Berlin-based Bunch raises $35M Series B to automate European fund administration, replacing spreadsheets with AI-native tools across 12,000 LPs.
Bunch, a Berlin-based fintech, has raised $35 million in Series B funding to automate fund operations for over 150 managers across Europe, filling a gap left by US competitors like Carta and Juniper Square.
European private markets have long suffered from fragmented, manual processes. Bunch, a Berlin-based startup, aims to change that with a unified operating layer for fund managers. The company announced a $35 million Series B round led by Portage, Illuminate Financial, and existing investors, bringing total funding to over $58 million.
Why Europe needs its own fund admin platform
Unlike the US, where Carta and Juniper Square dominate, Europe’s regulatory complexity, multiple languages, and cross-border fund structures like ELTIFs demand a tailored solution. Bunch’s platform handles everything from investor onboarding to tax reporting, using AI to process unstructured documents and maintain full traceability. Co-founder Enrico Ohnemüller told Tech Funding News: ‘We are building the operating system for European private markets.’
The results speak for themselves: 300% ARR growth in 2025, 156% net revenue retention, and a client base including Passion Capital, Hummingbird VC, and Antler. The platform now supports over 150 fund managers and 12,000 LPs across the continent.
AI-native automation as a competitive edge
Bunch’s AI-native approach automates document processing, compliance checks, and capital call workflows, reducing operational costs significantly. Hélène Falchier of Portage commented: ‘Bunch’s AI-native approach is perfectly suited for the fragmented European landscape.’ Unlike US platforms that require extensive customization for each jurisdiction, Bunch’s system is built from the ground up for European multi-jurisdictional needs.
The company plans to expand across Germany, the UK, and Luxembourg, deepening automation in compliance and capital call processes. With the European private equity and venture capital markets growing rapidly, demand for robust infrastructure is only increasing.
Historical context and competitive landscape
To understand Bunch’s significance, it helps to look at the evolution of fund administration. In the US, Carta and Juniper Square grew on the back of a relatively homogeneous market, raising billions in valuation. Juniper Square’s 2021 valuation reached $1.1 billion, but neither platform was designed for Europe’s patchwork of regulations. Similarly, earlier European fintechs like Funderbeam and Ledgy focused on narrow aspects of cap table management, leaving a gap in full lifecycle administration.
Looking at past patterns, the rise of ELTIFs (European Long-Term Investment Funds) mirrors the growth of REITs in the US in the 1990s, which drove demand for specialized administration. Bunch’s timing coincides with this regulatory push, positioning it as a key infrastructure layer for the next wave of European institutional investing. As the continent’s private markets mature, automation platforms like Bunch are not just convenient—they are becoming essential for scalability and compliance.
