Berlin Startup Bunch Raises $35M for Private Markets Tech

Jan de Vries · 2026-05-19

A Berlin-based fintech startup is on a mission to drag Europe's private markets into the 21st century. Bunch has just closed a $35 million Series B funding round to scale its end-to-end platform for fund managers and institutional investors. The round was led by Portage, with participation from Illuminate Financial and significant follow-on investment from existing backers Motive Partners, Cherry Ventures, and Fintech Collective. Including this round, bunch has raised over $58 million total. ### Why Private Markets Need a Makeover Private markets are booming. Assets under management are expected to hit $32 trillion by 2030. But the tools fund managers use to run their operations haven't kept up. Spreadsheets, emails, and manual processes still dominate key workflows. Enrico Ohnemüller, co-founder and CEO of bunch, explains it simply: "GPs cannot scale on spreadsheet-era infrastructure." He's right. When you're managing funds across multiple European jurisdictions, each with its own regulatory quirks, the complexity adds up fast. Bunch was founded in 2021 by Levent Altunel and Enrico Ohnemüller to solve exactly this problem. The platform covers the entire fund lifecycle, from digital investor onboarding and capital calls to fund administration, accounting, and tax reporting.  ### What Makes Bunch Different? Most fintech solutions try to build around regulatory complexity. Bunch built from within it. The platform combines specialist expertise with proprietary software and AI-native systems to help fund managers scale across different countries, entities, and investor groups. Here's what the platform actually does: - Processes unstructured fund documents and extracts essential data - Maintains traceability back to original source documents - Ensures human oversight in critical workflows - Reduces manual tasks while preserving auditability and control It's not trying to replace people. It's making them more efficient.  ### Impressive Growth Numbers Bunch now supports over 150 fund managers and more than 12,000 limited partners across major European markets. That's not just a vanity metric either. As customers increasingly rely on the platform for live operations, the company's annual recurring revenue grew by 300% in 2025, with net revenue retention hitting 156%. Clients include FINVIA Family Office, Passion Capital, Hummingbird VC, Merantix, and Antler. The company has offices in Berlin, London, Amsterdam, and Luxembourg. ### What Investors See Helene Falchier, Partner at lead investor Portage, summed it up well: "Europe's regulatory environment is uniquely demanding. That headwind only intensifies as private markets scale. Enrico and Levent didn't build around this complexity, they built from within it." She added that this combination of regulatory depth and service understanding makes bunch "structurally defensible and hard to replicate from the outside." ### What's Next for Bunch? The company plans to use the new funding to accelerate commercial growth across Europe, deepen its automation and AI capabilities, and expand into new geographies, asset classes, and workflows. The goal is to become the backbone of private markets operations across the continent. With private wealth access to alternatives broadening through structures like ELTIF 2.0, fund managers are being asked to serve more investors, deliver more reporting, and manage greater complexity than ever before. Bunch is betting that its integrated platform will be the tool they need to do it. ### The Big Picture Private markets are entering a new phase of growth, but the operating infrastructure hasn't kept pace. Bunch is one of the startups trying to change that. If its growth trajectory is any indication, fund managers are ready for something better than spreadsheets. The $35 million Series B is a strong vote of confidence that bunch is on the right track.