Europe’s startup ecosystem is entering a new era. While headlines often focus on unicorn valuations and mega rounds, there is a deeper transformation taking place in how startups are funded and supported. Capital is no longer just about size. Increasingly, it is about alignment, strategy, and long-term value.
At the centre of this shift are two key groups of investors that have traditionally operated behind the scenes: Family Offices and Fund of Funds (FoFs). While Family Offices have traditionally been labelled as “quiet capital” for their discreet, low-profile investment style, that narrative is rapidly shifting. Today, both are becoming essential partners in the European innovation landscape. They are moving from the sidelines into active roles, shaping fund strategies, backing emerging managers, and helping founders scale across borders. Together, they’re powering a new wave of innovation across the continent.
Family Offices: From Discreet backers to strategic partners
Family offices, private firms managing the wealth of high-net-worth families, have long been a source of patient, flexible capital. Historically, their investments leaned towards real estate or public equities, but the last decade has seen a dramatic shift. According to PwC’s Family Office Startup Deal Study, family office investments in European startups surged by nearly 49% in deal count and almost tripled in value to $158.8 billion in 2021 alone. This surge is not just about volume: the median ticket size has more than tripled since 2012, reflecting a growing appetite for later-stage, higher-impact deals.
Several factors are driving this momentum:
- Generational change: Younger family members are increasingly at the helm, bringing startup experience and a taste for innovation.
- Long-term vision: Family offices are less constrained by short-term exit timelines, enabling founders to pursue sustainable growth.
- Strategic flexibility: Without the regulatory hurdles of institutional funds, family offices can move quickly and align investments with family values, whether that’s climate tech, health, or deep tech.
In Central and Eastern Europe (CEE), the rise of family offices is reshaping the region’s investment landscape. Traditionally, wealth in CEE is relatively new, much of it created after 1989, but it is maturing rapidly, and so is the way it is managed. Single Family Offices (SFOs) and Multi-Family Offices (MFOs) are proliferating, offering tailored structures for capital allocation, tax strategy, philanthropy, and succession planning. What is unique in CEE is that many family offices operate with leaner portfolios, often between €5 million and €20 million, yet they punch above their weight by leveraging deep local knowledge and strong cross-border networks.
This new generation of family offices is not just investing locally; they are actively building “Central European champions” by deploying capital regionally and across Western Europe. They frequently co-invest with private equity houses and international partners, bringing their expertise and connections to the table. A prime example is Czech businessman Daniel Křetínský, whose family office has acquired strategic stakes in companies across the UK, France, and Germany, as well as energy assets throughout Europe. This trend reflects a broader shift: family offices in CEE are evolving from small, family-owned businesses into sophisticated investment conglomerates, serving as vehicles for channelling wealth into high-growth assets and fostering cross-border collaboration.
Moreover, favourable legislative changes, such as the Polish Family Foundation Act, have accelerated the creation of family offices and family foundations, further boosting their role as both local partners and international co-investors. Their growing prominence is not only redefining the region’s M&A market but also fostering a more interconnected, innovative, and resilient European startup ecosystem
Fund of Funds: Building the Foundations of European VC
While family offices are increasingly visible on cap tables, Fund of Funds (FoFs) play a “maybe quieter” but equally vital role. By investing in a range of venture capital funds, FoFs amplify their impact, support emerging managers, diversify risk, and ensure a steady pipeline of capital for startups at all stages.
FoFs are particularly important in Europe, where the venture ecosystem is still maturing compared to the United States. Their willingness to back first-time or specialist funds helps professionalise the market and introduces new expertise and networks. As the economic climate becomes more challenging, this institutional backbone is essential for maintaining momentum in startup funding.
Impact, Diversification, and the Road Ahead
The rise of impact investing is another area where family offices and FoFs are leading the charge. According to BlackRock’s 2025 Global Family Office Survey, nearly one-third of family offices plan to increase allocations to private credit and infrastructure, with a growing focus on sustainability and impact. Platforms such as Dealflow.eu are helping to bridge the gap between capital and innovation, enabling family offices and fund of funds to discover EU-vetted startups, build trust, and align with founders who are driving Europe’s next wave of growth.
“The private markets have grown considerably over the years. Today, 87% of U.S. companies with more than $100 million in revenue are private, while just 13% are public. As a result, family offices around the world have been building more sophisticated private market investing programs,” said Edouard Thijssen, Founder at Trusted Family and NextGen member of the family behind the Aliaxis Group.
Where Europe’s Next Big Ideas Meet Their Champions
Europe’s startup scene is evolving at breakneck speed, and the lines between capital providers and strategic partners are becoming increasingly blurred. Family offices and fund of funds are no longer content to sit on the sidelines. They are actively shaping the next wave of European innovation, bringing not just capital but long-term vision, specialist expertise, and a genuine commitment to building lasting value.
For founders, fund managers, and investors looking to engage with this dynamic capital, the need to connect has never been more critical. The upcoming Ventures.eu Forum will bring together the continent’s most forward-thinking family offices, fund of funds, and venture capitalists.
Taking place on 23 September at the Château de Beloeil in Belgium, the forum offers a unique opportunity to forge new partnerships, exchange insights, and help shape the future of European tech. If you are ready to join the conversation shaping tomorrow’s unicorns, this is where you need to be!
