ActivumSG

ActiveVenture Capital

Updated: Feb 17, 2026 ·

About

ActivumSG is one of Europe’s largest independent real estate investment managers, focusing on opportunistic and value-add strategies to maximize risk-adjusted returns for investors.

Financial History

Total Raised

N/A

Valuation

N/A

Investments Made

Date	Company	Round	Lead Investor(s)	Co-Investor(s)
May 1, 2023	Zamp	$4.0M Seed	—	1Up Ventures, 20VC, Acorn Pacific Ventures, AME Cloud Ventures, Bennu, BITKRAFT Ventures, Broadway Angels, Commerce Ventures, Cyphr VC, Day One Ventures, Deerfield Management, DFJ, Jenny Fielding, Scott Hartley, f7 Ventures, Friends & Family Capital, Gaingels, Hardware Club, Lightspeed Venture Partners, Monroe Capital, Mucker Capital, Obvious Ventures, Original Capital, Pareto Holdings, Pioneer Fund, Point Nine Capital, Polygon, Redpoint Ventures, Soma Capital, Stride VC, TrueSight Ventures, TTV Capital, Uncork Capital, UpHonest Capital, Vast Ventures, Vayner RSE, Azeem Azhar, Baron Davis, Brad Garlinghouse, Chris Murphy, Dan Springer, Frederic Montagnon, Gokul Rajaram, Haroon Mokhtarzada, Ian Hogarth, Jason Gardner, Jason Robins, Jonathan Wasserstrum, Marc McCabe, Matt Mickiewicz, Nitay Joffe, Omar Soliman, Pascal Gauthier, Paul Holland, Peter Kight, Richard Fearn, Sébastien Deguy, Tamim Mourad, Tegan Kline, Thibaud Elziere, Will Kassoy, Yahya Mokhtarzada
Apr 1, 2023	Evermile	$6.0M Seed	—	10D, 20VC, Day One Ventures, Journey Ventures, Pareto Holdings, Point Nine Capital, Stride VC, TrueSight Ventures, Azeem Azhar, Chris Murphy, Ian Hogarth, Marc McCabe, Richard Fearn
Mar 1, 2023	IPRally	$11.0M Series A	—	Icebreaker.vc
Dec 1, 2022	Bondaval	$15.0M Series A	—	20VC, Day One Ventures, Entrepreneur First, Expa, Frontier Dawn Partners, Indicator Ventures, Octopus Ventures, Outrun Ventures, Pareto Holdings, Passion Capital, Point Nine Capital, Hayden Simmons, Stride VC, TrueSight Ventures, Azeem Azhar, Charles Delingpole, Charlie Songhurst, Chris Murphy, Ian Hogarth, Marc McCabe, Richard Fearn, Richard Talbot, Tom Blomfield, William Tunstall-Pedoe, Yi Luo
Oct 1, 2022	Altana	$100.0M Series B	—	Acequia Capital, Amadeus Capital Partners, Ballistic Ventures, Element Partners, Karim Faris, GV, In-Q-Tel, Madrona Ventures, Schematic Ventures, Charlie Songhurst, Thomas Tull
May 1, 2022	Pachama	$55.0M Series B	—	11, 1955 Capital, 20VC, 500 Global, Accel, Acrew Capital, Addition, Aglae Ventures, AirAngels, Alumni Ventures, Alven, Andreessen Horowitz, Ascend Vietnam Ventures, Avalon Ventures, Breakthrough Energy Ventures, Chingona Ventures, Convoz, Craft Ventures, Curie.Bio, Cyberstarts VC, Day One Ventures, Dimension Capital, Evolution VC Partners, Firstminute Capital, FJ Labs, Flucas Ventures, Footwork, Founder Collective, Founders Fund, Freestyle Capital, Goat Capital, Greenoaks Capital, Haun