468 Capital

468 Capital was built around the conviction that deep tech, not consumer software, is where the next decade of European venture returns will sit. Operating from Berlin, the firm applies engineering-led underwriting to companies in foundational software, infrastructure, and increasingly applied AI, including in healthcare. The cultural marker is technical depth: the partners want to be able to argue with a founder about the architecture, not just the market.

The healthcare thesis covers AI/ML in healthcare and digital health, with a bias toward companies whose moat sits in the technology rather than the go-to-market. In practice that means foundation-model adaptations, infrastructure software for clinical AI, and tooling that sits below the application layer. The firm is comfortable with long technical roadmaps and ambiguous near-term revenue if the underlying capability is genuinely differentiated. Specific healthcare portfolio companies are not enumerated in the source material, and founders should ask for technical references during diligence rather than relying on category claims.

468 Capital invests at Pre-Seed, Seed, and Series A, with checks of one to five million dollars. The geographic focus is global with European concentration, and the firm is comfortable leading rounds outside its home market when the technical thesis warrants. For health AI founders working on infrastructure or model layers rather than packaged applications, the firm is one of a small set of European investors that will engage substantively on the engineering itself.

The team is built around partners with backgrounds in deep tech investing, engineering, and operating roles. Specific partner names are not provided in the source material, so founders should request clarity on which partner leads healthcare and how the technical diligence process is structured in practice.

The right founders for 468 Capital are technical teams building foundational AI or software companies in healthcare, where the bet is on capability rather than channel. The wrong founders are application-layer or services-led teams, where the firm’s technical lens may not be the most useful filter. Founders should expect rigorous diligence on architecture, model evaluation, data strategy, and engineering hiring plans, and should be prepared to defend technical choices against partners who will read the papers and run the benchmarks themselves. The firm tends to move quickly when the technical case is strong and slowly when it is not, which is generally a healthier dynamic than it sounds.