About CARMA FUND
CARMA FUND is a venture capital firm founded in 2022. It is primarily based out of Munich, Germany. As of Sep 2026, CARMA FUND is an active investor, having invested in 15 companies, with 4 new investments in the last 12 months. It primarily invests in Seed round in Germany based startups. Its investments are spread across a wide range of sectors from Life Sciences to HealthTech and High Tech. Most recently it participated in the $***** Seed round of Allogenetics A lot of funds co-invest with CARMA FUND, with names like HTGF sharing a substantial percentage of its portfolio. CARMA FUND has team of 6 people including 3 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Rounds of Entry
Seed, Series A & 1 more
Portfolio Soonicorns
Deals in last 12 months
CARMA FUND's List of Top Investments
CARMA FUND has a portfolio of 15 companies. Their most notable investments are in Akribion Therapeutics and Thryve.Their portfolio spans across Germany, France, Sweden and 1 more locations. They have invested in Life Sciences, HealthTech, High Tech and 4 other sectors, across stages such as Seed, Series A and 1 more. Here is the list of top investments by CARMA FUND:
1. Aignostics
Developer of artificial intelligence software for biomedical image analysis applications. This technology processes pathology samples to identify drug targets and biomarkers. The software utilizes foundation models to generate embeddings for downstream analysis of tumor microenvironments. These tools support research in drug development and clinical diagnostics by predicting expression patterns and classifying cell types within tissue images.
Key facts about Aignostics
- Founded Year: 2018
- Location: Berlin (Germany)
- Stage: Series B
- Total Funding till date: $53.9M
- Employee Count: 114 as on Aug 31, 2026
- Investors: Wellington Partners Venture Capital, Boehringer Ingelheim Venture Fund and 9 Others
- Latest Funding Round: Series B, Oct 29, 2024, $*****
- Highlight: Editors' Pick
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2. Exciva
Key facts about Exciva
- Founded Year: 2015
- Location: Heidelberg (Germany)
- Stage: Series B
- Total Funding till date: $69.8M
- Employee Count: 6 as on Sep 30, 2026
- Investors: EQT, Fountain Healthcare Partners and 7 Others
- Latest Funding Round: Series B, Jan 20, 2026, $*****
- Highlight: Editors' Pick
3. Kupando
Developer of immunotherapeutics for cancer. It offers a lead candidate KUP101 an immunostimulatory agent co-encapsulated in a liposomal formulation for the treatment of solid tumors in combination with other drugs.
Key facts about Kupando
- Founded Year: 2018
- Location: Schonefeld (Germany)
- Stage: Series A
- Total Funding till date: $24.1M
- Employee Count: 12 as on Aug 31, 2026
- Investors: LifeCare Partners, Brandenburg Capital and 8 Others
- Latest Funding Round: Series A, Mar 18, 2026, $*****
- Highlight: Editors' Pick
Provider of AI-based remote health monitoring solutions for providers. The company has developed a cardiac health monitoring system which has the ability to monitor and calibrate individuals health rate. The platform assists healthcare professionals to identify any early heart disease or abnormalities.
Key facts about Acorai Health
- Founded Year: 2019
- Location: Helsingborg (Sweden)
- Stage: Seed
- Total Funding till date: $9M
- Employee Count: 26 as on Sep 30, 2026
- Investors: EIC Fund, Capital Q Ventures and 9 Others
- Latest Funding Round: Seed, Dec 02, 2024, $*****
- Highlight: Editors' Pick
5. Elkedonia
Developer of innovative antidepressant treatment, accessible, fast-acting, and free from dependence. It focuses on developing a novel neuroplastogen with a mechanism of action able to induce neuroplasticity without the side effects of psychedelics. The company targets intracellular events and neuroplasticity, acting on a highly selective signaling pathway within neurons in key brain circuits. It is dedicated to advancing psychiatric treatments through precision medicine.