Ventures, ICONIQ Capital, Index Ventures, In-Q-Tel, Insight Partners, Shawn Modarresi, Jetstream, K2 Global, Kearny Jackson, Khosla Ventures, Kickstart Fund, LGF, Lightspeed Venture Partners, Logos Labs, Long Journey Ventures, Lowercarbon Capital, Monarch Collective, Motley Fool Ventures, Network Ventures, Hans Tung, Offline Ventures, Otherwise Fund, Paradox Capital, Pareto Holdings, Peterson Ventures, Picus Capital, Plug & Play Ventures, Point Nine Capital, Primer Sazze Partners, Prototype Capital, Rethink Impact, Salesforce Ventures, Sequoia Capital, Serena Ventures, Seven Seven Six, Sherpalo Ventures, SignalFire, Slack Fund, SmartStart Fund, Social Capital, SoftBank Investment Advisers, Stride VC, Sweet Capital, The Hit Forge, TQ Ventures, TrueSight Ventures, Unruly Capital, Unusual Ventures, Venture Highway, World Fund, XStarPartners, Alex Lieberman, Amjad Masad, Anna Yuan, Azeem Azhar, Bernard Arnault, Bradley Horowitz, Chris Murphy, Claire Hughes Johnson, David Mytton, Esteban Ordano, Fareed Mosavat, Gabriel Jarrosson, Guillaume Lestrade, Howard Schultz, Ian Hogarth, James Beshara, Jay Z, Julie Zhuo, Kevin Hart, Mahesh Kolli, Manu Ginobilli, Marc McCabe, Marcos Galperin, Martin Migoya, Nathaniel Whittemore, Oleg Rogynskyy, Omar El-Ayat, Richard Fearn, Sahil Lavingia, Sam Altman, Scott Belsky, Seth Goldman, Tobias Lutke, Tony Xu, Young Song
Dec 1, 2021	Phytoform Labs	$6.0M Seed	—	20VC, Data Tech Fund, Day One Ventures, ENIAC Ventures, GFT Ventures, Lightspeed Venture Partners, Pareto Holdings, Point Nine Capital, Stride VC, TrueSight Ventures, Azeem Azhar, Chris Murphy, Marc McCabe, Richard Fearn
Dec 1, 2021	Cloudthread	$3.0M Seed	—	20VC, AIIM Partners, Alt Capital, Andreessen Horowitz, AngelList Syndicator, Array Ventures, Atomico, At One Ventures, Cherry Ventures, Day One Ventures, Earl Grey Capital, Far Out Ventures, Floodgate, General Catalyst, Gradient Ventures, Nonlinear, Operator Ventures, Pareto Holdings, Peak State Ventures, Point Nine Capital, #SecretFund, Speedinvest, Stride VC, Tensility Venture Partners, TrueSight Ventures, Tucker Seed Fund LLC, Y Combinator, Andy Chung, Azeem Azhar, Bradley Horowitz, Chris Murphy, Dennis Crowley, Eric Wu, Frederic Montagnon, Ian Hogarth, Joshua Reeves, Julien Romanetto, Leore Avidar, Marc McCabe, Mike Hennessey, Moshe Lifschitz, Nicolas Steegmann, Richard Fearn, Sunil Paul, Thibaud Elziere
Nov 1, 2021	Ethyca	$8.0M Series A	—	20VC, Accel, Addition, AIX Ventures, Caffeinated Capital, Chemistry VC, Costanoa Ventures, Day One Ventures, FirstMark Capital, Hercules Capital, IA Ventures, Insight Partners, Khosla Ventures, Nyca Partners, Pareto Holdings, Point Nine Capital, Prosperity7 Ventures, Renegade Partners, Sound Ventures, Stride VC, TCV, Top Harvest Capital, TrueSight Ventures, Upside Partnership, Y Combinator, Azeem Azhar, George Hoyem, Ian Hogarth, Janis Krums, Karl Jacob, Marc McCabe, Richard Fearn, Ron Garret, Sam Altman, Tom McInerney, Zander Lurie
