Lena Hinkelmann covers the German-speaking region on Balderton Capital’s Growth team. Her focus is on AI software and deeptech, particularly aerospace and defense technology. At Bits & Pretzels 2026, she talks with Munich Startup about her investment criteria, a special drone flight, and Munich’s engineering talent.
Munich Startup: Lena, please introduce yourself briefly. What do you do at Balderton?
Lena Hinkelmann, VC Growth Investor at Balderton Capital: I am responsible for the DACH region for Balderton’s growth team and focus on companies from Series B onwards. I spend a lot of time on AI software and deep tech, including many space and defense topics. The companies whose deals I’ve been involved in include, for example, The Exploration Company and Quantum Systems from the Munich area, as well as Dash0.
Munich Startup: What does a company need to bring to the table to catch your attention?
Lena Hinkelmann: For me personally, the founder’s personality comes first. That includes great ambition, a mission that inspires the team and investors, and a healthy dose of resilience.
I still remember our first meeting with Hélène Huby from The Exploration Company very well. We took a look at the premises outside of Munich and walked away with the feeling that a huge mission was taking shape there. She completely captivated us with her idea. When I leave a meeting that inspired, I know: This is an investment opportunity I want to take a closer look at.
When a drone flight suddenly gets your heart racing
Munich Startup: Which encounter with a founding team has stuck with you the most?
Lena Hinkelmann: Our first test flight with the drones from Quantum Systems. We were in a large field near Gilching and first had to wait until the airspace was cleared for us. After that, we were allowed to launch the drones ourselves and actually fly them.
That was a really cool moment and reminded me of remote-controlled airplanes from my childhood. It was completely carefree fun—right up until the founder briefly reminded us that the drones cost several hundred thousand euros. That definitely got our pulses racing a bit. I’ll remember that day for a long time.
Munich Startup: Do companies approach you, or do you actively reach out to them?
Lena Hinkelmann: It’s a mix. However, companies that are making great progress and are particularly exciting attract a lot of attention from investors. That’s why I’m more often in a position where I reach out to a company myself and initiate a dialogue.
Balderton invests across various development stages: from very early pre-seed and seed rounds all the way to the pre-IPO stage. As a result, we as a firm often already have a relationship with a company from earlier financing rounds. That makes the exchange much easier compared to coming in completely new at Series B.
Munich Startup: What was the largest amount you’ve invested so far?
Lena Hinkelmann: We can’t disclose exact figures for individual investments. Typically, though, our investments span a range from 1 million to 100 million.
“Is this actually a real job?”
Munich Startup: How did you become an investor?
Lena Hinkelmann: I studied at WHU, where I had a lot of touchpoints with entrepreneurship right from the first semester. After graduating, I did an internship at General Atlantic in Munich, an American growth equity investor.
I still remember thinking back then: Is this actually a real job? You spend your day talking to exciting founders and companies and getting to know new industries. You can say: I believe in the space market. Then you do research, develop hypotheses, and define what you find exciting and why.
That was a formative experience. After that, it was clear to me that I wanted to work in this field. After a year in banking, the opportunity arose to return to General Atlantic. There, the focus was on later growth stages.
Later, the opportunity arose to join Balderton in London and focus more on venture growth, especially Series B and Series C investments. In this phase, companies are often dealing with internationalization and major scaling milestones. That is exactly the space I want to work in.
Munich Startup: Is there such a thing as a typical workday for you?
Lena Hinkelmann: Not really. My work is divided across three core areas. The first is sourcing exciting new investments. I can take a geographical approach and look at which interesting companies are developing across the DACH region. Or I can focus specifically on a sector, such as space, defense, or energy, develop investment theses, and look for companies that fit them.
The second area is portfolio work. We support companies we have already invested in and assist them with various topics.
The third area consists of actual investment processes. That is when we conduct thorough due diligence on a company and prepare the decision for the internal investment committee. When an investment becomes very likely, I might set other tasks aside for a few days and focus entirely on that. In other phases, I am more heavily involved in sourcing, traveling to Munich, Zurich, or Berlin, and meeting founders.
Lena Hinkelmann is a VC Growth Investor at Balderton Capital in London, covering the DACH region. She focuses on growth financing from Series B onward, particularly in the areas of AI software, space, and defense tech. Her investment track record includes Quantum Systems and The Exploration Company, among others. Prior to that, the WHU graduate worked at General Atlantic and Goldman Sachs.
Signing Is Just the Beginning
Munich Startup: What does the moment an investment is signed mean? Is it the conclusion of a long process?
Lena Hinkelmann: For me, it feels less like a conclusion and more like a fresh start. That’s when the real work actually begins. You embark on a joint journey with a founding team for the next five to ten years. That is one of the most exciting moments: knowing that you will be able to closely accompany this company and its development over the coming years.
Munich Startup: Which industries are you particularly focused on?
Lena Hinkelmann: I am a generalist investor and Balderton is a generalist fund. Personally, though, I spend a lot of time on AI software and deep tech. Within deep tech, that’s space and defense in particular, but also energy, robotics, and other fields.
Munich Startup: Which company do you currently find particularly exciting?
Lena Hinkelmann: For me, that’s The Exploration Company. It’s impressive what the team has achieved since our initial investment. In the beginning, it was a comparatively small team near Munich. A tremendous amount has developed since then.
With its space capsule and ambitions for reusable space technology, the company is pursuing a mission that is strategically vital for Europe. Accompanying precisely this journey over several years is what I find particularly exciting.
Munich should celebrate its strengths, too
Munich Startup: How can founders get in touch with you?
Lena Hinkelmann: Just write to me – on LinkedIn or by email. You can also meet many founders at events like Bits & Pretzels. Conversations often happen spontaneously in the hallway there: you recognize someone, know the company, and strike up a chat.
Munich Startup: Is there anything else you’d like to add in closing?
Lena Hinkelmann: It’s great to see how the Munich ecosystem is evolving. I’ve been in the investment industry for almost six years. Even in that time, a lot has happened here, especially in hardware, defense, space, and energy.
Whenever I’m in Munich, I’m delighted to see the progress being made and how much technical talent we have in Germany. We should celebrate that too. We often talk about what isn’t working in Europe, even though so much is already going right.
