Vsquared
Vsquared Ventures is a Munich-based deep-tech venture capital firm that backs early-stage founders in space, robotics, new computing, and energy. It is a generalist, not a water specialist: as of 2026 its one water-relevant bet is constellr, whose satellites measure crop water stress from orbit.
Compiled by Antoine Walter, (don't) Waste Water, from official filings and direct intelligence in Leviathan.
The take
Vsquared Ventures is not a water fund, and it would probably be the first to say so. The Munich firm writes early-stage cheques into deep-tech founders across space, robotics, new computing, energy, and synthetic biology, and has assembled a broad portfolio since launching its first fund in 2020, with names like Isar Aerospace and IQM on it.
Vsquared's water story runs through one thread: Earth observation. The founders, Thomas Oehl, Herbert Mangesius, and Benedikt von Schoeler, had been backing deep tech together since 2016 under a predecessor fund, Vito Ventures, before formalising Vsquared. The water-relevant company to emerge from that lineage is constellr, a German satellite firm whose thermal-infrared instruments read land-surface temperature precisely enough to flag crop water stress field by field.
Vsquared's water exposure has a clear shape: not pipes or membranes, but the data layer hovering above the field. In the Leviathan database it amounts to one water company across two rounds, which is why (don't) Waste Water rates the fund's water commitment Occasional. For a newcomer, Vsquared is worth knowing less as a water investor than as a deep-tech generalist whose space-and-climate thesis now and then lands on a company solving a water problem.
Vsquared closed a €214 million second fund in 2024 and manages roughly $486 million today, so it has plenty of dry powder, the capital a fund still has left to invest, to keep writing these cheques. Whether water claims a bigger slice will come down to whether the next constellr walks through the door.
Water Commitment Score
Compiled from official filings, third-party records, and direct intelligence from investors and founders, in Leviathan · recomputed monthly · as of Jun 2026.
How they invest
Portfolio · 1 water companies
Invests alongside
Highlighted = profiled on (don't) Waste Water.
Frequently asked
- What does Vsquared Ventures invest in?
- Vsquared Ventures invests in early-stage deep-tech startups across space, robotics, new computing, energy transition, sensing, and synthetic biology. It is a generalist deep-tech firm rather than a water specialist; its water exposure comes through Earth-observation companies such as constellr, which monitors agricultural water use and crop stress from orbit.
- Is Vsquared Ventures a water investor?
- Not primarily. Vsquared Ventures is a Munich deep-tech fund whose portfolio is mostly space, computing, and robotics. (don't) Waste Water rates its water commitment Occasional, reflecting a single water-relevant holding, constellr, the satellite company that maps crop water stress and irrigation needs across farmland.
- Who runs Vsquared Ventures?
- Vsquared Ventures was founded in 2020 by Thomas Oehl, Herbert Mangesius, and Benedikt von Schoeler, who had invested together in deep tech since 2016. Thomas Oehl serves as Founder and Managing Partner, with Herbert Mangesius and Benedikt von Schoeler as co-founders and General Partner Lise Rechsteiner rounding out the senior team.
- Where is Vsquared Ventures based?
- Vsquared Ventures is based in Munich, Germany, and invests across Europe. The firm launched its first fund in 2020 and closed a €214 million second fund in 2024, giving it roughly $486 million in assets under management to back European deep-tech founders.
- How many water deals has Vsquared Ventures done?
- In the Leviathan database, Vsquared Ventures has one water-relevant portfolio company, constellr, backed across two funding rounds at Seed stage. The fund typically co-invests rather than leads, and its last tracked water deal was in 2023, which keeps its water-commitment rating at Occasional.