Dirk Rudolf, as the founder of a number of B2B startups, has a track record marked by some notable exits: Sofort AG was sold to Klarna in 2014, and Fintecsystems was sold to Tink in 2021, which was then acquired by Visa a few weeks later. Both deals are reported to have achieved valuations exceeding 100 million euros, and both are among the few success stories in open banking.

After a brief transition period, Dirk Rudolf took some time off to travel and clear his mind. „I've been a founder since I was 17 – it was really nice to have some proper leisure time“, Rudolf said in an interview with Börsen-Zeitung. He has remained loyal to his home region in Central Hesse near Gießen and has now, together with two partners, launched a new project based on the roots of the founders.

„Together with Noel Zeh and Lukas Bennemann, whom I know from business connections, we have established Wunderland Capital as a fund of funds that invests in European venture funds," he explains. "The target funds are primarily those focused on B2B tech. By the end of 2025, the fund of funds is expected to be filled with 150 million euros, with an initial closing just completed at 50 million euros with a single anchor investor.“

The target investor base is primarily institutional investors, including pension funds, who can gain access to venture capital returns and innovation know-how through a fund of funds concept. They can avoid the regulatory setup associated with direct investments, while anticipating returns well above industry norms. Additionally, Wunderland aims to engage successful founders and family offices in fundraising, with founders also serving as a multiplying factor in fund selection, due to their experience with various VCs.

The fund selection process at Wunderland Capital has begun, initially through a data filter. There are around 2,500 investable funds in Europe. After preliminary analysis, discussions will be held with potential target funds. „In the end, this could lead to 25 investments in VC funds, each holding up to 25 investments. This would indirectly represent around 500 investments, offering a broad spectrum.“

The fund of funds concept for private market investments is gaining popularity. Equation has been pursuing such a concept since 2020, and positions itself as a tech companion for the venture scene. In April, Nico Rosberg launched a similar fund of funds vehicle aimed at family entrepreneurs, seeking to raise 75 million euros.

There is ample space for all fund of funds providers, with their various areas of focus. Funding for startups and returns for VC funds are currently in a sluggish phase, which can be the right time for counter-cyclical action.

„When we founded Fintecsystems, there was no strong enthusiasm for this sector," says Rudolf. "As we quietly reached milestone after milestone, it was a good time for an exit. You can never really time it perfectly, but you understand how these cycles of hype and disappointment work.“

The three founders of Wunderland Capital benefit from their complementary skills in fund selection. Noel Zeh is a venture investor who invested in Fintecsystems through the investment firm Littlerock, later joined the family office „Reimann Investors“, and was a partner at the Alstin venture fund of Carsten Maschmeyer. He worked with the third Wunderland partner, Lukas Bennemann, at Alstin. Both left mid-2023 and decided to build something of their own with Dirk Rudolf, who knows how founders think, and how to approach the software sector.

With this setup, Wunderland Capital has a comprehensive view of the scene, from investment banking and venture partner experience to the „daily grind“ of a founder. All the necessary strategic experience is in place.

„I believe we are well-equipped to assemble a perfect investment mix. We will also focus on minimizing concentration risks, ensuring that the target funds do not have too many co-investments with each other," says Rudolf. "In addition to data-driven benchmarking, gut feeling in discussions with fund managers will help in deciding whether to invest. Initial conversations have already been started.“