Private market fund managers have been running operations on email threads, spreadsheets, and manual data entry for years. bunch, a Berlin-based FinTech startup, is building the platform to replace all of that. The company just closed a $35 million Series B funding round led by Portage, bringing its total raised to over $58 million.
This round is not about validating a concept. bunch already has real numbers behind it.
The Numbers Tell it:
bunch grew its ARR by 300% in 2025 and hit a net revenue retention rate of 156%. It now serves over 150 asset managers and 12,000 limited partners. An NRR above 100% means existing customers are expanding their usage, not just renewing.
Global assets under management in private markets are expected to reach around 32 trillion dollars by 2030. That’s the size of the market bunch that is building infrastructure for.
What bunch Actually Does:
The platform handles digital investor onboarding, capital calls, fund administration, and tax reporting. It’s specifically designed to process unstructured fund documentation, extracting relevant data in a traceable way with human oversight built in.
The platform covers capital calls, compliance, reporting, and distributions, and is specifically designed to meet the regulatory requirements of European markets. Fund managers who have historically relied on legacy service providers can run these workflows on a single integrated system instead.
Who is Using it:
Customers include FINVIA, Passion Capital, Hummingbird Ventures, Merantix, and Antler, among other European investment firms. These are established names across venture and private equity, not early adopters taking a gamble on unproven software.
bunch is based in Berlin, with offices in London, Amsterdam, and Luxembourg. Its multi-jurisdictional presence reflects the regulatory complexity it’s been built to handle across European markets.
Where the Capital Goes:
The FinTech bunch plans to invest in three key areas with this funding: expanding commercial reach in core European markets such as Germany, the UK, and Luxembourg; further development of AI-powered automation for fund operations; and building a scalable operating model for additional asset classes and jurisdictions.
The round was led by Portage, with participation from Illuminate Financial, and significant follow-on investment from existing investors Motive Partners, Cherry Ventures, and Fintech Collective, along with additional angel investors. The fact that existing investors returned with meaningful follow-on checks is worth noting for founders evaluating AI fund administration tools.
The Broader Context:
The private markets infrastructure conversation has been heating up across Europe. Fund managers scaling beyond a few dozen LPs quickly run into operational ceilings when their back office is still manual. This is exactly the problem bunch is solving, and its growth metrics suggest the market agrees.
bunch’s CEO Enrico Ohnemüller noted that private markets are entering a new phase of growth, but the operating infrastructure behind them hasn’t kept pace. The platform bunch that has been built is the direct response to that gap.
