About B Heroes
B Heroes is a venture capital firm founded in 2016. It is primarily based out of Milano, Italy. As of Apr 2026, B Heroes is an active investor, having invested in 170 companies, with 1 new investment in the last 12 months. It primarily invests in Seed round in Italy based startups. Its investments are spread across a wide range of sectors from Consumer to Enterprise Applications and Retail. Most recently it participated in the $***** Seed round of Cato Overall, B Heroes portfolio has seen 1 unicorn, 3 IPOs and 16 acquisitions including key companies like SpaceX, Satispay and Everli. A lot of funds co-invest with B Heroes, with names like Vento sharing a substantial percentage of its portfolio. B Heroes has team of 16 people including 7 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A & 3 more
Portfolio IPOs
Portfolio Acquisitions
Portfolio Unicorns
B Heroes' List of Top Investments
B Heroes has a portfolio of 170 companies, one of which is a Unicorn. Their most notable investments are in EPICODE and epiCura.Their portfolio spans across Italy, United States, United Kingdom and 7 more locations. They have invested in Consumer, Enterprise Applications, Retail and 33 other sectors, across stages such as Seed, Series A and 3 more. Here is the list of top investments by B Heroes:
1. SpaceX
Provider of advanced aerospace and space transportation services. It delivers advanced launch services using reusable rocket systems designed to transport crew and cargo for missions to orbit, the Moon, Mars, and deep space exploration. It also develops and operates large-scale satellite networks that provide high-speed, low-latency internet connectivity across the globe, including remote and underserved regions. It supports human spaceflight programs aimed at expanding long-duration space exploration and increasing access to space for both commercial and governmental missions.
Key facts about SpaceX
- Founded Year: 2002
- Location: Hawthorne (United States)
- Annual Revenue: $1B+ as on Dec 31, 2025
- Stage: Public
- Total Funding till date: $11.9B
- Employee Count: 20,833 as on Sep 30, 2026
- Investors: TrueBridge, equitywestsecurities.com and 275 Others
- Latest Funding Round: Series J, Mar 17, 2026, $*****
- Highlight: Public
2. Satispay
Provider of payment application and digital solutions for business and welfare. The company offers payment methods for individuals, stores, and companies. It provides digital solutions for everyday expenses and money transfers. The company also provides digital meal vouchers and purchase vouchers.
Key facts about Satispay
- Founded Year: 2013
- Location: Milan (Italy)
- Annual Revenue: €10M - €50M as on Dec 31, 2021
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $501M
- Employee Count: 903 as on Sep 30, 2026
- Investors: Sanisidro, Addition and 90 Others
- Latest Funding Round: Series D, Nov 11, 2024, $*****
- Highlight: Editors' Pick
3. Everli
Everli is an online marketplace offering groceries. The company claims that users can browse through the nearby supermarkets and order their products after which their in-house delivery team will deliver the products. Their app is available for both Android and iOS users.
Key facts about Everli
- Founded Year: 2014
- Location: Milan (Italy)
- Stage: Acquired
- Total Funding till date: $155M
- Employee Count: 232 as on Aug 31, 2026
- Investors: 360 Capital Partners, Verlinvest and 17 Others
- Latest Funding Round: Series C, Mar 31, 2022, $*****
- Highlight: Acquired
Developer of digital products and software solutions. The company acquires and operates a diverse portfolio of technology products, focusing on long-term development and improvement. Its activities include overhauling technology, redesigning user interfaces, accelerating feature releases, and optimizing marketing and monetization strategies to enhance product performance and user experience.
Key facts about Bending Spoons
- Founded Year: 2013
- Location: Milan (Italy)
- Annual Revenue: €500M - €1B as on Jun 30, 2026
- Stage: Public
- Total Funding till date: $538M
- Employee Count: 855 as on Sep 30, 2026
- Investors: T. Rowe Price, Goldman Sachs and 38 Others
- Latest Funding Round: Series E, Oct 30, 2025, $*****
- Highlight: Public
5. Hex Trust
Custodian service for digital assets. It offers an enterprise grade multi currency custody platform. It provides cold, frozen, and ZeroKey wallet services to secure cryptocurrency. It offers APIs, on-chain segregation for transactions, multiple-factor authentication, real-time monitoring, and KYC, AML validation service. It offers fully regulated institutional digital asset custody, staking and markets services to builders, investors and service providers.
