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Venture Capital

HHLA Next

HHLA Next backs early-stage and high-growth companies, typically pre-profit, from Germany. It states a focus on software & internet, consumer & retail and transportation & logistics.

Disclosed holdings41
Earliest stated investment
HeadquartersGermany
Largest single fundNot stated

Stated investment criteria

What HHLA Next says it buys

Read from HHLA Next’s own website in August 2026. This is what the firm says it buys, not what anyone has recorded it buying, and figures are shown in the currency the firm itself used - nothing here is converted. Every line links to the page it was read from.

People listed on its team page81

A stated mandate is a firm’s description of itself and was true of the page on the day it was read; firms widen and narrow what they will look at without updating the site. The team figure counts the people the firm shows on one team page, so it is a floor rather than a headcount: firms that split their team across tabs or load it in pages will read low. Nothing here is a commitment by HHLA Next to consider any particular business, and nothing on this page is represented as being for sale.

Portfolio

Disclosed holdings

Companies HHLA Next lists on its own website. No investment years are published.

CompanyInvestedYears heldRecorded transaction
CONBO
DriveU
Enqlare
Everimpact
Expedock
Fishtail
Freightify
FrontM
Gigablue
HHLA
HHLA Sky
HarborLab
Hoopo
K2.Mobility
Kaiko Systems
MatchLog
Nodal
OceanScore
Olea
OpenTug
Opsima
Orca AI
RailSync
Robotoolworx.ai
SECRO
Shipskart
Signol
Sinay
Spherie
Survey Compass
Trail Mix Ventures (TMV)
Wisor
clockworkdelivery.com
heyport.io
iSAM AG
justvoltify.com
negativelabs.com
passifyapp.de
thedockinnovation.com
thepyxis.co
vanguard-tech.co.uk

Compiled from HHLA Next’s published portfolio page. Where a recorded transaction is shown, that company was the target of a reported deal and has most likely already been realised. Nothing here is represented as being for sale.

Valuation context

Transaction values in Software & Internet

What companies have actually sold for in software & internet, across 2,672 recorded transactions.

Median consideration$80m
Middle 50%$20m-$250m
Revenue multiple2.2×
EBITDA multiple10.9×

The full software & internet picture - most active acquirers, recent transactions and every investor in the sector.

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Comparable investors

Similar mandates

Other venture capital investors active in software & internet.