Heartcore Capital is a Copenhagen-based venture capital firm focused on consumer internet and technology companies across Europe. Founded in the early 2010s, the firm operates primarily from Denmark but backs startups across Northern and Western Europe. Its investment thesis centres on consumer-facing digital products – platforms, marketplaces, and software businesses with strong network effects and broad retail appeal.
The firm is relatively small by global VC standards, running concentrated portfolios rather than spreading capital across dozens of early-stage bets. Its entry into Web3 and digital-asset infrastructure reflects a broader trend among European consumer-tech funds that began allocating to crypto-adjacent categories after 2020 – particularly projects touching payments, identity, and consumer wallet infrastructure. With seven recorded crypto-related investments and a retail return index of 0.53, Heartcore's digital-asset track record is modest compared to dedicated crypto-native funds.
Public information about Heartcore Capital's total assets under management is limited. The firm has not published AUM figures in recent years, and no regulatory filings with disclosed fund sizes are available in public databases.
Notable investments
- Vivino – the world's largest wine marketplace, one of Heartcore's most cited consumer portfolio companies
- Trustpilot – the Danish consumer review platform that listed on the London Stock Exchange in 2021
- Additional crypto-adjacent investments are recorded in deal databases, though specific project names and deal terms are not publicly confirmed by the firm
Public information about the specific crypto and Web3 projects within Heartcore's seven-deal digital-asset portfolio is limited. The firm has not issued detailed press releases for most of these positions.
Team
Public information about Heartcore Capital's current managing partners and investment team is limited in the context of their crypto activities. The firm has historically operated with a small partnership structure typical of Scandinavian consumer-tech funds. No individual partners are publicly credited with leading the firm's digital-asset allocation strategy in verified sources.
Recent activity
Between 2024 and early 2026, Heartcore Capital has not announced significant new crypto or Web3 investments through press channels. The firm's public communications have focused on its traditional consumer technology portfolio rather than digital assets. Whether this reflects a pause in crypto allocation or simply a quiet deployment strategy is not clear from available public information.
Heartcore Capital remains an active consumer technology investor in Europe, with a credible track record anchored by exits like Trustpilot and growth-stage positions in companies like Vivino. Its crypto exposure appears to be a secondary allocation rather than a core strategy. For investors tracking European VC activity in digital assets, Heartcore is worth monitoring – but its limited public disclosure on crypto positions makes detailed due diligence difficult without direct engagement with the firm. More information is available through Crunchbase.
