Investor profile
Puzzle Ventures
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Puzzle Ventures is a €21.5M angel-operator solo GP fund dedicated to partnering with exceptional European pre-seed and seed founders building transformational B2B companies. The fund typically invests €200k–€700k per deal alongside other VCs and angels, and is particularly interested in products that form the backbone of companies' daily operations — at either the infrastructure or application layer. Founded by Gloria Bäuerlein — a former principal at Index Ventures, operator at KRY and Back, and prolific angel investor — Puzzle is backed by 100+ LPs including founders and operators from Personio, Stripe, WhatsApp, Coinbase, and Deliveroo. The fund's philosophy is that 'small is focused, small tries harder, small can make a big difference': rather than optimising for ownership, it optimises for access to the best founders across Europe, aiming to be the highest-value-per-euro investor on any cap table by acting as a true sparring partner throughout the entire founder journey.
Notable quotes
“I think founders want to work with people who have been in the trenches before.”
“Adopting a strategy of being small and optimizing for access to top founders rather than focusing on ownership has proven effective.”
“Capital alone was no longer sufficient to support transformational companies.”
Team
Recent investments
Frequent co-investors
| VC firm | Deals together |
|---|---|
| Northzone | 2 |
| Point Nine Capital | 2 |
| Index Ventures | 2 |
| LocalGlobe | 1 |
| Credo Ventures | 1 |
| CapitalG (Alphabet) | 1 |
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