Puzzle Ventures
Beijing, China
Overview
Puzzle Ventures is an early-stage venture fund that partners with entrepreneurs to build B2B software businesses. The fund invests between €200k and €700k in pre-seed and seed rounds alongside other VCs or angel investors.
- Total investments
- 15
- Lead investments
- 0
- Investments · 12mo
- 6
- Active investors
- 0
Sector focus
- Finance
- Financial Services
- Venture Capital
Investment portfolio
- ZML
Participated · Equity · Jul 2026
ZML develops inference-performance software, notably its newly launched LLM inference server ZML/LLMD, which enables a range of open-source large language models to run across Nvidia, AMD, Google TPU, Apple Metal, Intel Arc and other chips. The company’s earlier public project was an open-source inference-focused ML framework released in 2024 and updated in March; ZML/LLMD itself is not open source but launched as a free product to gather usage data. Founder Steeve Morin, formerly VP of engineering at Zenly, leads a tight team of about 20 people based in Paris. ZML positions itself to reduce vendor lock-in and allow enterprises and cloud providers to use mixed chip fleets for cost and energy efficiency. Its cap table includes prominent founders and researchers such as Solomon Hykes, Hugging Face’s Clément Delangue and Julien Chaumond, and Yann LeCun, signaling strong industry support. The company has raised $20 million from a syndicate of VCs to accelerate product development and future releases, while competing with inference-focused startups like Baseten, Inferact, and RadixArk.
- Build
Participated · Seed · Jun 2026
Build develops AI-driven infrastructure services that automate due diligence tasks such as site sourcing, technical checks, power assessments, risk planning and environmental analysis. The company operates on a retainer model—clients pay monthly for integrated assessments that aggregate and validate information from over 1,600 data sources, with human review before delivery. Build reports cutting due diligence timelines by more than 95%, turning processes that took weeks into hours, and has completed over 100 projects across 15 countries. Its client roster includes large real estate firms such as Tishman Speyer and a recently signed hyperscaler customer; it supports clients managing roughly $2 trillion in assets. Build has expanded to 10 employees across four continents and plans to hire additional engineers and industry experts as it scales. The company aims to move toward "agentic real estate," ultimately automating the full development lifecycle from site selection and permits through engineering, pre‑construction and asset management.
- Duna
Participated · Series A · Feb 2026
Duna is a Germany- and Netherlands-based startup that automates Know-Your-Business (KYB) checks, enabling fintech and other enterprise clients to onboard corporate customers faster and with less churn. Co-founded by Stripe alumni Duco van Lanschot and David Schreiber, the platform collects and verifies its own data rather than relying solely on fragmented third-party sources, giving it tighter control and higher match rates. Early customers such as Plaid use Duna to cut the cost and time of fraud-prevention workflows. Over time, the team aims to create a global trust network where a verified company profile can be reused across multiple services, effectively acting as a “digital passport” for businesses. Duna is targeting clusters of interconnected companies—such as manufacturing groups or investment firms—to seed network effects before achieving full global scale. Competitors include established KYB vendors like Jumio and Veriff, but Duna believes its data advantages and network ambitions will differentiate it. To date, the company has raised €40.7 million in venture funding, including a €10.7 million seed round in May 2025 and the recent €30 million Series A.
- Magma Finance
Participated · Equity · Dec 2025
Magma Finance is creating an adaptive liquidity layer on the Sui network that aligns traders, governance participants, and liquidity providers through a capital-efficient DEX. Its protocol consolidates fragmented liquidity, automates the rebalancing process that typically burdens CLMMs, and offers a launch platform to help new Sui-based assets bootstrap liquidity. The team emphasizes security, having completed publicly available audits with Zellic and Three Sigma. Magma has been recognized as the #1 ranked DEX at Sui Demo Day and has won multiple hackathons, demonstrating strong ecosystem traction. Future milestones include expanding its market-making automation and sustaining liquidity incentives to drive broader DeFi adoption on Move. The company’s current financial position is bolstered by a $6 million strategic round supported by leading crypto investors and ecosystem partners, providing runway to further develop its product suite.
- Duvo
Participated · Seed · Dec 2025
Duvo is an AI-native automation platform that gives retail teams a pre-built workforce of intelligent agents capable of handling tasks such as weekly margin reviews, promotions activation, price changes, invoice reconciliation, assortment optimisation and vendor onboarding. Instead of relying on large IT projects, commercial, supply-chain and finance staff can configure and refine these assistants themselves, allowing value to be proven within weeks and then scaled across geographies without major system overhauls. The agents work directly inside existing portals and modern tools, complete processes end-to-end, and incorporate robust governance, security controls and audit trails so managers can oversee actions and approve exceptions. Retailers adopting Duvo report a roughly 40 % reduction in manual workload. With fresh capital, the company plans to accelerate hiring and broaden its product suite, first deepening penetration in retail before expanding to other operationally complex verticals. Duvo’s recent $15 million seed raise provides the financial runway for these growth initiatives.
Team
No current team members are available.