Cavalry Ventures

NAP (Cavalry Ventures) Research Document Investment Thesis NAP, formerly known as Cavalry Ventures, is a Berlin-based pre-seed and seed venture capital firm specializing in European technology companies. Rebranded in early 2025, NAP positions itself as real partners for expert founders, backing what they describe as "nerds and pioneers" tackling tough problems that matter. Their thesis emphasizes building products that are hard to create but essential to have—focusing on founders with technical depth and operational experience. The firm's name and philosophy reflect their core belief: exceptional founders need partners who understand both technical complexity and business fundamentals. They explicitly position themselves as "no fluff" investors who provide candid advice, relevant introductions, and capital without bureaucracy or shadow management. Investment Stage & Check Size Primary Stage: Pre-seed and Seed (often pre-product and pre-revenue) Check Size: EUR 1-4M initial investment, with follow-on reserves Total Portfolio: 84 investments across European tech ecosystem Investment Approach Lead Tendency: Primarily leads, but flexible to follow on special opportunities Decision Speed: Daily investment committee meetings enabling rapid decision-making Investment Philosophy: Fast closing processes without unnecessary due diligence No term renegotiation or aggressive negotiation tactics Committed to long-term partnerships beyond initial investment Direct communication and transparency throughout process Emphasis on founder-investor alignment over deal complexity Sector Focus Primary Industries: Enterprise technology across Europe B2B SaaS and software infrastructure Data analytics and business intelligence AI and machine learning applications Energy and sustainability tech Construction and logistics tech Compliance and data privacy solutions Food tech and supply chain optimization Notable Portfolio Sector Breakdown: Based on portfolio companies, strongest concentration in: Enterprise software and B2B SaaS (Clarisights, distil labs, REKKI, PlanRadar) Infrastructure and data (Terramate, SPREAD, Oblivious) Energy and sustainability (Companion.energy, SERA, Verna) AI applications (Aleph Alpha, Nory, Deltia, Enzai) Logistics and operations (Logistica, AMPECO) Recent Activity & Fund Status Latest Investments (2025-2026): Ascentra Labs: $2M seed led by NAP (December 2025) Multiple undisclosed deals in pipeline Fund Status: Actively deploying Cavalry Ventures III with daily investment committee, indicating strong momentum and regular deployment Rebranding: Major strategic rebrand from Cavalry Ventures to NAP in February 2025, positioning for expanded European reach and refined market messaging Team Current Leadership: Stefan Walter - Managing Partner (as of 2025) Rouven Dresselhaus - Founding Partner (co-founder 2015, stepped down Sept 2024) Organization: Small, close-knit team of builders and specialists with: Extensive experience scaling companies from zero to exit Deep operational experience including failed ventures Network across European tech ecosystem Daily investment committee for rapid decision-making Portfolio Highlights 24 Active Portfolio Companies: Aleph Alpha - European LLM/AI company AMPECO - Energy optimization platform beSirius - B2B SaaS Companion.energy - Energy infrastructure Charm - Developer tools Clarisights - Marketing analytics Deltia - AI company distil labs - AI applications Enzai - AI/ML infrastructure Flip - Financial tech Kinnu - Enterprise platform Logistica - Logistics operations system Nory - AI-powered analytics Oblivious - Privacy-preserving computation PlanRadar - Construction operations software REKKI - Food supply chain platform SERA - AgriTech/sustainability SPREAD - Enterprise platform Terramate - Infrastructure automation UniteLabs - Biotech/scientific Usercentrics - Data privacy/compliance Verna - Climate/sustainability VoiceLine - Communication tools Xaver - Enterprise software Geographic & Network Focus Primary Geography: Germany, Berlin-based with deep European network Secondary: UK, France, Netherlands, broader EU tech ecosystem Investment Patterns: Strong focus on European founders and companies with European operations Founder Preferences NAP seeks: Technical nerds with deep domain expertise ("fluent in both boardrooms and command line") Pioneers tackling non-obvious problems that matter Founders with scars from operational experience Teams building essential, hard-to-build products Entrepreneurs open to candid, long-term partnership Builders who value substance over polish Decision Process & Timeline Process: Partnership-style with daily investment committee Timeline: Notably fast - daily meetings enable rapid decisions Due Diligence: Streamlined, respectful of founder time Term Negotiation: Fair dealing, no aggressive grinding on terms Competitive Positioning NAP differentiates itself as: "Best in class at being ourselves" - authentic, direct communication No unnecessary bureaucracy or shadow management Fast, respectful of founder time and autonomy Long-term oriented beyond initial investment Focused on substance and operational partnership over deal complexity Fund Evolution Founded: 2015 as Cavalry Ventures Rebranded: February 2025 to NAP Recent Changes: Leadership transition in 2024 with departure of founding partner Current Status: Cavalry Ventures III fund actively deploying with renewed focus and messaging