Oct 1, 2021	Bondaval	$7.0M Seed	—	20VC, Bascom Ventures, Day One Ventures, Draper B1, Element Ventures, Entrepreneur First, Expa, Frontier Dawn Partners, Human Augmentation Syndicate, Indicator Ventures, MMC Ventures, MS&AD Ventures, Oak HC/FT, Octopus Ventures, Outrun Ventures, Pareto Holdings, Passion Capital, Point Nine Capital, Hayden Simmons, Saga, Shasta Ventures, SNR, Stride VC, TrueSight Ventures, Abakar Saidov, Andreas Mihalovits, Azeem Azhar, Charles Delingpole, Charlie Songhurst, Chris Murphy, Gordon Wintrob, Ian Hogarth, Immad Akhund, Javier Olivan, Jonathan Siegel, Marc McCabe, Oleg Rogynskyy, Richard Fearn, Richard Talbot, Sean Harper, Tom Blomfield, William Tunstall-Pedoe, Yi Luo, Zachary Sims
Oct 1, 2021	Unlock	$2.0M Seed	—	20VC, Accel, AlleyCorp, Alumni Ventures, Alven, AngelList Syndicator, Arrive, Ascend Vietnam Ventures, Atomico, Balderton Capital, Broadhaven Capital Partners, CapitalX, CFV Ventures, Cherry Ventures, Coalition Operators, Coatue, Cubit Investments Ltd, Day One Ventures, Far Out Ventures, Felix Capital, Female Founders Fund, FirstMark Capital, Fortino Capital, GAMEGROOVE Capital, General Catalyst, Global Founders Capital, Greenoaks Capital, Hiro Capital, Index Ventures, January Ventures, Kima Ventures, La Famiglia, Lightspeed Venture Partners, Lionheart Ventures, Logos Labs, Long Journey Ventures, Luv Ventures, Mercato Partners, Meritech Capital Partners, NFX, Northzone, Not Boring Capital, Pareto Holdings, Picus Capital, Pioneer Fund, Point Nine Capital, Prototype Capital, Rebel Fund, Redpoint Ventures, RTP Global, SeaX Ventures, #SecretFund, sequel, Spark Capital, Speedinvest, Stellar Capital, Stride VC, The Refiners, TrueSight Ventures, Uncork Capital, Union Square Ventures, XAnge, Anselm Bauer, Antoine Martin, Azeem Azhar, Benjamin Guenther, Calvin Chu, Chris Murphy, Christian Reber, Cristina Cordova, David Mytton, Fareed Mosavat, Frederic Montagnon, Gokul Rajaram, Guillaume Luccisano, Guy Podjarny, Ian Hogarth, Jan Deepen, Job Van Der Voort, Johnny Boufarhat, Julian Shapiro, Julien Romanetto, Koen Bok, Marc McCabe, Martin Li, Max-Josef Meier, Nick Caldwell, Nicolas Steegmann, Paul Forster, Paul Yacoubian, Richard Fearn, Sahin Boydas, Scott Belsky, Sebastian Schuon, Sebastien Borget, Simon Dawlat, Stefan Jeschonnek, Thibaud Elziere, Youcef Es-skouri
