backtrace capital

ActiveVenture Capital

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Updated: Jan 22, 2026 ·

Financial History

Total Raised

N/A

Valuation

N/A

Investments Made

Date	Company	Round	Lead Investor(s)	Co-Investor(s)
Nov 1, 2025	Hoora	$1.0M Seed	—	Seedcamp, Amirhossein Malekzadeh
Sep 1, 2025	Qovery	$13.0M Series A	—	Alven, Amplo, Chausson Partners, Contrary Capital, Crane Venture Partners, Aniq Kassam, Founders Future, Gutter Capital, Lightspeed Venture Partners, Matrix, Mosaic Ventures, Pareto Holdings, Passion Capital, Yousuf Khan, Alexis Le-Quoc, Amirhossein Malekzadeh, Gokul Rajaram, Harsh Sinha, Jaan Tallinn, Kaarel Kotkas, Mark Cuban, Markus Villig, Michael Rapino, Ott Kaukver, Richard Branson, Valentine Baudouin
Sep 1, 2025	Meet5	$9.0M Series A	—	Essence VC, Peak
Jun 1, 2025	Kerys Software	$7.0M Seed	—	Episode 1 Ventures, Essence VC, Motier Ventures, Pareto Holdings, Peak, Playfair Capital, Seedcamp, Bertrand Schmitt, Charlie Songhurst, Thibaud Elziere
Apr 1, 2025	Recce	$4.0M Seed	—	Essence VC, Heavybit, Peak, Vertex Ventures, Y Combinator
Jul 1, 2024	Cambria	$3.0M Seed	—	Backed VC, Faction VC, Multicoin Capital, Seed Club Ventures, Stefan Jeschonnek
Jan 1, 2024	Monomer Bio	$6.0M Seed	—	Addition, Alchemist Accelerator, Amino Collective, BoxOne Ventures, SNR, Talis Capital, Steve King, Tayo Oviosu
Dec 1, 2023	Tres	$11.0M Series A	—	Ascender Ventures, Backed VC, B Capital Group, Blockchain.com Ventures, Boldstart Ventures, Divergence Ventures, Faction VC, Innovation Endeavors, Jump Capital, Mechanism Capital, New Form Capital, Polygon, Prithvi Ventures, SOSV, Alexander Saint-Amand, DROdio - Daniel R. Odio, Stefan Jeschonnek
Dec 1, 2022	Eigen Therapeutics	$7.0M Seed	—	2xN, Addition, AirAngels, Alumni Ventures, Amino Collective, Awesome Ventures, B Capital Group, Bling Capital, BoxOne Ventures, Breakthrough Energy Ventures, Builders VC, Cubit Capital, First Round Capital, Floodgate, Andrew Wheeler, Helium-3 Ventures, Immeasurable, Initialized Capital, Jetstream, LombardStreet Ventures, Moonfire Ventures, Motier Ventures, SeaX Ventures, Shield Capital, SNR, Speedinvest, Talis Capital, Trucks Venture Capital, ZAKA Ventures, Charles Gorintin, Daniel Kan, Immad Akhund, James Park, Jean Charles Samuelian, Julian Shapiro, Keith Masback, Mathilde Collin, Matt Bellamy, Nate Cavanaugh, Riccardo Zacconi, Roxanne Varza, Sebastian Knutsson, Varsha Rao
Nov 1, 2022	Gitpod	$25.0M Series A	—	Backed VC, Faction VC, Stefan Jeschonnek
Oct 1, 2022	Seqera	$21.0M Series A	—	10100, 468 Capital, Addition, Alumni Ventures, Amasia, BoxOne Ventures, Builders VC, Fifth Wall, FTX Ventures, Lifeforce Capital, Redpoint Ventures, SNR, Soma Capital, Talis Capital, The Hit Forge, Volition Capital, Bradley Horowitz, Marco Palladino
Oct 1, 2022	Levity	$8.0M Seed	—	AngelList Syndicator, Atomico, Backed VC, Balderton Capital, Chalfen Ventures, Cherry Ventures, Craig Shapiro, Concrete Rose Capital, Curious Capital, DST Global, Faction VC, General Catalyst, Icebreaker.vc, Insight Partners, La Famiglia, LearnStart, Next Play Ventures, Notion Capital, Pareto Holdings, Partech Ventures, Picus Capital, Play Ventures, Project A Ventures, Anya Ruvinskaya, Bradley Horowitz, Charlie Songhurst, Hanno Renner, Michael Wax, Ragnar Sass, Stefan Jeschonnek
