Alstin fund secures €175M for Series A B2B SaaS

Alstin Capital, led by Carsten Maschmeyer, has raised €175M for a new fund. With tickets ranging from €2M to €7M, Alstin III will primarily focus on Series A B2B software companies.

The original target size for Alstin III was €100M, with a hard cap set at €125M, which was reached within just four months.

Following this, the hard cap was increased to €175M with the consent of the investors. Its investor base includes foundations, insurance companies, banks, family offices, and high-net-worth individuals.

Carsten Maschmeyer, Managing Partner of Alstin Capital, commented: “We are particularly proud that more than 90 percent of all investors from Alstin II have now joined Alstin III. We received so many commitments that we could have raised the hard cap to €250 million, but we chose not to. We aim to further internationalize our portfolio, and our first three investments already span three different countries.” 

Alstin III has already made the following investments:

• Flowit, based in Zurich (Switzerland), is the leading solution for employee development, motivation, and retention, targeting "frontline" workers such as caregivers, service staff, and production employees – precisely those roles facing the most severe labor shortages.

• NORBr, based in Amsterdam (Netherlands), offers software solutions that enable rapid establishment of payment infrastructures while significantly reducing administrative overhead.

• Etalytics, based in Darmstadt (Germany), develops and distributes AI-driven energy management solutions that significantly reduce energy consumption in data centers, achieving an average reduction of 37%. Background: Alstin I was initially funded exclusively with family capital, while Alstin II opened up to external partners, raising approximately €108 million in 2017. As of fall 2023, Alstin II is fully invested. Fundraising for Alstin III began in February 2024. Some of the most well-known and successful companies in Alstin’s portfolio include:

• Blacklane, Orderbird (exit), pflege.de (exit), alyne (exit), Deskbird, retraced, pliant, usercentrics, Klarna, and Nect. About Alstin Capital Alstin Capital is an independent early stage venture capital fund based in Munich. Its investment activities focus on fast-growing (B2B) technology companies in the DACH region and Europe, primarily in the Seed and Series A phase.