PITCH & PEOPLE Folge 42: Katja Ruhnke
Why do even experienced investors fail? For Katja Ruhnke from CK Ventures, it’s part of the business. In the Pitch & People video cast, the entrepreneur and business angel talks about why she continues to invest despite this, why people matter more to her than the idea, and why impact takes precedence over quick exits for her.
Anyone who invests in startups needs courage and a willingness to get things wrong. Katja Ruhnke knows this from personal experience. The entrepreneur, business angel, and partner at CK Ventures has been investing in young companies since 2019. Today her portfolio includes more than 20 startups. The fact that not every decision works out is part of the business for her. “Even the best investors miss,” she says in the Pitch & People video cast. What matters is learning from mistakes and maintaining an eye for extraordinary founders in the long term.
Getting into the startup world was never planned. Originally, Ruhnke performed as a musical theater actress, produced her own theater productions, and later worked in the family business. It wasn’t until 2019 that a friend took her to a startup conference – a visit that completely changed her career path.
“I sat there with wide eyes and my mouth open and said: This is my thing. I called my sister and said: ‘Conny, we’re going to be business angels now. You have no idea what I’ve seen here.'”
At that very conference, the sisters invested in their first startup – Blackwave from Taufkirchen. In hindsight, Ruhnke calls the investment a “lucky shot.” Today the company is one of her successful portfolio companies.
Startups give hope
What fascinated Ruhnke back then was less the prospect of returns than what she saw on the stage of the pitch event: founders developing solutions to real problems.
While news is often dominated by crises, conflicts, or climate change, she suddenly encountered people at startup events who were tackling these very challenges. This change of perspective has shaped her investment strategy to this day.
“I simply have hope because there are so many wonderful people out there. For many problems, solutions already exist. They just need to be brought to market; they need networks, capital, and support.”
That’s why Ruhnke and her sister invest exclusively in companies that, in their view, “make the world a little better.” Whether greentech, healthtech, care, or industrial innovation – what matters is not the industry, but the social value added.
People matter more than the product
When selecting new investments, Ruhnke therefore looks not only at market potential or technology – the personality of the founders is equally important to her.
Her time on stage helps her assess people to this day. Authenticity, ability to inspire, and openness to feedback are qualities she seeks in every pitch.
“We always look for someone who can captivate people. In these early stages, you have to get so many people on board with your vision alone – investors, customers, employees, or partners. But without being a charlatan about it.”
Even after an investment, her work doesn’t end. For Ruhnke, being a business angel primarily means supporting founders in the long term – both professionally and personally. If a call comes in at night, she picks up the phone, because that’s exactly what a business angel is there for.
Failure is part of investing
Despite all her experience, there are investments that don’t work out. For Ruhnke, this is unavoidable.
“The best investors miss. Anyone who claims otherwise is lying. There’s too much crystal-ball gazing involved to always get it right.”
A startup doesn’t always fail because of its product or the market. One case that has stuck with her is a company where a founder changed significantly as a person. Precisely because she invests so much time and personal commitment, such cases are particularly painful.
That’s why honesty is so important to her – both in the pitch and during collaboration. Those who address problems openly and are willing to take advice have much better chances of a long-term partnership.
Katja Ruhnke is an entrepreneur, author, and CEO of the Munich-based CK Venture Capital GmbH. Together with her sister Conny Hörl, she founded the investment company in 2019 and has since invested as a business angel in impact-driven startups from areas such as healthtech, greentech, and deeptech. Previously, the trained musical theater actress and cultural manager worked in the cultural sector for ten years before returning to the family business. For her commitment, she was awarded “Business Angel of the Year” in 2023. Since 2025, she has also been chairwoman of Business Angels Deutschland e.V. (BAND) and advocates for better framework conditions in early-stage financing as well as greater diversity in the startup ecosystem.
Not a sprint, but a marathon
Anyone investing in startups should also bring patience. Impact companies in particular often need many years before an exit occurs.
Ruhnke plans for timeframes of around ten years in her portfolio. For her, this is completely normal and not a problem.
“We’re not interested in quick money. We’re interested in making the world better sustainably and in the long term.”
Beyond her investments, Ruhnke is also active today as chairwoman of Business Angels Deutschland e.V.. There she advocates, among other things, for getting more women involved in startup investments. Because from her perspective, the ecosystem needs not only more capital – but above all more diverse perspectives.
Katja Ruhnke is part of the panel “Future made in Europe: Innovation strength from Munich” at the Munich Startup Festival 2026.
