Cherry Ventures vs redalpine

Antler Study: Key Factors for German Startups' Series A Success

A new analysis by venture capital firm Antler reveals that only 24% of German startups successfully transition from Seed to Series A funding. The study, which examined 27,602 funding rounds from over 3,000 startups between 2015 and 2026, identifies five key factors that significantly increase the likelihood of reaching a Series A round: raising at least €2 million in the Seed round, having an institutional VC as lead investor, having at least three investors in the Seed round, having a Pre-Seed investor participate in the Seed round, and completing the Seed round within twelve months of the Pre-Seed. Startups meeting all five criteria achieve Series A in 51.1% of cases. The analysis also highlights the growing gap between new startup creations and follow-on financing, with 3,568 startups founded in 2025 but only 71 reaching Series A. Despite this, Germany's conversion rate of 18.9% for the 2022 cohort remains strong compared to other European markets.

• Only 24% of German startups successfully transition from Seed to Series A funding.
• Antler analyzed 27,602 funding rounds from over 3,000 startups between 2015 and 2026.
• Startups meeting all five key criteria reach Series A in 51.1% of cases.

Cherry Ventures leads €6M round in Marble Imaging

Cherry Ventures announced on November 9, 2026, that it is leading a €6 million funding round in Marble Imaging, a European startup building a commercial constellation of very-high-resolution (VHR) satellites and an AI analytics platform. The round brings Marble's total seed funding to €11.3 million. The new capital will accelerate satellite and launch procurement, targeting 30 satellites by 2030, with the first satellite, Marble Sat-1, scheduled to launch in early 2027. The investment aims to provide Europe with sovereign access to VHR satellite imagery for defense, civil security, and commercial intelligence, reducing reliance on non-European providers.

• Cherry Ventures leads a €6M round in Marble Imaging, bringing total seed funding to €11.3M.
• Marble Imaging is building one of Europe's first commercial very-high-resolution (VHR) satellite constellations.
• The first satellite, Marble Sat-1, is fully funded, has completed pre-flight testing, and is scheduled to launch in early 2027.

Tano Raises $4M to Transform Influencer Marketing

Tano, a creator advertising platform, has raised $4 million in seed funding led by Cherry Ventures, bringing its total funding to $5 million with prior backing from Seedcamp and The Players Fund. Founded by Will Caplan and Sagar Shah, Tano uses AI agents combined with human creator strategists to help brands manage creator partnerships at scale. The platform automates creator recruitment, product seeding, communication, payments, and performance measurement, enabling brands to run campaigns across thousands of creator relationships. It also leverages campaign performance data to improve creator selection and engagement, and through tracking links and commerce integrations, brands can measure the direct impact on sales. The fresh capital will be used to hire additional engineers and creator strategists to further develop the platform, aiming to make influencer marketing a more scalable and measurable advertising channel, akin to investing in Meta or Google.

• Tano raised $4 million in a seed funding round led by Cherry Ventures, bringing total funding to $5 million.
• The company was founded by Will Caplan and Sagar Shah.
• Tano's platform uses AI agents and creator strategists to manage creator partnerships.

Swiss VC Redalpine Raises $250 Million for A.I., Robotics and Biotech

Zurich-based venture capital firm Redalpine has closed its eighth early-stage fund, Redalpine Capital VIII (RAC VIII), at $250 million (approximately €225 million), its largest early-stage fund to date. The fund was oversubscribed, attracting both returning and new investors, including Aviva Investors, Flexstone Partners, and German development bank KfW. RAC VIII is 25% larger than its predecessor, which closed at $200 million in 2024, and will invest in 15-20 European startups at seed to Series A stages, with ticket sizes ranging from $1-15 million. Focus areas include AI, robotics, and biotech, with an emphasis on AI for drug discovery. Initial investments include Enact Intelligence, Helical, and Arlequin AI. Redalpine now manages over $1.4 billion in assets and has backed companies such as Mistral, N26, and Proxima Fusion. Managing Partner Sebastian Becker highlighted AI's potential to empower European founders, signaling a return of confidence in the region's ecosystem.

• Redalpine closed its eighth early-stage fund, RAC VIII, at $250 million (≈ €225 million), its largest to date.
• The fund was oversubscribed and is 25% larger than its predecessor, which raised $200 million in 2024.
• RAC VIII will invest in 15-20 European startups at seed to Series A, with checks of $1-15 million, focusing on AI, robotics, and biotech.

Calliora raises $6M for AI hospital billing accuracy

Munich-based startup calliora has raised $6 million (approx. €5.1 million) in a pre-seed round led by Bertelsmann Healthcare Investments (BHI) and Swiss VC redalpine. The company's AI platform helps hospitals find billing errors before invoices are sent to health insurers. This comes as German hospitals face stricter audit quotas from 2027 under the GKV contribution rate stabilization law, where high error rates could lead to 100% of invoices being audited. The platform integrates with existing hospital systems, covering coding, case review, MD audit management, and controlling. According to calliora, the platform is already in regular operation in hospitals across five German states, reducing per-case workload by over half and closing more than 90% of identified gaps before billing. The funds will be used to grow the AI, engineering, and product teams. The startup was founded in 2023 by Frederik Träuble and Jonas Wildberger.

• calliora raised $6 million (€5.1 million) in a pre-seed round led by Bertelsmann Healthcare Investments and redalpine.
• The startup's AI platform detects billing errors in hospitals before invoices are sent to insurers.
• From 2027, German hospitals face higher audit quotas up to 100% under the GKV contribution rate stabilization law.

A market that punishes narrative and rewards fundamentals: our current market view

Redalpine published a new market view article on September 29, 2026, discussing the current market dynamics.