A credible CVC does not have to start with a traditional fund structure. Haufe Group Ventures built its model around an evergreen balance-sheet setup, a lean team and a clear mandate, proving the approach through deals rather than a large fund launch.
In this episode, Andreas Munk Holm and Jeppe Høier speak with Jasper Roll, Managing Director at Haufe Group Ventures, about how he helped build the venture arm of a family-owned German software company from the ground up.
Jasper explains how Haufe combines direct investments, venture building and, more recently, LP investing, why the team deliberately started small and how three investors have completed more than 20 deals, including follow-ons.
He also shares why early-stage CVCs need a clear portfolio strategy, enough commitment to build it properly and the discipline to walk away when valuations or deal dynamics do not fit the model.
The conversation also explores how Haufe manages expectations around venture timelines and failures, how a young CVC builds credibility with founders and other investors and why Jasper believes corporates can no longer rely on innovation happening entirely within their own walls.
Highlights
How to build a credible CVC without a traditional fund structure
Why Haufe deliberately started with a lean setup
How direct investing, venture building and LP investing work together
How a three-person investment team has completed more than 20 deals
Why CVCs need conviction before committing capital
Why saying no can be harder than saying yes
How to manage internal expectations around failures and long-term returns
How young CVCs build credibility with founders and investors
Why corporates need to engage with innovation beyond their own walls
Timestamps
(00:00) Intro
(02:00) From startup operator to building Haufe Group Ventures
(04:00) Designing Haufe’s corporate venturing model
(09:00) AI, SaaS and the new moats in software
(16:00) How a three-person team completed 20+ deals
(24:00) Navigating inflated AI rounds and knowing when to say no
(28:00) Building credibility and deal flow as a young CVC
(34:00) Managing failures, returns and internal expectations
(40:00) What European corporates should learn from the Mittelstand
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