Aug 1, 2022	Unstoppable Finance	$13.0M Series A	—	Atomico, Backed VC, BoxOne Ventures, DST Global, Faction VC, Hoxton Ventures, Incisive Ventures, Insight Partners, Mayfield, Oak HC/FT, Olima Ventures, Picus Capital, Pioneer Fund, Sommet AB, Streamlined Ventures, Unpopular Ventures, Biz Stone, Charlie Songhurst, Ian Hogarth, Jan Deepen, Michael Stoppelman, Tania Boler
Jun 1, 2022	Fabriq	$4.0M Series A	—	Alven, Chausson Partners, Crane Venture Partners, Founders Future, Alexis Bonillo, Alexis Le-Quoc, Amirhossein Malekzadeh, Antoine Martin, Ott Kaukver, Valentine Baudouin
Apr 1, 2022	Humanlinker	$3.0M Seed	—	Alven, Aster Capital, Chausson Partners, Crane Venture Partners, Founders Future, Karista, MMC Ventures, Alexis Le-Quoc, Amirhossein Malekzadeh, Frédéric Mazzella, Ott Kaukver, Valentine Baudouin
Mar 1, 2022	Nilos	$5.0M Seed	—	Alven, Animoca Brands, Bankless Ventures, Bessemer Venture Partners, Breega, Chausson Partners, Crane Venture Partners, Entrepreneur First, Fabric Ventures, Founders Future, Gumi Cryptos Capital, Infinity Ventures Crypto, Mechanism Capital, Motier Ventures, NFX, Optum Ventures, Picus Capital, PS Investments, Rainfall Ventures, Roosh Ventures, Scalar Capital, StageOne Ventures, Team8, TeClub, Tusk Venture Partners, Venga!Labs, Viola Ventures, Alexis Le-Quoc, Amirhossein Malekzadeh, Didier Valet, Gideon Hayden, Kristian Segerstrale, Ott Kaukver, Ross Devor, Scott Belsky, Sebastien Borget, Tamir Carmi, Tom Blomfield, Valentine Baudouin
Dec 1, 2021	Kenbi	$27.0M Series A	—	Accel, Addition, AirAngels, Amino Collective, AngelList Syndicator, Benchmark, Blisce, BoxOne Ventures, Cherry Ventures, Felix Capital, Headline (formerly e.ventures), Heartcore Capital, Partech Ventures, Possible Ventures, Seven Seven Six, Singular, Talis Capital, Vayner RSE, Andy Chung, Emmanuel Seuge, Mato Peric
Nov 1, 2021	QuestDB	$12.0M Series A	—	10100, 468 Capital, Alchemy Ventures, Alumni Ventures, Ambush Capital, Andreessen Horowitz, Awesome People Ventures, Batalion Capital, Broadstone, Capital Factory, Form Capital, FTX Ventures, Haun Ventures, HawksHead Capital, IDEO CoLab Ventures, Jetstream, Lightspeed Venture Partners, Not Boring Capital, Ben Huh, Pantera Capital, Pharos Capital Group, Preston-Werner Ventures, Redpoint Ventures, Robot Ventures, Scalar Capital, Seven Seven Six, Soma Capital, Sound Ventures, Streamlined Ventures, The Hit Forge, Timespan Ventures, Todd and Rahul's Angel Fund, Union Square Ventures, Version One Ventures, Anthony Pompliano, Balaji Srinivasan, Bobby Goodlatte, Chris Kurdziel, Clark Landry, Courtney Guertin, Ethan Beard, Fernando Martinelli, Itamar Lesuisse, Jess Sloss, Joe Stump, Louis Beryl, Marco Palladino, Michael Dunworth, Narendra Rocherolle, Paul Stamatiou, Reggie James, Ricky Engelberg, Scott Belsky, Shishir Mehrotra, Stani Kulechov, Tegan Kline, William Boebel
Oct 1, 2021	Unstoppable Finance	$5.0M Seed	—	—
