Deep tech now accounts for 44% of all tech investments in Europe, but for many technical founders, raising early-stage capital remains a significant hurdle. That’s where First Momentum steps in. What began as a student initiative has evolved into one of Europe’s most active early-stage deep tech investors. With the close of its second fund at €35 million—nearly 10 times larger than its initial €4 million fund launched in 2018—the firm is betting big on the future of hard tech innovation.
The new fund is designed to support up to 35 startups at the pre-seed stage. First Momentum typically invests between €200,000 and €1 million per company and has already backed 20 startups. Their investor base includes a mix of family offices, public institutions, fund-of-funds, and industrial companies, although specific limited partners have not been disclosed. The involvement of industrial players signals alignment with broader European ambitions to lead in scientific and industrial advancement.
The firm’s focus is on deeply technical B2B startups, especially those emerging from research institutions and labs. This approach continues to gain traction as Europe aims to turn academic excellence into scalable commercial ventures.
Investing Through Global Uncertainty with Technical Precision
First Momentum’s second fund comes at a time of geopolitical instability and cautious capital markets. The fundraising journey, which began in 2022, unfolded amid rising global tensions and the specter of tariffs from the United States. These factors add layers of complexity for venture firms focused on technologies that are capital-intensive and often dependent on global supply chains.
Rather than chasing market trends, First Momentum is doubling down on resilience. Its portfolio focuses on sectors like industrial automation, grid infrastructure, new materials, and energy storage—areas crucial for long-term economic stability and technological independence. By investing in the real economy rather than digital speculation, the firm hopes to future-proof its bets in a decoupling global ecosystem.
The team’s academic and engineering background also sets them apart. Founders Andreas Fischer and Sebastian Boehmer bring experience from institutions such as MIT, KIT, and the Max Planck Institute. Their technical fluency informs not only how they evaluate opportunities but also how they source them. With over 100 venture scouts embedded across European universities and research hubs, First Momentum remains deeply plugged into the continent’s innovation pipeline.
While some investors rush into trending sectors like robotics and AI-driven hardware, First Momentum takes a more measured approach. The firm is cautious about AI hype, especially in robotics and physical systems, and prefers to back startups with immediate commercial viability.
Key Portfolio Companies
First Momentum’s latest investments reflect its focus on core infrastructure, industrial innovation, and advanced computation:
- Daedalus: AI-driven manufacturing automation for industrial operations
- ContextSDK: A mobile SDK that uses real-world data to boost app engagement
- SDA – Software Defined Automation: Brings DevOps to factory automation
- Ninetailed: Personalization API infrastructure for e-commerce (acquired by Contentful)
- Atlas Bio: Predicts molecular interactions to accelerate drug discovery
- Unikraft: Builds lightweight operating systems for efficient cloud and serverless computing
- Quantum Diamonds: Offers quantum sensing tech for semiconductor precision
- ISPTech: Develops in-space propulsion systems for satellites
- Forward AM: Creates advanced materials for additive manufacturing
- Octomind: Automates software testing using AI for faster, more reliable deployment
These companies are solving foundational problems across industries, focusing on tangible, science-backed innovation rather than speculative tech narratives.
A Decade of Opportunity in the Physical World
Looking ahead, First Momentum believes the most transformative startups will not come from yet another software layer, but from reimagining the physical world—how we produce, move, and power everything around us.
“We’re entering a decade where the biggest opportunities lie in reinventing the physical world,” said Andreas Fischer, Partner at First Momentum. “Compute, energy, and industrial systems are all hitting tipping points at once, and founders with deep technical insight are the ones unlocking that potential. That’s exactly where we invest.”
With a strong technical foundation and a growing portfolio of commercially viable deep tech startups, First Momentum is positioning itself as a key player in Europe’s industrial renaissance. The real test will be whether its portfolio can scale amid tighter funding conditions and increasing regulation.
