Berlin-based bunch has raised $35 million in a Series B round to modernise private fund operations across Europe, where the infrastructure behind private equity and venture capital funds remains heavily dependent on spreadsheets, fragmented software and manual reporting. The round was led by Portage, with participation from Illuminate Financial alongside existing investors Motive Partners, Cherry Ventures and Fintech Collective, bringing total funding to more than $58 million.
Funding and expansion plans
The new capital will be used to accelerate commercial growth across Germany, the UK and Luxembourg, while deepening automation and AI capabilities in compliance, reporting and capital call workflows. Bunch also plans to expand into new geographies, asset classes and operational workflows. The company operates from offices in Berlin, London, Amsterdam and Luxembourg.
Founded in 2021 by Levent Altunel and Enrico Ohnemüller, bunch built a single operating layer covering the entire fund lifecycle: investor onboarding, capital calls, fund administration, accounting, compliance, distributions and tax reporting. The platform processes unstructured fund documents, extracts data, structures it into workflows and maintains traceability back to original source files. Ohnemüller said: “Private markets are growing rapidly, but the infrastructure behind them still relies on outdated systems. We built bunch to help fund managers scale across Europe with a single platform combining specialist expertise, software and AI-native systems. This funding will help us further modernise private markets operations.”
Growth metrics and client base
The numbers back the demand. In 2025, bunch grew annual recurring revenue (ARR) by 300 per cent and achieved net revenue retention of 156 per cent as fund managers moved away from spreadsheets and manual workflows. The company now works with more than 150 fund managers and 12,000 limited partners (LPs) across Europe, including Passion Capital, Hummingbird VC, Antler and Redstone. Prior to this Series B, bunch had raised approximately $23 million in earlier rounds, reflecting steady investor confidence from Motive Partners, Cherry Ventures and Fintech Collective. Cherry Ventures, a Berlin-based early-stage VC, typically invests between €500,000 and €5 million in European startups with a focus on fintech and SaaS; Fintech Collective, headquartered in New York, backs early-stage fintech companies globally.
The strong growth comes amid a wider shift in fund administration and operations, with technology-driven solutions replacing manual processes and spreadsheets. Hybrid operating models that combine internal expertise with outsourced services are also gaining traction. The broader FinTech landscape in Europe is reshaping fund management through automation, AI, RegTech and digital platforms, driving efficiency, cost reduction and transparency. Compliance automation software has become essential as firms grapple with regulations such as GDPR, DORA, NIS2 and the EU AI Act.
European advantage over US competitors
The competition is US-built and largely US-focused. Carta dominates cap table management stateside, while Juniper Square closed a $130 million Series D in June 2025 at a $1.1 billion valuation. Allvue Systems also operates in fund administration and investor operations. None were designed for Europe’s cross-border fund structures, ELTIF-driven expansion or regulatory complexity — the gap bunch is building into.
Bunch positions itself as a Europe-first platform built specifically for the region’s demanding regulatory environment, which includes the reformed European Long-Term Investment Funds (ELTIF 2.0) regulations that came into force in January 2024. ELTIF 2.0 aims to channel capital into long-term projects and the real economy while making private markets more accessible to retail investors. That trend is increasing demand for scalable digital infrastructure to manage expanding investor bases and complex fund structures. The platform is also designed to handle cross-border fund structures that are common across European jurisdictions, a challenge US competitors have been slow to address.
Hélène Falchier, Partner at Portage, said: “Portage invests in financial infrastructure that becomes structurally necessary as markets grow. bunch has built exactly that. 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. That combination of regulatory depth and service understanding is what makes bunch structurally defensible, and hard to replicate from the outside.” The private markets sector is itself expanding rapidly, with industry forecasts suggesting assets under management could reach $32 trillion by 2030, putting further operational pressure on fund managers and underscoring the need for modern, automated infrastructure.