Sep 1, 2021	Qovery	$4.0M Seed	—	2048 Ventures, 2xN, Alven, Amplo, Chausson Partners, Contrary Capital, Crane Venture Partners, Dig Ventures, Aniq Kassam, Founders Future, Gutter Capital, Lifeline Ventures, Lightspeed Venture Partners, Matrix, Mosaic Ventures, Pareto Holdings, Passion Capital, Yousuf Khan, RTP Global, Serena Capital, Alexander Algard, Alexis Le-Quoc, Amadeo Brenninkmeijer, Amirhossein Malekzadeh, Gokul Rajaram, Harsh Sinha, Jaan Tallinn, Kaarel Kotkas, Mark Cuban, Markus Villig, Michael Rapino, Ott Kaukver, Richard Branson, Stan Massueras, Thomas Rebaud, Valentine Baudouin
Apr 1, 2021	Gitpod	$13.0M Venture Round	—	Backed VC, Faction VC, Stefan Jeschonnek
Jan 1, 2021	Swell	$3.0M Seed	—	10100, 468 Capital, Andreessen Horowitz, Bonfire Ventures, Cherubic Ventures, Clocktower Technology Ventures, Flex Capital, Fortress Investment Group, FTX Ventures, Kohala Ventures, Nexus Venture Partners, Not Boring Capital, Prototype Capital, Redpoint Ventures, Soma Capital, The Hit Forge, Bob Meese, Chung-Man Tam, Kevin Lin, Kim Perell, Marco Palladino, Steve Chen
Jan 1, 2021	Kenbi	$9.0M Seed	—	Accel, Addition, AirAngels, Amino Collective, AngelList Syndicator, Benchmark, Blisce, BoxOne Ventures, Cherry Ventures, Felix Capital, Headline (formerly e.ventures), Heartcore Capital, Partech Ventures, Possible Ventures, Seven Seven Six, Singular, Talis Capital, Vayner RSE, Andy Chung, Emmanuel Seuge, Mato Peric
Jan 1, 2021	Lowkey	$7.0M Series A	—	10100, 468 Capital, AirAngels, Altair Capital Management, Alumni Ventures, Amino Capital, Ardent Venture Partners, Array Ventures, Ascend Vietnam Ventures, B Capital Group, Benchmark, Blossom Capital, Brainstorm Ventures, Bullpen Capital, Canvas Ventures, Chapter One Ventures, Cherubic Ventures, Climate Capital, Coatue, Contrary Capital, Differential Ventures, Dreamers VC, Expa, f7 Ventures, Fin Capital, Flex Capital, Foundation Capital, FreeSky Capital, Frontier Ventures, FTX Ventures, Gaingels, Galaxy Digital, General Catalyst, Gradient Ventures, Ideas & Capital, Infinite Niches, Laconia Capital Group, LombardStreet Ventures, Long Journey Ventures, Jared Hecht, Mindset Ventures, Mischief Venture Capital, Modern Venture Partners, Oak HC/FT, Peak State Ventures, Plug & Play Ventures, QED Investors, Redpoint Ventures, Safar Partners, Sapphire Ventures, Sequoia Capital, SignalFire, Soma Capital, Sound Ventures, SV Angel, Sweater Ventures, The Hit Forge, UpHonest Capital, ValueStream Ventures, Virginia Venture Partners, Vouch Insurance, Aaron Levie, Adam D'Angelo, Adrian Aoun, Alex Adelman, Al Goldstein, Amber Feng, Christopher Nguyen, Clark Landry, Dylan Field, Eddie Hartman, Eric Bunting, Eric Wu, Faizan Khan (Unchained Capital), Gokul Rajaram, Jed Ng, Jeff Morris, Jenna Hannon, Kevin Colas, Kevin Lin, Kintan Brahmbhatt, Marat Kichikov, Marco Palladino, Sahin Boydas, Saturnin Pugnet, Scott Banister, Scott Belsky, Shane Neman, Steve Chen, Sue Xu, Vivek Patel, William Hockey
Jan 1, 2021	Levity	$2.0M Seed	—	Alumni Ventures, American Express Ventures, Angular Ventures, Backed VC, Connect Ventures, DST Global, Faction VC, Insight Partners, Kleiner Perkins, Lockheed Martin Ventures, Picus Capital, Seedcamp, David Mytton, Martin Tajur, Ragnar Sass, Stefan Jeschonnek

