Adjacent verticals at Halfmeyer Ventures

The short answer

Founders often ask whether a Berlin studio that lists four focus sectors will still read a fintech, climate, edtech, or proptech deck. For Halfmeyer Ventures, the answer is yes when the product is software-led and the link to health tech, AI, e-commerce, or automation is explicit.

• Focus sectors: health tech, AI, e-commerce, and automation remain the center of our underwriting.
• Adjacent fit: other verticals can work when software, data, or automation is the product core and the thesis ties to a focus sector.
• Ticket and stage: €25k–€200k at pre-seed and seed, with design, engineering, and GTM playbooks beyond the check when the engagement is investment.
• Path: cold pitch welcome; response within 48 hours.

This is our investment posture, not legal or regulatory advice for your vertical. For general criteria, see what we look for. For who we back across ticket and stage, see our Berlin pre-seed investor guide.

Focus sectors versus adjacent verticals

Focus sectors are where we publish deeper theses and where most of our portfolio signal sits. Adjacent verticals are labels that sit next to those theses. They are not an open “we invest in everything” mandate. We still need a software surface we can underwrite with studio support, and a clear sentence that connects your product to health tech, AI, e-commerce, or automation.

Example patterns that usually read as adjacent rather than off-thesis: payments or lending software that automates a buyer workflow (AI or automation); climate software that optimizes operations with data (automation or AI); edtech that ships a product surface with measurable learning outcomes (software-led, often AI-assisted); proptech that owns a workflow, not a listing board. The label is secondary. The product core is not. For the four focus theses, see health tech, AI, e-commerce, and automation.

Which adjacent verticals can fit

We explicitly consider adjacent verticals when the software, data, or automation core is real. The public list includes fintech, insurtech, proptech, climate and cleantech, edtech, agtech, foodtech, logistics, mobility, cybersecurity, HR tech, legal tech, regtech, martech, adtech, developer tools, life sciences, biotech, and medtech. That list is illustrative of where founders commonly ask, not a closed taxonomy that invents new Halfmeyer mandates.

Life sciences, biotech, and medtech can fit when there is a software, data, or automation surface we can underwrite at pre-seed or seed (for example clinical workflow software, decision support, or productized data infrastructure). A pure wet-lab or device-only plan without that surface is a different product and usually a pass for our investment path. For incorporation and jurisdiction when your entity sits outside Germany, see incorporation. For corporate or academic spin-outs with IP questions, see spin-outs.

The software, data, or automation bar

Adjacent fit fails when the vertical label is strong but the product is not software-led. We look for a product or prototype where software, data models, or automation owns a workflow, creates a repeatable buyer value, and can compound with design and engineering support. Spreadsheets plus a pitch narrative are not enough. A services wrapper around someone else’s API is weak unless you own the workflow and the differentiation.

Tie the bar to stage proof. At pre-seed we want a working product, prototype, or validated problem–solution fit. At seed we want clearer repeatability. Adjacent verticals do not get a lower bar. If metrics are thin, state what you validated and what this round will prove. For stage language, see what pre-seed means.

Clear passes

We typically pass on three patterns that founders sometimes bring as “adjacent”:

• Capital-intensive hardware-only or deep-tech without a software surface: devices, robotics, or lab hardware where the core bet is physical build-out without a productized software layer we can underwrite.
• Token-first or speculative crypto and Web3 models: products whose primary value depends on token economics or speculative on-chain narratives rather than a software product used for a real workflow.
• Pure listing marketplaces without a technology moat: classifieds-style inventory aggregation without software that owns matching, pricing, trust, or workflow depth.

These are investment passes for our €25k–€200k check, not judgments about whether those companies can raise elsewhere. Advisory or incubation may still be relevant if that is the engagement you want; name the model clearly. For how the four engagement paths differ, see invest vs incubate vs accelerate vs advisory.

B2B and B2C

We back both B2B and B2C when the software surface and sector tie are clear. Buyer type is not a hard filter. What matters is whether the product is category-defining technology in (or clearly adjacent to) our focus sectors, and whether operator support can compound from day one. Consumer products need the same stage proof and software depth as enterprise products. Do not assume B2C is out of scope, and do not assume B2B is automatic.

What to state in the deck

Adjacent pitches fail when founders hope we will infer the focus-sector link. In your first-pass deck, include:

• Sector fit sentence: which focus sector (health tech, AI, e-commerce, or automation) your product ties to, and how.
• What the software does: the workflow you own, the data or automation layer, and why it is not a services wrapper.
• Regulatory path (if any): state known constraints in plain language; we are not your counsel, but we need the disclosure.
• Traction: strongest signal at your stage (users, pilots, revenue, retention, or LOIs).
• Round terms: amount, use of funds, timing, and instrument inside a dilutive equity path.

Ten to fifteen slides covering team, problem and market, product or prototype, traction, business model, and round terms is enough for a first submission. Set the link to view-only for anyone with the link. For slide mechanics, see pitch deck expectations. For capital-stack fit (dilutive check; exclusive RBF or grant-only does not fit), see non-dilutive and RBF-only.

How to pitch an adjacent vertical

Submit at halfmeyer.tech/pitch. Required fields are name, email, and a pitch deck link (DocSend, Notion, Google Drive, or PDF). Company name is optional. Cold submissions are welcome; you do not need a warm introduction. Name the adjacent vertical, the focus-sector tie, and whether you want investment, incubation, acceleration, or advisory. We review every deck personally and respond within 48 hours.

Public track record we state for the entity: 20+ investments, 5.6× portfolio ROI, and 100+ products built. Selected public portfolio names include Doctario, Debtist, Fideus, Joy_, Papeer, vi Health, Urban Ray, mula., Morgen Health, Sunset, ClearStack, and Protocol Health. Use those as entity facts, not as a promise that every adjacent label closes. For the cold path end to end, see how to pitch Halfmeyer.

Submit your deck

If you are raising a pre-seed or seed round for a software-led product in an adjacent vertical that ties clearly to health tech, AI, e-commerce, or automation, and you want a Berlin venture studio that pairs a €25k–€200k check with design, engineering, and GTM support, submit your deck. Halfmeyer Ventures responds within 48 hours. If your product is hardware-only without a software surface, token-first crypto, or a pure listing marketplace without a technology moat, this investment door is not the right fit.