Lakestar

Lakestar’s partners launched the €135 million Lakestar I in 2013. Its 2015 fundraising announcement listed investments in Harry’s, Oscar, Algomi, GoEuro and Teralytics and said the fund continued follow-on investments in its existing portfolio.⁠[3]

On August 24, 2015, Lakestar announced the €350 million close of Lakestar II. The fund targeted Europe and the United StatesUnited StatesThe United States is a federal country in North America made up of 50 states, the District of Columbia as the seat of government, and territories such as Puerto Rico and Guam; its capital is Washington, D.C. The Continental Congress adopted the Declaration of Independence on July 4, 1776. The 2020 census (April 1, 2020) counted a resident population of 331,449,281, and the 435 seats of the House of Representatives are apportioned among the states on the basis of the census.Open the full entry, primarily early-stage investments with growth-stage financing as well. Monument Group served as placement agent for US investors. The announcement listed offices in Berlin, Zurich and Guernsey.⁠[3]

On June 4, 2020, service provider Aztec Group confirmed parallel closes for Lakestar III and Lakestar Growth I at €252 million and €426 million respectively, totalling €678 million. The funds targeted early-stage and growth businesses. Aztec’s Guernsey team supported formation and ongoing administration and accounting; Ferbrache & Farrell and Clifford Chance handled legal work.⁠[4]

Lakestar SPAC I SE listed in Frankfurt in February 2021. Following its combination with HomeToGo and renaming, its shares began trading as HomeToGo SE in Frankfurt’s General Standard on September 22, opening at €8.70. The exchange confirmed the combination had received the required investor approval and completed within its specified timetable.⁠[5]

In 2024, Lakestar Early IV and Lakestar Growth II raised a combined $600 million. On May 14, legal adviser Clifford Chance said the closes brought assets under management to €2 billion. Areas included AI, digitalisation, deep tech, healthcare and fintech, with investments in Fuse Energy, Swan, Nelly, Neko HealthNeko HealthNeko Health is a Swedish health technology company co-founded in 2018 by Daniel Ek and Hjalmar Nilsonne and headquartered in Stockholm. The company provides preventive health assessments combining sensor scans, blood tests, and doctor consultations, and operates scan centers in Sweden and the United Kingdom.Open the full entry and Colossyan. Lakestar also co-invested in pre-seed deals with European angels through Halo Fund and maintained university partnerships involving UnternehmerTUM, ETH Zurich, Aachen and Oxford.⁠[6]

On October 2, 2025, Aztec Group announced its support for the $265 million (€228 million) Lakestar Continuation Fund I. The vehicle included selected companies from four Lakestar funds, using a secondary process to provide liquidity to existing limited partners while retaining investment exposure and financing support. Backers included institutional and professional secondary investors; Aztec provided administration from Guernsey.⁠[7]

According to Tech.eu’s October 23, 2025 report on Hommels’s public letter, Lakestar decided to stop raising new generalist venture funds as it had previously, focusing on existing portfolio value, targeted investment products and larger, more concentrated investments using its own capital. Named priorities included RevolutRevolutRevolut is a London-based digital banking and fintech group founded in 2015 by Nik Storonsky and Vlad Yatsenko. It began with low-cost currency exchange and cross-border transfers and expanded into a mobile app offering payments, savings, investing, crypto assets, lending and business accounts. The group conducts banking in the European Economic Area through Revolut Bank UAB in Lithuania, and in March 2026 the Prudential Regulation Authority (PRA) lifted the restrictions on its UK bank, Revolut Bank UK Ltd; at the end of 2025 the group had 68.3 million retail customers, and in 2025 it reported revenue of £4.5 billion and profit before tax of £1.7 billion.Open the full entry, Helsing, Isar Aerospace and Neko Health.⁠[8]

