# Puzzle Ventures

> Puzzle Ventures is a VC fund in Berlin backing FinTech, Software and Information Technology. See 14 investments, check sizes, portfolio. Updated Aug 2026.

- Type: VC Fund
- Location: Berlin, Germany
- Total investments: 14
- Last investment: Jul 2026
- Lead investor: 0%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/puzzle-ventures-berlin/
- Website: https://www.puzzle-ventures.com/

Puzzle Ventures is an early-stage venture fund that partners with entrepreneurs to build B2B software businesses. The fund invests between €200k and €700k in pre-seed and seed rounds alongside other VCs or angel investors.

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| FinTech | 4 | 29% |
| Software | 4 | 29% |
| Information Technology | 3 | 21% |
| Artificial Intelligence | 3 | 21% |
| SaaS | 2 | 14% |

23 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Seed | 9 | 64% |
| Series A | 2 | 14% |
| Angel | 1 | 7% |
| Pre-Seed | 1 | 7% |
| Funding Round | 1 | 7% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| United States | 3 | 21% |
| United Kingdom | 3 | 21% |
| Canada | 1 | 7% |
| France | 1 | 7% |
| Germany | 1 | 7% |

7 countries tracked in total.

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| ZML | ZML develops a production inference stack that decouples artificial intelligence workloads from specific proprietary hardware targets. The platform compiles open-source machine learning models directly into optimized code for multiple chip types without using traditional Python runtimes. | $20M | Seed | Jul 08, 2026 |  |
| Build | AI for the Built World. We accelerate the world’s most important projects from concept to completion and beyond. | $8.5M | Seed | Jun 30, 2026 |  |
| Duvo | Duvo is an agentic automation platform designed for enterprise businesses, particularly in retail and FMCG sectors. | $15M | Seed | Dec 02, 2025 |  |
| Gradient Labs | Gradient Labs is an AI firm developing an operating system for AI agents to automate manual, repetitive tasks. | $13M | Series A | Jul 08, 2025 |  |
| Ankar AI | Ankar AI operates as a next-generation AI Intellectual Property platform. | $4M | Seed | May 28, 2025 |  |
| Integral | Redefining how SMEs manage accounting, taxation, and payroll | $12.5M | Pre-Seed | Feb 12, 2025 |  |
| Reonic | Reonic is a climate-tech software company that focuses on renewable energy solutions. The company specializes in software that integrates various renewable energy technologies such as photovoltaic (solar) systems, electric vehicle chargers, heat pumps, and battery storage. Reonic's flagship product is a software platform that simplifies thesales, planning, and management of these technologies, offering seamless, sector-integrated energy solutions. | $14.4M | Series A | Sep 04, 2024 |  |
| Gradient Labs | Gradient Labs is an AI firm developing an operating system for AI agents to automate manual, repetitive tasks. | $3.6M | Seed | Aug 20, 2024 |  |
| Rillet | Rillet is an AI-native ERP that automates accounting for complex revenue models, allowing for fast book closings and providing a reliable source of truth. The solution covers the full spectrum of accounting and finance needs, including customer invoicing, GAAP-compliant revenue recognition, automated bank reconciliations, accrual-based expenserecognition, real-time SaaS metrics, and other analytics capabilities. Rillet covers multiple entities, geographies, and currencies and allows for consolidated multi-currency reportin,g all embedded within one platform. | $13.5M |  | Jul 29, 2024 |  |
| Rillet | Rillet is an AI-native ERP that automates accounting for complex revenue models, allowing for fast book closings and providing a reliable source of truth. The solution covers the full spectrum of accounting and finance needs, including customer invoicing, GAAP-compliant revenue recognition, automated bank reconciliations, accrual-based expenserecognition, real-time SaaS metrics, and other analytics capabilities. Rillet covers multiple entities, geographies, and currencies and allows for consolidated multi-currency reportin,g all embedded within one platform. | $13.5M | Seed | Jul 29, 2024 |  |

10 of 14 investments shown.

## Co-investors
- [Index Ventures](https://shizune.co/investors/profile/index-ventures) — VC Fund, 4 deals together
- [LocalGlobe](https://shizune.co/investors/profile/localglobe) — VC Fund, 3 deals together
- [Northzone](https://shizune.co/investors/profile/northzone-ventures) — VC Fund, 3 deals together
- [SNZ Holding](https://shizune.co/investors/profile/snz-holding) — VC Fund, 3 deals together
- [Creandum](https://shizune.co/investors/profile/creandum) — VC Fund, 2 deals together
- [First Round Capital](https://shizune.co/investors/profile/first-round-capital) — VC Fund, 2 deals together

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## Featured in investor lists
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## FAQ

### What does Puzzle Ventures invest in?

Puzzle Ventures invests primarily in FinTech, Software and Information Technology startups, most often at Seed and Series A stage. Most of the 14 investments tracked by Shizune back companies in United States. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### When did Puzzle Ventures last invest?

The most recent investment recorded for Puzzle Ventures closed in Jul 2026. Shizune tracks 14 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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