Ex-NGP Capital Investor Launches €100M
A former NGP Capital investor is leading a new €100 million venture fund, Uplift Ventures, backed by German firm Jungheinrich.
A new €100 million venture capital fund, Uplift Ventures, is launching to back deeptech startups in Europe and the United States. The fund is solely backed by the German material handling company Jungheinrich and will be run by ex-NGP Capital investor Jürgen Laartz.
Laartz told Sifted that the fund will focus on early-stage investments, targeting around 55 companies over its lifetime. The strategy includes backing startups directly and investing in other venture capital funds, a model known as a fund-of-funds. The goal is to build a portfolio across deep technology sectors.
Fund Strategy and Focus
Uplift Ventures aims to be a strategic financial partner for its portfolio companies. Laartz emphasized a focus on founders with deep technical expertise. He explained the fund's philosophy, stating the goal is to be the first call for founders when things get tough, not just a source of capital.
The fund will concentrate on Series A and B rounds, primarily in Europe, but will also consider opportunities in the US. He sees opportunity in the US market but will start in Europe, likely investing there through other funds. He noted this approach differs from NGP Capital's.
Jungheinrich, the industrial partner backing the fund, is described as a strategic-industrial investor. The company's involvement is intended to provide portfolio companies with industry expertise and potential commercial partnerships.
Market Context and Ambition
Laartz positioned the fund to address a perceived gap. He argued that many venture capitalists lack the technical depth to properly evaluate complex deeptech innovations, claiming that without the tech background to assess it, one is not a real VC fund.
The fund's backer, Jungheinrich, has experience in venture investing. According to Sifted, the company's corporate venture capital fund, called Qius, has seen a 21% internal rate of return since its inception.
Discussing the fund's ambition, Laartz said there is a lot of capital available for later-stage companies, but noted a shortage of smart capital for early-stage deeptech. He aims to fill that role with this €100 million vehicle.
Laartz outlined a key metric for success: the ultimate test will be whether founders choose Uplift over other investors when they have multiple term sheets.
Investment Thesis and Sectors
The fund's thesis is not confined to a single sector. It will pursue opportunities across various deep technology fields. A specific example mentioned is Paraloop, a Finnish startup working on wireless power transfer technology. The company recently raised a seed round.
Laartz indicated the fund would avoid areas where Jungheinrich has no strategic interest, such as pure software-as-a-service (SaaS) businesses. He stated they would not invest in a classic SaaS company in Germany, as that is not a game where they can add value.
He contrasted this with the fund's target in the United States. He explained he sees huge potential in the US especially in Aerospace, but they will do that through funds, calling it a very different approach.
According to Sifted, 49% of all European venture capital funding in the first half of 2026 went to companies based in the United Kingdom. Laartz acknowledged the UK's dominance but suggested room for a specialized player elsewhere. Jungheinrich's head of corporate venturing, Thomas Kny, said the firm looks for a strong technological fit with Jungheinrich in a field that is growing.
Laartz concluded by reinforcing the fund's transatlantic, yet Europe-first, stance. He sees huge US potential especially in Aerospace, but they will start in Europe, noting that this is not just a minor strategic difference.