On February 13, 2026, Onodrim IndustriesOnodrim IndustriesOnodrim Industries is an Amsterdam-based European defence and industrial scale-up platform that expands established producers’ capabilities through technology, capital and operational support.Open the full entry announced a €40 million seed round led by Lakestar, Founders FundFounders FundFounders Fund is a venture capital firm founded in San Francisco in 2005 by Peter Thiel and his former PayPal colleagues Ken Howery and Luke Nosek. Run by partners who were entrepreneurs themselves, it argues that founders should keep more control and is known for betting on difficult technology projects in areas such as space, defense, and artificial intelligence. It was Palantir’s first institutional investor, has invested in SpaceX many times since 2008, and its other notable investments include Facebook, Airbnb, Stripe, and Anduril; as of March 2026 it had raised nine early-stage funds and four growth funds.Open the full entry and General CatalystGeneral CatalystGeneral Catalyst (GC) is an investment firm founded in 2000 and headquartered in San Francisco, United States, created by Joel Cutler, David Fialkow and Bill Fitzgerald, that backs companies from the seed stage through growth.Open the full entry. The European defence and industrial platform planned to use the funding for product development, engineering recruitment and manufacturing and R&D capacity.⁠[9]

On July 17, 2026, Lakestar announced the $300 million close of Resilience I for dual-use and defence technology in Europe and NATONATONATO, the North Atlantic Treaty Organization, is an alliance founded on the North Atlantic Treaty signed in 1949, with collective defence as its core principle. Its political and administrative centre is in Brussels, Belgium.Open the full entry-allied markets. It reported oversubscription from private capital, including strategic and institutional investors and industrial family offices. Its advisory board comprised Nicholas Carter, Volker Wieker, Mike Pompeo and Martha Lane FoxMartha Lane FoxMartha Lane Fox is a British entrepreneur, digital inclusion advocate, and crossbench member of the UK House of Lords who co-founded lastminute.com and Lucky Voice. She has served as the UK government’s Digital Champion, a Twitter director, and President of the British Chambers of Commerce; she currently sits on the boards of British Airways, Chanel, and Multiverse and is involved in work on the digitization of public services and on artificial intelligence and employment policy.Open the full entry.⁠[10]

Lakestar said its defence-related portfolio had developed across fund generations since 2017, covering autonomy, AI defence software, drones, missiles, space and maritime technology. Named companies included ARX Robotics, Auterion, Cambridge Aerospace, Helsing, Isar Aerospace, Onodrim Industries, Tekever and UFORCE. Its 2026 platform AUM of over $6 billion includes institutional venture funds and private investments, a broader scope than the earlier €2 billion fund figure.⁠[10]

On November 9, 2026, Onodrim Industries announced a $300 million Series A at a $1.3 billion valuation led by Lux CapitalLux CapitalLux Capital is a U.S. venture capital firm founded in 2000 by Peter Hébert, Josh Wolfe and Robert Paull, with offices in New York and Silicon Valley. Focused on emerging science and technology, the firm backs companies in fields including life sciences, artificial intelligence, robotics, manufacturing, aerospace and defense through fund investments and by helping to found companies.Open the full entry, with Lakestar, General Catalyst, Altimeter CapitalAltimeter CapitalAltimeter Capital is a US technology investment firm founded by Brad Gerstner in 2008, investing through public and private market funds. Its legal entity is Altimeter Capital Management, LP, with offices in Menlo Park and Boston. Disclosed investments include Snowflake financing, Grab’s listing transaction and AI company financing.Open the full entry, 137 Ventures137 Ventures137 Ventures is a San Francisco-based technology investment firm supporting growth-stage businesses through shareholder liquidity solutions and direct equity investments.Open the full entry and 8090 Industries8090 Industries8090 Industries is an investment firm headquartered in New York that backs early- to growth-stage companies in industrial sectors including advanced manufacturing and supply chains, AI infrastructure, aerospace and defense, and energy. It was co-founded by Kerem Ozmen and Rayyan Islam, and its investors are mainly families and institutions around the world that operate major industrial enterprises; as of August 2026, it managed about $1.382 billion in assets.Open the full entry among participants. Onodrim planned controlling-stake acquisitions and development of European aerospace, defence and industrial manufacturers using permanent capital, with first acquisitions expected in subsequent months.⁠[11]

The official website is https://www.lakestar.com/ (opens in a new window). Funds manages early-stage and growth investments, while Resilience invests in technologies supporting European security and strategic capabilities. Additional website-listed advisers include Simon Collins, Thorsten Dirks, Matteo Renzi and Philipp Rösler. The legal notice identifies Lakestar Advisors GmbH as website operator; this entity is distinct from the individual funds and Lakestar SPAC.⁠[1][12][13][2]