Oct 1, 2021	Ladder	$4.0M Seed	—	20VC, Accel, Andreessen Horowitz, Avalancha Ventures, Blockchain Coinvestors AngelList Syndicate, Bond, Buckley Ventures, C2 Investment, Caffeinated Capital, CDP Venture Capital, Cowboy Ventures, Craft Ventures, Day One Ventures, E14 Fund, Felix Capital, Floodgate, Forerunner Ventures, Goat Capital, Heretic Ventures, Human Augmentation Syndicate, Lightspeed Venture Partners, March Capital, Night Capital, Nyca Partners, Pareto Holdings, Point Nine Capital, QueensBridge Venture Partners, Rainfall Ventures, Relay Ventures, SciFi VC, Sequoia Capital, Seven Seven Six, Howard Lindzon, Spark Capital, Stellar Capital, Stride VC, Susa Ventures, Greg Bettinelli, The Hit Forge, Thirty Five Ventures, Transmedia Capital, TrueSight Ventures, Tusk Venture Partners, Weekend Fund, WorkLife Ventures, Y Combinator, Andrew Bialecki, Anthony Pompliano, Azeem Azhar, Baron Davis, Breon Corcoran, Chris Murphy, Emanuel Pleitez, Eric Ries, Fidji Simo, Ian Hogarth, Jeremy Yap, John Collison, John Fontein, Josh Elman, Josh Spear, Kevin Lin, Marc McCabe, Mark Cuban, Mark Pincus, Michael Birch, Mike Krieger, Mitch Garber, Nico Rosberg, Odell Beckham Jr., Richard Fearn, Sahin Boydas, Scott Belsky, Sean Park, Steve Aoki, Steve Chen, Tony Xu
Sep 1, 2021	Altana	$15.0M Series A	—	8VC, 9Yards Capital, Amadeus Capital Partners, Ballistic Ventures, Element Partners, Karim Faris, GV, In-Q-Tel, Schematic Ventures, Thomas Tull
Jun 1, 2021	Friday Finance	$3.0M Seed	—	20VC, AngelList Syndicator, Atomico, Connect Ventures, Creandum, Day One Ventures, FJ Labs, Goat Capital, ISAI, KFund, Kima Ventures, LocalGlobe, Logos Labs, Musha Ventures, Notion Capital, Anh-Tho Chuong Degroote, Pareto Holdings, Point Nine Capital, Pro Founders Capital, Scale Venture Partners, Sequoia Capital, Stride VC, Teamworthy Ventures, TrueSight Ventures, Y Combinator, Andy Chung, Avi Meir, Azeem Azhar, Chris Herd, Chris Murphy, Christian Reber, Felipe Navio, Ian Hogarth, Ingo Uytdehaage, Juan Urdiales, Mandeep Singh, Mathilde Collin, Maximilian Tayenthal, Paul Forster, Rachel Star, Richard Fearn, Roxanne Varza, Tony Jamous
Jan 1, 2021	IPRally	$2.0M Seed	—	Icebreaker.vc
Jan 1, 2021	Bondaval	$2.0M Seed	—	20VC, 7percent Ventures, Acton Capital Partners, Day One Ventures, Dig Ventures, Draper B1, eCapital Entrepreneurial Partners, Christian Miele, Human Augmentation Syndicate, LocalGlobe, Octopus Ventures, OTB Ventures, Outrun Ventures, Pareto Holdings, Passion Capital, Point Nine Capital, Speedinvest, Stride VC, Target Partners, TrueSight Ventures, Akhil Paul, Andreas Mihalovits, Azeem Azhar, Charlie Songhurst, Chris Murphy, Ian Hogarth, Javier Olivan, Julius Göllner, Marc McCabe, Matthias Hilpert, Richard Fearn, Torsten Reil
Nov 1, 2020	Altana	$7.0M Seed	—	8VC, 9Yards Capital, Amadeus Capital Partners, Element Partners, Karim Faris, In-Q-Tel, Schematic Ventures, Thomas Tull
May 1, 2020	Hofy	$2.0M Seed	—	468 Capital, AirAngels, Bond, C2 Investment, Essence VC, Plaid, Redpoint Ventures, WorkLife Ventures, Clint Smith, Cristina Cordova, Fareed Mosavat, Gokul Rajaram, Jeff Chang, Kenny Van Zant
Oct 1, 2019	IPRally	$220K Seed	—	Icebreaker.vc
Apr 1, 2018	IPRally	$180K Seed	—	Icebreaker.vc