Financial History

Total Raised

N/A

Valuation

N/A

Leadership Team

Key people at backtrace capital.

Dominik Tobschall

General Partner

Leadership Team

Key people at backtrace capital.

Dominik Tobschall

General Partner

Deep Dive

High-Level Overview

Backtrace Capital is a Munich-based, thesis-driven venture capital firm founded in 2024 by Dominik Tobschall and Michael Münnix. It focuses on pre-seed and seed investments in technology infrastructure, specifically the foundational building blocks that enable modern tech products to be built, deployed, observed, maintained, and secured. Unlike many European VCs that concentrate on B2B SaaS or Deep Tech, Backtrace Capital targets innovative infrastructure solutions that are often overlooked but become highly valuable once integrated into tech stacks. Their mission is to support founders who leverage Europe’s potential to build global, sovereign digital infrastructure rather than European copies of existing US technologies, addressing a critical gap in the European tech ecosystem[1][2][3][4].

Origin Story

Backtrace Capital was founded in 2024 by Dominik Tobschall and Michael Münnix in Munich, Germany. The firm emerged from the recognition that European venture capital had a deficit in sovereign tech infrastructure investments, with many startups focused on replicating existing models rather than innovating ahead of the curve. The founders set out to create a fund that would back daring founders building unique infrastructure solutions that could compete globally. Their first fund, oversubscribed at over €30 million, reflects strong investor confidence in this thesis-driven approach[1][3].

Core Differentiators

Unique Investment Model: Focuses exclusively on pre-seed and seed-stage startups building below-application layer technology infrastructure, a niche often neglected by other VCs.
Thesis-Driven: Invests based on a clear belief in the importance of sovereign digital infrastructure in Europe and the need to avoid copycat startups.
Network Strength: Founded by experienced partners with deep connections in the European tech and venture capital ecosystem.
Track Record: Early success with an oversubscribed first fund and a portfolio including companies like Platform Engineering Labs and KERYS Software.
Operating Support: Provides founders with strategic guidance tailored to infrastructure startups, helping them scale globally from Europe[1][4].

Role in the Broader Tech Landscape

Backtrace Capital rides the wave of increasing awareness about the strategic importance of sovereign digital infrastructure in Europe. As geopolitical and economic factors push for more independent and secure tech stacks, the timing is critical for investments in foundational technologies that underpin cloud computing, security, and platform engineering. The firm’s focus on infrastructure rather than application-layer software aligns with market forces emphasizing resilience, security, and innovation in core tech layers. By backing European founders building globally competitive infrastructure, Backtrace Capital contributes to reducing Europe’s dependency on foreign tech giants and fosters a more robust, sovereign tech ecosystem[1][3].

Quick Take & Future Outlook

Looking ahead, Backtrace Capital is well-positioned to capitalize on growing demand for sovereign tech infrastructure in Europe and beyond. As digital sovereignty becomes a priority for governments and enterprises, startups in this space will likely see accelerated growth and adoption. The firm’s thesis-driven approach and early fund success suggest it will continue to attract high-potential founders and investors. Trends such as cloud-native technologies, cybersecurity, and platform engineering will shape their portfolio’s evolution. Backtrace Capital’s influence is expected to grow as it helps build the foundational technologies that power the next generation of global digital products, reinforcing Europe’s role as a leader in tech infrastructure innovation[1][3][4].

Sources

High-Level Overview

Origin Story

Core Differentiators

Unique Investment Model: Focuses exclusively on pre-seed and seed-stage startups building below-application layer technology infrastructure, a niche often neglected by other VCs.
Thesis-Driven: Invests based on a clear belief in the importance of sovereign digital infrastructure in Europe and the need to avoid copycat startups.
Network Strength: Founded by experienced partners with deep connections in the European tech and venture capital ecosystem.
Track Record: Early success with an oversubscribed first fund and a portfolio including companies like Platform Engineering Labs and KERYS Software.
Operating Support: Provides founders with strategic guidance tailored to infrastructure startups, helping them scale globally from Europe[1][4].