bunch is Replacing Legacy Fund Operations with AI-Native Private Markets Infrastructure

bunch, building the Backbone for Private Markets, led by Levent Altunel, Enrico Ohnemüller, and the team, has announced the close of its $35 million Series B, led by Portage, with participation from Illuminate Financial, significant follow-on investment from existing investors Motive Partners, Cherry Ventures, Fintech Collective, and additional angel investors.

The funding will be used to accelerate commercial growth across Europe, deepen automation and AI capabilities, and expand the platform into new geographies, asset classes, and operational workflows.

The investment comes as private markets enter a new phase of growth and operational pressure, with assets under management expected to reach $32 trillion by 2030 and initiatives like ELTIF 2.0 expanding access to alternatives.

As fund managers face increasing demands for reporting, investor servicing, and complexity, many core workflows remain reliant on spreadsheets, email, and manual processes that have not kept pace with the industry’s evolution.

bunch is disrupting legacy fund operations by providing an integrated digital operating layer for PE and VC fund managers across the full fund lifecycle.

Built in Europe for complex, multi-jurisdictional private markets, the platform combines domain expertise, proprietary software, and AI-native infrastructure to help managers scale across jurisdictions, entities, investor groups, and regulatory requirements. It can ingest unstructured fund documents, extract and structure key data with full traceability, and reduce manual work while preserving auditability and human oversight in critical workflows.

bunch now supports over 150 fund managers and 12,000+ LPs across major European jurisdictions.

The company has grown ARR by 300% in 2025 with 156% net revenue retention, and works with firms including FINVIA Family Office, Passion Capital, Hummingbird VC, Merantix, Tiny Supercomputer, Redstone, and Antler. With the latest round, bunch has raised over $58 million in total, positioning it among Europe’s best-capitalised private fund operations platforms.

“Private markets are entering a new phase of growth, but the underlying operating infrastructure has not kept pace,” said Enrico Ohnemüller, Co-Founder & CEO of bunch. “General partners cannot scale on spreadsheet-era systems. We built bunch as a single platform for the full fund lifecycle, designed for the complexity of operating across multiple European jurisdictions. This funding allows us to further deepen that model and modernize private markets infrastructure.”

bunch will use the new funding to expand its commercial footprint across key European markets, including Germany, the UK, and Luxembourg, while accelerating its go-to-market strategy.

The company will also invest in product and technology development, deepening automation and AI-native workflows across capital calls, compliance, distributions, and reporting, alongside organisational scaling to support broader fund operations across additional asset classes and jurisdictions.

“Portage invests in financial infrastructure that becomes structurally necessary as markets grow,” said Hélène Falchier, Partner at Portage. “bunch has built exactly that. Europe’s regulatory environment is uniquely demanding, and that complexity only increases as private markets scale. The founders built from within this environment, combining regulatory depth and service understanding, which makes the company structurally defensible and difficult to replicate.”

“Private markets are scaling faster than the infrastructure supporting them,” said Konstantin Koenig, Principal at Illuminate Financial. “That gap creates both operational risk and opportunity, and bunch sits at the intersection of both. The team has the fund-operations depth and execution speed needed to build the operating system for the next generation of European private capital.”