Financial History

Total Raised

N/A

Valuation

N/A

Leadership Team

Key people at ActivumSG.

Natalie Somekh

Partner

Leadership Team

Key people at ActivumSG.

Natalie Somekh

Partner

Deep Dive

ActivumSG is a leading pan-European real estate investment firm specializing in opportunistic and value-add strategies across multiple sectors including direct real estate, corporate platforms, and special situations. Founded in 2007 by Saul Goldstein, the firm focuses on mid-market opportunities often overlooked by larger investors, leveraging a nimble, vertically integrated approach with local teams in key European markets to maximize risk-adjusted returns. ActivumSG primarily serves global institutional investors by creating value through asset acquisition, development, repositioning, and tailored funding solutions, impacting the European real estate ecosystem by providing capital and expertise to complex or sub-scale opportunities[1][2][3].

The firm was established with a contrarian investment philosophy emphasizing flexibility and deep local knowledge. Over its 18-year history, ActivumSG has raised close to €3 billion in discretionary capital and advised on over €10 billion in real estate assets. Its founder, Saul Goldstein, built the company around a vertically integrated model that controls assets throughout the investment lifecycle, enabling hands-on management and value creation. Early successes include strategic acquisitions and developments such as the Nobu Hotel Barcelona, where ActivumSG enhanced value by adding unique experiential features to appeal to luxury travelers. The firm has expanded its geographic footprint to include Germany, Spain, and the UK, among others[2][4][5].

Core Differentiators

Unique Investment Model: ActivumSG employs a flexible, multi-pillar strategy targeting direct real estate, corporate platforms, and special situations, allowing it to invest across the capital stack and adapt to market cycles[1].
Local Presence and Expertise: With over 30 professionals in six offices across five European countries, the firm leverages on-the-ground knowledge to source and manage complex deals that are often too niche for generalist investors[3].
Track Record: Nearly two decades of consistent opportunistic and value-add investments with a strong history of delivering attractive risk-adjusted returns, including successful exits with IRRs exceeding 40%[2][5].
Operating Control: The firm limits joint ventures and external partners to maintain full control over asset management and development, fostering an entrepreneurial mindset and deep asset connection[1][2].

Role in the Broader Tech Landscape

While primarily a real estate investment firm, ActivumSG rides the broader trend of specialized, nimble investment managers capitalizing on market dislocations and sector-specific opportunities in Europe. Its focus on mid-market and complex assets aligns with growing investor demand for differentiated real estate exposure beyond traditional core assets. The firm's ability to deploy capital flexibly across direct assets, corporate platforms, and special situations positions it well to benefit from evolving market dynamics such as post-pandemic recovery in hospitality and rising demand for experiential real estate. By fostering innovation in asset repositioning and development, ActivumSG influences the European real estate ecosystem by setting benchmarks for value creation and operational excellence[1][3][5].

Quick Take & Future Outlook

Looking ahead, ActivumSG is poised to continue expanding its geographic reach and sector focus, particularly in markets like the UK, Germany, and Spain, where it has recently launched new funds. The firm’s strategy to capitalize on market dislocations and distressed opportunities is likely to remain relevant amid ongoing economic uncertainties and evolving real estate trends such as sustainability and technology integration. As investor appetite for mid-market, value-add real estate grows, ActivumSG’s entrepreneurial approach and local expertise will be key to sustaining its competitive edge and influence in the European real estate investment landscape[4][5]. This forward-thinking mindset ties back to its founding principle: achieving opportunistic returns by doing what others do not[2].

Sources

Core Differentiators

Unique Investment Model: ActivumSG employs a flexible, multi-pillar strategy targeting direct real estate, corporate platforms, and special situations, allowing it to invest across the capital stack and adapt to market cycles[1].
Local Presence and Expertise: With over 30 professionals in six offices across five European countries, the firm leverages on-the-ground knowledge to source and manage complex deals that are often too niche for generalist investors[3].
Track Record: Nearly two decades of consistent opportunistic and value-add investments with a strong history of delivering attractive risk-adjusted returns, including successful exits with IRRs exceeding 40%[2][5].
Operating Control: The firm limits joint ventures and external partners to maintain full control over asset management and development, fostering an entrepreneurial mindset and deep asset connection[1][2].