https://www.hopohopo.io/climate-and-sustainability-investors?hsLang=io)
          - [Gaming investors](https://www.hopohopo.io/gaming-investors?hsLang=io)
          - [SpaceTech investors](https://www.hopohopo.io/spacetech-investors?hsLang=io)
          - [SportsTech investors](https://www.hopohopo.io/sporttech-investors?hsLang=io)
          - [Enterprise Software investors](https://www.hopohopo.io/enterprise-software-investors?hsLang=io)
          - [DefSec investors](https://www.hopohopo.io/defsec-investors?hsLang=io)
          - [Marine Tech investors](https://www.hopohopo.io/marinetech-investors?hsLang=io)
          - [Mobility investors](https://www.hopohopo.io/mobility-investors?hsLang=io)
          - [PropTech investors](https://www.hopohopo.io/proptech-investors?hsLang=io)
          - [Energy investors](https://www.hopohopo.io/energy-investors?hsLang=io)
          - [Top 10 Active investors in Berlin](https://www.hopohopo.io/top-investors-berlin?hsLang=io)

[Log in](https://start.hopohopo.io/) [Sign up](https://start.hopohopo.io/?signup=true)

# Puzzle Ventures Overview

 Puzzle Ventures is a €21.5 million early-stage venture fund based in Berlin, Germany, dedicated to partnering with exceptional European entrepreneurs to build transformational B2B software businesses. The firm typically invests between €200,000 and €700,000 in pre-seed and seed rounds, collaborating with other venture capitalists or angel investors. Puzzle Ventures focuses on products that form the backbone of companies' daily operations, either at the infrastructure or application level. The fund is managed by Gloria Bäuerlein, who brings extensive experience from both venture capital and startup operations. Backed by a group of passionate international tech founders and operators, Puzzle Ventures emphasizes a hands-on approach, offering support throughout the entrepreneurial journey. The firm is committed to being a sparring partner for the entire journey, showing up for entrepreneurs to take late-night phone calls, meet potential new hires, or help prepare for investor conversations. Puzzle Ventures operates with a philosophy that small can be big, striving to be the most impactful investor on a company's cap table. They believe in open, honest partnerships and aim to become trusted confidants for the entrepreneurs they support. The firm has been involved in several investments, including Gradient Labs, Ankar AI, Integral, Reonic, and Rillet, demonstrating a diverse portfolio across various sectors and stages of development.

 Is Puzzle Ventures the right investor for your startup? Browse their investment focus, stage preferences, and geographic scope to see how well they align with your fundraising goals. Your full match score with Puzzle Ventures, along with a list of other relevant VCs, is available on Hopohopo.io.

## Puzzle Ventures

 VC Fund

![Puzzle Ventures logo](https://www.hopohopo.io/hubfs/ecosystem-logos-from-platform/13786-578ae2741c2dff0d0b5a5a29595e63e3.png)

## Investment focus

### Invest in

- Baltics
- Nordics
- Western Europe
- Southern Europe
- Central Eastern Europe

### Customer types

- B2B

### Product type

- Software

### Industries / verticals

- Developer Tools & Platforms
- IT Infrastructure & Cloud
- Workflow & Task Management (WorkTech)

Stages

 Pre-seed, Seed

First ticket size

 €200,000 - €700,000

## Contact information

Founding Partner

Gloria Baeuerlein

![LinkedIn](https://27245214.fs1.hubspotusercontent-eu1.net/hubfs/27245214/H%C3%B6p%C3%B6h%C3%B6p%C3%B6%20-%20Website%20visuals/Icons/carbon_logo-linkedin-grey.svg) ![Email](https://27245214.fs1.hubspotusercontent-eu1.net/hubfs/27245214/H%C3%B6p%C3%B6h%C3%B6p%C3%B6%20-%20Website%20visuals/Icons/Sign-At--Streamline-Core.svg)

## How to approach funds like Puzzle Ventures

 When reaching out to Puzzle Ventures, founders should highlight their clarity of vision and readiness for deep, collaborative engagement. Demonstrate how your B2B software solution addresses a critical operational pain point and be prepared to discuss your willingness to iterate closely with investors who value hands-on, founder-first relationships. Puzzle Ventures appreciates teams that are open to candid feedback and eager to leverage the operational expertise of their network, especially in the context of early-stage scaling and product-market fit.