Key facts about Elkedonia
- Founded Year: 2025
- Location: Strasbourg (France)
- Stage: Seed
- Total Funding till date: $12.8M
- Employee Count: 10 as on Aug 31, 2026
- Investors: Kurma Partners, Wallonie Entreprendre and 6 Others
- Latest Funding Round: Seed, Jun 11, 2025, $*****
CARMA FUND's Year-on-Year Investment Trends
CARMA FUND has invested in 15 companies over the last 4 years, with an average of 4 new investments annually in the last 3 years. In 2025, it made 2 investments, while as of Sep 2026, it has made 4 investments in this year. Its most recent first time investment was in Allogenetics and most recent follow-on round was in Aignostics.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 4 | 0 | 4 |
2025 | 2 | 0 | 2 |
2024 | 5 | 1 | 6 |
2023 | 1 | 0 | 1 |
2022 | 1 | 0 | 1 |
CARMA FUND's Investments by Stage
CARMA FUND has made 9 investments in Seed stage with an average round size of $6.13M, 3 investments in Series A stage with an average round size of $9.98M and 1 investment in Series B stage with an average round size of $59.3M.Stage of entry | No. of Investments |
|---|---|
Seed | 9 |
Series A | 3 |
Series B | 1 |
Note: We have considered here, only first round of investments
CARMA FUND's Investments by Sector
CARMA FUND has a diverse portfolio, with companies operating in the Life Sciences, HealthTech, Enterprise Applications, High Tech and Internet of Things - Industry Applications. Notably, it has invested in 14 Tech companies, 13 Enterprise (B2B) companies, 3 Software companies and at least 2 companies focusing on Tech hardware.Sector | No. of Investments |
|---|---|
Life Sciences | 10 |
HealthTech | 5 |
Enterprise Applications | 2 |
High Tech | 2 |
Internet of Things - Industry Applications | 2 |
Others | 5 |
Note: We have considered here, only first round of investments
CARMA FUND's Investments by Geography
CARMA FUND has made most investments in Germany (10), followed by France where it has made 1 investment.Country | No. of Investments |
|---|---|
Germany | 10 |
France | 1 |
Sweden | 1 |
Switzerland | 1 |
Note: We have considered here, only first round of investments
CARMA FUND's recent investments
CARMA FUND has made 4 investments in 2026 so far. Allogenetics and Kupando are the latest among them.Here are the most recent investments by CARMA FUND:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Sep 09, 2026 | Germany | Seed | 4080 | [+1] | |
Mar 18, 2026 | Germany | Series A | 8220 | [+4] | |
Jan 20, 2026 | Germany | Series B | 3259 | [+6] | |
Jan 08, 2026 | Switzerland | Seed | 9182 | [+5] | |
Jun 11, 2025 | France | Seed | 3600 | [+6] |
Team profile of CARMA FUND
CARMA FUND has a team of 6 members including 3 Partners and 1 Venture Partner located in Germany. CARMA FUND's team does not sit on the board of any company as of now.Here is a list of all team members in CARMA FUND:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Germany | - | ||
Partner | Germany | - | ||
Partner | Germany | - | - | |
Venture Partner | Germany | - |
Co-investors of CARMA FUND
Over the past 4 years, 63 investors have co-invested in CARMA FUND's portfolio companies. This includes funds and angels.
- Invested before CARMA FUND: HTGF, Boehringer Ingelheim Venture Fund and 18 others have invested in rounds before CARMA FUND. There are 2 companies where HTGF has invested before CARMA FUND and 1 company where Boehringer Ingelheim Venture Fund has invested before CARMA FUND.
- Top Co-investors of CARMA FUND: 39 investors entered a company along with CARMA FUND. These include investors like HTGF (5 companies).
- Invested after CARMA FUND: A total of 4 investors have invested in CARMA FUND's portfolio after their investments. Top Investors include Athos (1 company), Mayo Clinic (1 company) and Wellington Partners (1 company).
Recent News related to CARMA FUND
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Kupando Raises Additional €10M in Series A FundingFinSMEs•Mar 18, 2026•CARMA FUND, LifeCare Partners, Ventura Biomed, Kupando and 3 others
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EQT Life Sciences co-leads EUR 51 million Series B in Exciva to advance Alzheimer's therapyPR Newswire•Jan 20, 2026•Modi Ventures, CARMA FUND, Exciva, Landesbank Baden Wurttemberg and 6 others
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TECregen Raises CHF 10M in Seed Funding Led by Boehringer Ingelheim Venture FundStartup Rise EU•Jan 08, 2026•TECregen, Boehringer Ingelheim Venture Fund, LifeSpan Vision Ventures, JFG Life Sciences Foundation and 5 others
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Akribion Therapeutics Raises €8M in Seed FinancingFinSMEs•Feb 04, 2025•Akribion Therapeutics, CARMA FUND, RV Invest, Mp-Beteiligung and 4 others
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Aignostics Secures $34 Million Series B to Enhance Precision Medicine with AIintelligence360•Nov 14, 2024•Aignostics, Wellington Partners Venture Capital, Athos Capital, Mayo Clinic and 4 others
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Aignostics Secures $34 Million Series B to Enhance Precision Medicine with AITMC•Oct 29, 2024•Aignostics, Athos Group, Boehringer Ingelheim Venture Fund, CARMA FUND and 9 others
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Symphera: Munich-based MedTech startup receives 2.4 million eurosTrending Topics•Sep 16, 2024•Symphera, HTGF, Bayern Kapital, CARMA FUND and 5 others
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Berlin-Based Thryve secures €4 million to enhance automated healthcare solutionsEU-Startups•Aug 30, 2024•Thryve, Capricorn Partners, IBB Ventures, CRB Health Tech and 1 other
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Allogenetics GmbH secures EUR 3.4 millionVenture Capital magazine•Aug 29, 2024•Allogenetics, NBank Capital, CARMA FUND
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DKFZ spin-off Epignostix raises €4.3m Seed round to commercialize diagnostic tumor classifierJul 02, 2024•Epignostix, CARMA FUND, HTGF, LBBW Venture Capital and 1 other
