Robin Capital Closes Second €15M Fund, Bets Small in Big-Fund Europe

By Daniel Okafor

Robin Capital has closed its second €15 million early-stage fund, lifting total commitments across both vehicles to €30 million. The Berlin-based firm disclosed the close to The Recursive. Fund II has already deployed into 17 companies, including SkySpy.ai, Marble Imaging, and Helicity Space.

The numbers frame a deliberate bet. Fund I, launched in 2023 at the same €15 million size, has backed 34 companies, roughly 50 founders. Add Fund II's 17 deals and the firm's total reaches 51 investments. Beyond the funds, Robin Capital has built three dedicated growth special purpose vehicles to back ARX Robotics, Almetra, and Ground A.

Why stay at €15 million?

Most European venture firms raise bigger funds as they mature. Robin Haak, the solo general partner behind the firm, is moving the other way. He wants a connected investment community that supports founders across stages, not a larger single pool of capital.

The approach draws on his own track record as a founder, an early-stage investor, and a growth investor.

"Having been a founder myself, I know how much it means to have people around you who genuinely care and are willing to help. That's what we're trying to build at Robin Capital. The capital matters, of course, but the people behind it matter just as much," Haak told The Recursive.

The structure shows the model in practice. Fund I has brought together:

• three venture partners
• around 100 operating partners and advisors
• a limited partner advisory committee

A WhatsApp community now links approximately 200 founders and investors. Members exchange ideas, share experiences, make introductions, and support one another. Haak treats this network as a core part of the investment model, not a perk for portfolio companies.

The solo-GP label, he argues, misdescribes the operation.

"They call it a Solo GP, but nothing about this journey has ever been solo. I'm incredibly grateful to our limited partners for their trust, to our founders for allowing us to be part of their journeys, and to everyone who contributes their time and experience. None of this would be possible without them," Haak said.

What comes after Fund II?

Haak wants to launch a third €15 million early-stage fund toward the end of 2027, subject to how the existing funds develop. That would keep the firm on a steady cadence of same-sized vehicles rather than a step-up in scale.

The bigger idea sits further out. Within roughly three years or more, Haak would like to explore a €100 million-plus Growth Continuity Fund. That vehicle would let Robin Capital keep backing selected portfolio companies through later rounds instead of stopping at pre-seed and seed.

Haak named US investor Elad Gil as the template. Gil's approach spans early-stage companies and mature businesses, and Haak wants to establish that model in Europe.

The three existing growth SPVs already point in that direction. They let Robin Capital's investor community put additional financing into selected companies beyond the core early-stage strategy.

The firm is careful about the framing, though. The Growth Continuity Fund remains a longer-term aspiration, not a planned or announced fundraising vehicle.

"For now, our focus is on doing a good job with the two funds we've been entrusted with. If we can continue to earn the trust of our founders and investors, I'd love to build a third fund in time. And perhaps one day, a Growth Continuity Fund that allows us to keep supporting some of these companies as they grow. But that's a dream for another day. There's plenty of work to do first," Haak said.

Where is the money going?

Fund II will target early-stage startups across AI, robotics, defense, space, and deep tech. The emphasis falls on companies tackling complex industrial and technological problems.

The first 17 deals already show the tilt. SkySpy.ai, Marble Imaging, and Helicity Space point toward intelligence, defense, Earth observation, and space exploration.

Fund I carried the same sector logic. Its 34 portfolio companies include two Bulgarian-founded startups, Uvionix and Paypercut.

The strategy marks a sharpening focus on technologies with significant industrial, technological, and strategic applications — a shift European investors have made as defense and dual-use tech moved from the margins to the mainstream of venture allocation.

For now, the model rests on repetition: small funds, dense community, and SPVs for outliers. Whether a €100 million continuity vehicle follows depends on the performance of the €30 million already at work.