Key facts about Hex Trust
- Founded Year: 2018
- Location: Hong Kong (China)
- Stage: Series B
- Total Funding till date: $104M
- Employee Count: 114 as on Aug 31, 2026
- Investors: Primavera, Tessera Venture Partners and 32 Others
- Latest Funding Round: Series B, Feb 07, 2025, $*****
- Highlight: Editors' Pick
B Heroes' Year-on-Year Investment Trends
B Heroes has invested in 170 companies over the last 9 years, with an average of 3 new investments annually in the last 5 years. In 2025, it made 4 investments, while as of Apr 2026, it has made 1 investment in this year. Its most recent first time investment was in Cato and most recent follow-on round was in MATIX.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 1 | 0 | 1 |
2025 | 3 | 1 | 4 |
2024 | 4 | 0 | 4 |
2023 | 2 | 0 | 2 |
2022 | 3 | 0 | 3 |
2021 | 6 | 0 | 6 |
2020 | 2 | 0 | 2 |
2019 | 6 | 1 | 7 |
2018 | 8 | 0 | 8 |
2017 | 3 | 0 | 3 |
B Heroes' Investments by Stage
B Heroes has made 24 investments in Seed stage with an average round size of $1.52M, 8 investments in Series A stage with an average round size of $5.76M, 3 investments in Grant (prize money) stage with an average round size of $298K, 2 investments in Conventional Debt stage with an average round size of $1.74M and 1 investment in Series B stage with an average round size of $21.9M.Stage of entry | No. of Investments |
|---|---|
Seed | 24 |
Series A | 8 |
Grant (prize money) | 3 |
Conventional Debt | 2 |
Series B | 1 |
Note: We have considered here, only first round of investments
B Heroes' Investments by Sector
B Heroes has a diverse portfolio, with companies operating in the Enterprise Applications, Consumer, High Tech, Retail and Real Estate and Construction Tech. Notably, it has invested in 129 Tech companies, 85 Consumer (B2C) companies, 72 Enterprise (B2B) companies and at least 57 companies focusing on Software.Sector | No. of Investments |
|---|---|
Enterprise Applications | 15 |
Consumer | 12 |
High Tech | 8 |
Retail | 6 |
Real Estate and Construction Tech | 5 |
Others | 40 |
Note: We have considered here, only first round of investments
B Heroes' Investments by Geography
B Heroes has made most investments in Italy (30), followed by United States where it has made 4 investments.Country | No. of Investments |
|---|---|
Italy | 30 |
United States | 4 |
France | 1 |
Germany | 1 |
Ireland | 1 |
Others | 1 |
Note: We have considered here, only first round of investments
B Heroes' recent investments
B Heroes has made 1 investments in 2026 so far - Cato.Here are the most recent investments by B Heroes:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Apr 15, 2026 | Italy | Seed | 6950 | ||
Sep 23, 2025 | Italy | Seed | 6929 | [+9] | |
May 06, 2025 | Italy | Seed | 4311 | [+10] | |
Mar 13, 2025 | Italy | Seed | 4845 | ||
Mar 13, 2025 | Italy | Conventional Debt | 6879 | [+1] |
Unicorns in B Heroes' Portfolio
B Heroes has 1 unicorn in its portfolio - Satispay. The most recent unicorn in their portfolio is Satispay which became a unicorn in 2022, 5 years after B Heroes first invested in it.Here is a list of unicorns in B Heroes' portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
74 | Provider of payment application and digital solutions for business and welfare | 2013 | Milan | Series D | eyueags |
IPOs and Publicly Listed companies in B Heroes' Portfolio
3 of B Heroes' portfolio companies have become public. Bending Spoons got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ), in Jul 2026 at marketcap of $9.42B and SpaceX got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ) at marketcap of $996B.Here are B Heroes' portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 01, 2026 | - | - | 7850 | |
Jun 12, 2026 | - | - | 2300 | |
Jan 04, 2023 | - | - | 9513 |
Acquired companies in B Heroes' Portfolio
