NP-Hard Ventures

NP-Hard Ventures Research Document Investment Thesis NP-Hard Ventures is a founder-led European early-stage venture capital fund investing in pre-seed and seed companies solving Europe's hardest technical problems. The firm's name derives from computer science's "NP-Hard" problems—those that appear unsolvable and demand breakthroughs—reflecting the fund's philosophy of backing ambitious technical founders tackling complex foundational challenges. Founded in 2021 by Anke Huiskes, Micha Hernandez van Leuffen, and Paul Veugen, the fund believes Europe must own and build its own technological infrastructure rather than remain dependent on other regions. The fund explicitly targets product-obsessed technical founders building the foundational infrastructure and tools of tomorrow. NP-Hard's conviction is that technological innovation is essential to economic prosperity, resilience, and European independence—particularly in light of AI acceleration and geopolitical shifts. Sector Focus NP-Hard Ventures maintains focused sector specialization across five core areas: Robotics & Autonomous Systems: Including construction robotics, manufacturing automation, and autonomous infrastructure solutions (e.g., Monumental for construction robotics) Applied Deep Tech & AI: Early applications of deep technology and artificial intelligence in solving real-world problems (e.g., Roseman Labs in encrypted computing) Computational Infrastructure: Core infrastructure, distributed systems, and computing platforms enabling future technological advancement (e.g., Isembard in distributed manufacturing OS) Defence Technology: Sovereign capability in defence innovation and critical security technologies Critical Infrastructure: Energy systems, supply chains, and foundational systems resilience Portfolio analysis reveals secondary focus in software infrastructure, data platforms, and developer tools enabling technological builders (e.g., Speckle in AEC data infrastructure). Stage Focus NP-Hard Ventures is definitively a pre-seed and seed-stage investor , with no institutional participation in Series A or later rounds. The fund's narrative and portfolio composition emphasize being "among the first institutional investors" in companies, with rapid decision-making and no board seat requirement. Fund I invested in 30 companies at pre-seed and seed stages. Fund II targets 30 additional pre-seed and seed companies, confirming the fund's foundational early-stage positioning. Check Size NP-Hard Ventures' check sizes are clearly defined: Fund I (€12M, 2023-2024): Average check: €250K Range: €100K to €500K 30 companies funded Fund II (€25M, 2025-present): Average check: €450K Range: €250K to €550K Target: 30 companies Check sizes reflect a fund designed for meaningful participation in early rounds without excessive ownership dilution. The progression from Fund I to Fund II shows increased check sizes in line with portfolio company maturation and market conditions. Lead Tendency NP-Hard Ventures demonstrates a co-lead tendency in early rounds. The fund explicitly positions itself as "among the first institutional investors" but does not claim to exclusively lead rounds solo. The fund's focus on rapid decisions and operational support suggests comfort with syndication. Portfolio companies like Monumental (which raised $25M in later Series A with participation from Plural, Hummingbird Ventures, Northzone, and Foundamental) show the fund's ability to partner with other investors across rounds. Speckle's $12.5M raise in 2025 similarly involved multiple institutional partners. The fund's approach emphasizes collaborative investment with strong co-investor networks rather than sole leadership. Recent Activity & Fund Status Fund Status: Actively deploying. Fund II (€25M) closed 60% of its target in October 2025 and is currently investing with 30+ portfolio companies targeted from Fund I and II combined. Recent Investments (Last 12 Months): Roseman Labs (encrypted computing) - September 2025 Speckle (AEC data infrastructure) - Seed/Series A participation 2025 Monumental follow-on rounds (construction robotics) - 2024-2025 Electra.Aero (hybrid-electric aircraft) - mentioned as co-investor 2025 Space Forge (aerospace) - co-investor participation Nuntio (infrastructure) - pre-seed participation Notable Trends: The fund's recent investments show sustained conviction in deep tech (robotics, aerospace, encrypted computing) and growing participation in climate/sustainability technologies (energy infrastructure). The fund has demonstrated ability to support portfolio companies through multiple rounds while maintaining early-stage entry focus. Portfolio Highlights Fund I Portfolio (30 companies): Roseman Labs (encrypted computing) - operational, raised follow-on capital Monumental (construction robotics) - raised $25M Series A, operational Engrate (energy API) - operational Isembard (distributed manufacturing OS) - operational, $9M seed raised Speckle (AEC data hub) - raised $12.5M in 2025 Nuntio (infrastructure) - operational 24 additional portfolio companies across robotics, deep tech, infrastructure The portfolio demonstrates early-stage selection quality, with numerous companies progressing to institutional Series A/B rounds, proving the fund's ability to identify and back companies with significant exit potential. Team & Operational Approach Core Team: Anke Huiskes, Managing Partner & Co-Founder: Former Pebble employee (world's first smartwatch) in Palo Alto, angel investor, and founder. Brings 10+ years of hardware and venture experience. Studied communication sciences at University of Twente. Deeply committed to European tech sovereignty and building operator-friendly venture capital culture. Micha Hernandez van Leuffen, Partner & Co-Founder: Serial founder and former builder. Based in Berlin. Brings operational and entrepreneurial experience in building technology companies. Paul Veugen, Partner & Co-Founder: Serial founder and former builder. Based in Amsterdam. Brings operational and entrepreneurial expertise. Operational Support: Trudy Westby listed as team member, supporting operations and portfolio management. Team Philosophy: NP-Hard intentionally hires technically skilled team members who can have substantive conversations with entrepreneurs. The team's founder/builder background enables credibility with technical founders and deep understanding of infrastructure challenges. The fund emphasizes operational support over passive capital—partners are available for strategic advising, connections, and problem-solving. Geographic Focus Primary Markets: Europe: Netherlands (headquarters), UK, Germany, France (broad European coverage) Selective US: SF Bay Area, US tech hubs for exceptional opportunities Emerging Focus: Israel (infrastructure and security tech community) The fund's position as "European pre-seed fund" indicates Europe-first thesis, with selective US participation for US-based founders solving foundational European infrastructure problems or exceptional technical capabilities. Decision Process Structure: Founder-led partnership (three co-founders with operational roles). Decision-making appears consensus-based or lead partner driven (Anke as Managing Partner), typical of operator-led early-stage funds. Timeline: "Rapid decisions" explicitly stated. For pre-seed checks of €250K-€550K with minimal due diligence and no board seats required, estimated timeline is 2-4 weeks. Warm Introduction: Likely required. The fund sources deals through founder networks, co-investor partnerships, and Twente/European tech ecosystem connections. Selection Criteria: Product-obsessed technical founders with deep domain expertise solving hard infrastructure problems. Team composition matters—founders must understand the technical depth of their problem. Execution capability and founder credibility are primary filters. Founder Preferences NP-Hard Ventures explicitly seeks: Product-obsessed technical founders: Deep expertise in their domain (hardware engineers, distributed systems experts, roboticists, etc.) Founders solving real infrastructure problems: Not consumer-facing or trendy verticals; foundational challenges Teams with grit and resilience: Aligned with Twente roots (Dutch work ethic, persistence) European technical talent: Building for European sovereignty and independence Coachability and collaboration: Willingness to accept operator mentorship from the partnership Long-term thinking: Founders committed to building sustainable, resilient businesses (not chasing hype cycles) Anti-thesis: The fund explicitly avoids consumer apps, gaming/entertainment, and non-technical founders. No interest in Web3 hype or speculative crypto projects. Focus is foundational, not speculative.