Emerging Manager Q&A: René Kromhof about €30M Cloudberry VC Fund I
René Kromhof saw a gap in European deep-tech hardware funding and closed Fund I to fill it. I asked René 10 questions about how he did it
Hey folks,
This is Pavel, welcome to a new edition of our Fireside Chats with Emerging Fund Managers where we ask recently-closed fund managers 10 rapid-fire questions about their fundraising journey.
Today’s guest: René Kromhof, Founder and General Partner of Cloudberry VC.
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About the firm
Cloudberry VC Fund I is Europe’s first dedicated semiconductor venture fund, founded by Veera Pietikäinen, Lawrence Lundy-Bryan, and Dr. René Kromhof. Based between Helsinki and London, they invest at pre-seed and seed.
European hardware founders were missing something critical at the early stage — not just capital, but access to the manufacturing infrastructure needed to actually build their technology. Cloudberry structured their fund to solve both problems at once.
They brought in strategic LPs who could open doors to fabrication facilities, prototyping labs, and supply chains that most seed-stage teams spend years trying to unlock. Portfolio companies building semiconductors, photonics, and advanced materials got direct access to the infrastructure they needed to move from concept to prototype.
The fund operates with 18 LPs across strategic corporates, institutions, and family offices, including Tesi (Finnish state fund), GlobalFoundries (leading semiconductor foundry), and Radiant Opto-Electronics (Taiwanese photonics leader).
GlobalFoundries and Radiant bring more than capital — they provide access to fabrication capabilities and supply-chain networks. The fund maintains full independence in investment decisions.
Here is our fireside chat:
What is your fund’s superpower in one sentence?
We are Europe’s first VC fund fully dedicated to semiconductors, combining deep operational domain expertise in photonics, semiconductors, and advanced materials with highly specialized deal access.
How long did the active fundraising process take?
Approximately 14 months following the commitment of our anchor investor, Tesi as well as AIFM registration.
Did anybody help you during fundraising: existing LPs, fellow GPs, placement agents?
Most of the fundraising was driven through our own networks. As a highly specialized fund, our focus resonated with strategic investors who had not previously allocated to VC due to the broad scope of generalist (deep-tech) funds. We received a limited number of introductions from existing LPs and did not use placement agents, meaning the majority of the fundraising effort was done in-house.
How many LPs are in the final cap table, and what’s their breakdown?
We have 18 LPs excluding GP commitments. The base consists of strategic corporates, institutions, family offices and a small number of highly relevant angels and HNWIs. Notable LPs include GlobalFoundries, Radiant Opto-Electronics, and Tesi, the Finnish state-backed investment company.
What was the fastest check – time from first call to signed subscription?
In a few cases with angel investors, the process was completed very quickly. More broadly, timelines ranged from a few weeks to several months, largely depending on internal approval processes at each LP.
What were the top 3 reasons LPs said “NO”?
1. Many LPs did not formally decline but stopped responding or ghosted, which effectively functioned as a no.
2. Limited allocations to venture capital due to liquidity constraints.
3. Our specialized semiconductor focus wrongfully perceived as a niche.
What were the top 3 signals that an LP was truly interested in your fund?
1. Strong and specific positive feedback on the team.
2. Clear recognition of the uniqueness of our focus and its complementarity with their existing exposure.
3. Consistent and timely engagement, including follow-up questions and recurring meetings.
What did LPs actually pay close attention to during fundraising?
LP diligence consistently focused on three areas:
A. Quality and quantity of deal flow, including access and sourcing advantage.
B. Market size, with some LPs initially viewing a specialized semiconductor strategy as niche.
C. The experience and credibility of the team.
What’s the biggest mistake fund managers make when fundraising?
As a first-time fund, our main learning was that fundraising takes significant time, particularly for larger LPs with formal processes. A common mistake is underestimating these timelines. We were also initially advised to focus regionally, which proved only partially correct. Expanding internationally significantly accelerated our fundraising, although this may differ for generalist funds.
What advice would you give to your future self and to other emerging managers about fundraising?
Fundraising takes time and requires persistence. Conversion rates from initial conversations to commitments are extremely low, and rejection is part of the process. Most emerging managers should expect to do the majority of the work themselves, leveraging their professional networks where possible, while not relying heavily on warm introductions. Maintaining resilience and finding and identifying momentum is critical.
Learn more about Cloudberry VC: Fund I Announcement
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