16 companies from B Heroes' portfolio have been acquired. The most recent acquisition was Winelivery in Sep 2026 by https://cdgh.it for $*****.Here are B Heroes' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Sep 01, 2026 | - | - | 4376 | |
Apr 17, 2025 | Aug 04, 2020 | Seed | 5462 | |
Feb 05, 2025 | - | - | 1265 | |
Dec 13, 2024 | Jun 13, 2019 | Seed | 1384 | |
Feb 21, 2024 | - | - | 5018 |
Team profile of B Heroes
B Heroes has a team of 16 members including 7 Partners and 2 Principals located in Italy, Switzerland and 1 more location. B Heroes' team does not sit on the board of any company as of now.Here is a list of top team members in B Heroes:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Milan | - | ||
Partner | Rome | - | - | |
Partner | Milan | - | - | |
Partner | Barcelona | - | - | |
Partner | Bergamo | - | - | |
Partner | Milan | - | - | |
Partner | Lugano | - | ||
Principal | - | - | - | |
Principal | Lugano | - | - |
Co-investors of B Heroes
Over the past 9 years, 229 investors have co-invested in B Heroes's portfolio companies. This includes funds and angels.
- Invested before B Heroes: LVenture Group, Europa and 24 others have invested in rounds before B Heroes. There are 3 companies where LVenture Group has invested before B Heroes and 2 companies where Europa has invested before B Heroes.
- Top Co-investors of B Heroes: 134 investors entered a company along with B Heroes. These include investors like Vento (5 companies).
- Invested after B Heroes: A total of 69 investors have invested in B Heroes's portfolio after their investments. Top Investors include CDP Venture Capital (3 companies), Endeavor (2 companies) and Azimut (2 companies).
Recent News related to B Heroes
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Italian AI startup Cato raises €6M in seed funding led by Keen Venture PartnersThe SaaS News•Sep 07, 2026•Cato, Keen Venture Partners, Italianfoundersfund.com, Nova Ventures and 3 others
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ReportAId, AI Startup for Healthcare, Secures €2.2 Million in Pre-Seed FundingBeBeez•May 07, 2025•ReportAId, Italianfoundersfund.com, HEARTFELT_, Exceptional Ventures and 5 others
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Volta, a Shopify for B2B transactions, raises biggest pre-seed round of ItalyTechCrunch+•Nov 26, 2024•Volta, Emblem, Volta Group, Exor and 11 others
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WithLess secures €3M to help businesses save on unused softwareTech.eu•Oct 08, 2024•Withless, Primo Capital, Yabeo, Apside and 4 others
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Italian startup Zefi.ai raises €1.6 million to analyze companies’ interactions with their users through AIEU-Startups•May 28, 2024•14Peaks, Zefi, B Heroes, Secways and 6 others
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Glaut raises $1.4M for conversational survey platformTech.eu•Apr 29, 2024•Brainstorm Ventures, Alecla7, https://ithacavc.com, B Heroes and 6 others
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Fantix raises $1.6 millionStartupbusiness•Oct 16, 2023•Fantix, Gaingels, Notion, Founders Factory and 5 others
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Exor takes part in a round of N5 Now, an Argentine startupDealflower•Sep 22, 2023•N5, Exor, B Heroes, Delirus Capital and 2 others
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Female-led Hale secures €350K to redefine women’s pelvic pain managementTech Funding News•Jul 24, 2023•Exor, StartupGym, Delirus Capital, B Heroes and 2 others
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Milan-based Jet HR raises €4.7 million in one of Italy’s largest pre-seed rounds aiming to revolutionise HR managementEU-Startups•Jun 26, 2023•JetHR, Exor, B Heroes, Club degli Investitori and 5 others