## Find the best-fitting investors for your startup

 Stop wasting weeks searching for the right investors. Upload your deck and get matched with investors who actually fit your startup — so you can focus on building, not chasing. 

[Find your investor matches](https://start.hopohopo.io/?signup=true)

![Investor funnel board](https://www.hopohopo.io/hubfs/Investor%20list%20web%20page%201.png)

[Check the next investor profile](https://www.hopohopo.io/investors/leonardo-venture?hsLang=io)

×

![Hopohopo logo](https://27245214.fs1.hubspotusercontent-eu1.net/hubfs/27245214/HO-Logo_favicon.png)

## Check your match score in Hopohopo.io

 Check how well Puzzle Ventures fits your startup and get a list of the best-fitting investors for your fundraising. 

[Sign up](https://start.hopohopo.io/?signup=true)

×

![Hopohopo logo](https://27245214.fs1.hubspotusercontent-eu1.net/hubfs/27245214/HO-Logo_favicon.png)

## Check Puzzle Ventures contact details in Hopohopo.io

 Browse all of the contacts related to Puzzle Ventures and send emails directly from your funnel. 

[Sign up](https://start.hopohopo.io/?signup=true)

- [For Startups](https://www.hopohopo.io/startups?hsLang=io)
- [For Investors and Accelerators](https://www.hopohopo.io/business-angels-and-vcs?hsLang=io)
- [For Business Angel Networks](https://www.hopohopo.io/business-angel-networks?hsLang=io)

- [Blog](https://hopohopo.gitbook.io/fundraising-with-hopohopo/)

### Follow us

<https://www.linkedin.com/company/hopohopo-io>

![Höpöhöpö_logo_white](https://27245214.fs1.hubspotusercontent-eu1.net/hubfs/27245214/H%C3%B6p%C3%B6h%C3%B6p%C3%B6_logo_white.png)

© 2026 Hopohopo.io All rights reserved

[Privacy Policy](https://www.hopohopo.io/privacy-policy?hsLang=io)  
[Terms of Service](https://www.hopohopo.io/terms-of-service?hsLang=io) 

![](https://px.ads.linkedin.com/collect/?pid=4090745&fmt=gif)

```json
{
  "@context" : "https://schema.org",
  "@type" : "Organization",
  "description" : "Puzzle Ventures is a €21.5 million early-stage venture fund based in Berlin, Germany, dedicated to partnering with exceptional European entrepreneurs to build transformational B2B software businesses. The firm typically invests between €200,000 and €700,000 in pre-seed and seed rounds, collaborating with other venture capitalists or angel investors. Puzzle Ventures focuses on products that form the backbone of companies' daily operations, either at the infrastructure or application level. The fund is managed by Gloria Bäuerlein, who brings extensive experience from both venture capital and startup operations. Backed by a group of passionate international tech founders and operators, Puzzle Ventures emphasizes a hands-on approach, offering support throughout the entrepreneurial journey. The firm is committed to being a sparring partner for the entire journey, showing up for entrepreneurs to take late-night phone calls, meet potential new hires, or help prepare for investor conversations. Puzzle Ventures operates with a philosophy that small can be big, striving to be the most impactful investor on a company's cap table. They believe in open, honest partnerships and aim to become trusted confidants for the entrepreneurs they support. The firm has been involved in several investments, including Gradient Labs, Ankar AI, Integral, Reonic, and Rillet, demonstrating a diverse portfolio across various sectors and stages of development.",
  "logo" : "https://148519842.fs1.hubspotusercontent-eu1.net/hubfs/148519842/ecosystem-logos-from-platform/13786-578ae2741c2dff0d0b5a5a29595e63e3.png",
  "name" : "Puzzle Ventures",
  "sameAs" : [ "https://www.linkedin.com/in/gloriabaeuerlein/", "https://www.crunchbase.com/organization/puzzle-ventures-6198" ],
  "url" : "https://www.puzzle-ventures.com/"
}
```