Headline is a multi-local, globally connected technology investor that leads Seed through Series A deals via regional funds and supports breakout companies through a worldwide Growth fund. The firm is strongly data-driven in underwriting, with product-market fit, retention quality, and global scaling potential carrying more weight than narrative or vanity growth.
Evaluation weights
How much weight this firm places on each dimension. Totals 100%.
Revenue, growth, and unit economics
Size, timing, and competitive landscape
Founder experience and execution ability
Differentiation and technical quality
- Favors measurable PMF over founder charisma
- Strong bias toward retention and cohort evidence over vanity growth
- Prefers businesses that can scale internationally through local-to-global expansion
- Will take early risk, but only when the data suggests durable fundamentals
Pitch difficulty
How hard it is to get a meeting and close funding from this firm.
- Funded / yr
- 45Deals closed in a typical year.
- Led / yr
- 25Rounds led in the last 12 months.
- Pitches / yr
- ~23192Decks reviewed in a typical year.
- Acceptance rate
- 0.2%Share of pitches that get funded.
Estimated — public data is not fully disclosed.
Why it's hard
- Retention and NDR are central gating criteria
- The firm prefers lead positions and conducts data-heavy underwriting
- Weak ICP clarity or shallow engagement is a common deal-breaker
- Global ambition and cross-border scalability are important filters
Headline is aggressive at Seed and Series A and has meaningful global reach, but its bar on PMF evidence, retention quality, and disciplined scaling is notably high. Companies with strong narrative but weak cohort data are unlikely to pass.
Green flags
What drives a yes for this firm.
- Clear product-market fit evidenced by strong retention and cohort quality
- High Net Dollar Retention, deep usage, and healthy unit economics
- A large market undergoing digitization with room for international expansion
- Founders showing a leader mindset and ambition to build globally
- A crisp ICP and disciplined scaling motion rooted in sustainable growth
Red flags
What kills deals and gets a fast no.
- Low or deteriorating retention and NDR
- Unclear ICP or weak evidence of true product-market fit
- Growth that is primarily bought through marketing spend
- Scaling headcount or burn ahead of validated demand
- Cultural misalignment or hype-first storytelling unsupported by fundamentals
How to win
Patterns that lead to successful pitches.
- Show cohort-level retention, NDR, usage depth, and unit economics in a crisp, data-backed way
- Demonstrate a sharply defined ICP and why the product is mission-critical for that customer
- Frame the company as a local winner with credible cross-border expansion potential
- Present disciplined growth rather than paid-spend-fueled top-line inflation
- Show founders have both conviction and operational maturity around responsible scaling
Fund strategy & identity
Who they are and how they operate.
- Lead Seed and Series A rounds locally in North America, Europe, LatAm, and Asia-Pacific
- Use proprietary tools like Deepdive, Searchlight, EVA, and ATHENA to source and validate outliers
- Double down in Series B+ and Growth when PMF, retention, and unit economics are proven
- Back large digitizing markets where software, fintech rails, AI, or network effects can travel internationally
- Avoid businesses scaling ahead of PMF or relying on weak economics and hype-driven demand
Firm identity
Investment focus
Industries, themes, and typical ARR expectations.
Industries
Investment themes
Typical check by stage
Typical ARR by stage
Investment thesis
Core beliefs and strategy behind their investing approach.
Headline is a general‑ist early‑stage tech investor that pairs a multi‑local entry model with a global growth fund. Its sector focus centers on software and infrastructure (including AI), fintech, consumer marketplaces, and vertical SaaS. Geographically, autonomous funds operate in North America, Europe, Brazil/LatAm, and Asia‑Pacific, allowing local teams to lead Seed‑Series A deals while the Growth fund backs Series B+ rounds worldwide. The firm believes value is created when founders anywhere receive local conviction plus cross‑border scaling support, underpinned by data‑driven underwriting. Headline’s proprietary tools (Searchlight, Deepdive, EVA, ATHENA) screen millions of companies to surface outliers and benchmark retention and unit economics. The firm avoids businesses with poor retention/NDR, undefined ideal customer profiles, or those that chase hype without sustainable economics. It also steers clear of overly capital‑intensive hardware‑only models lacking clear path to scale.
Decision patterns
How they evaluate and make investment decisions.
Headline invests when there is clear evidence of product‑market fit and high‑quality cohorts. The firm relies heavily on retention metrics such as Net Dollar Retention (NDR), usage depth, and unit economics, using its Deepdive analytics to validate these signals. Founders must exhibit a "leader mindset" and a willingness to build globally. Market selection favors large, digitizing verticals where software, AI, fintech rails, or network effects can scale across borders. While exceptional teams are valued, they will not compensate for weak PMF; retention and cohort quality outweigh vanity growth. Deal‑breakers include low or deteriorating NDR, unclear ICP, shallow engagement, scaling ahead of PMF, growth driven mainly by paid spend, and cultural mis‑alignment.
Risk appetite
Headline exhibits a medium‑to‑high risk appetite. It aggressively leads Seed and Series A investments across its regional funds, then often doubles down in later rounds through its Growth fund when fundamentals are validated. The firm’s methodology is data‑grounded, enforcing strict PMF and retention thresholds, which tempers the aggressiveness. Deployment cadence is disciplined (roughly three‑year fund life), and the firm prefers to lead but will co‑lead when strategic fit aligns.
Notable investments
Key portfolio companies and why they fit the thesis.
- Heidi HealthLeadAI‑first clinical documentation platform that aligns with Headline’s data‑driven, early‑stage AI thesis.
- Blossom HealthLeadAI operating system for psychiatry; fits Headline’s focus on tech‑enabled healthcare and strong founder‑market fit.
- NotchLeadAI infrastructure for regulated industries; matches Headline’s interest in enterprise AI with clear unit economics.
- DideroLeadAI‑driven procurement platform (vertical SaaS) that supports Headline’s enterprise‑AI thesis; co‑led the round.
- Owner.comLeadRestaurant operating system scaling to category leadership; demonstrates Headline’s ability to co‑lead growth‑stage rounds.
- AiPriseLeadGlobal KYC/KYB orchestration fintech; aligns with Headline’s focus on cross‑border compliance and infra SaaS.
- StotlesLeadPublic‑sector revenue platform (vertical SaaS) that fits Headline’s data‑rich workflow thesis; co‑led the round.
- NetBox LabsOpen‑source infrastructure management tool; Headline participated in a Series B but did not lead, illustrating selective growth‑stage participation.
Co-invested with
Other firms in this catalog who've backed the same companies.
Partners
Full firm roster — key partners, partners, and the wider team.
Key partners
Mathias Schilling
Co-Founder and Managing Partner
Headline
Co-Founder and Managing Partner at Headline, associated with software, SaaS, consumer, and recent healthcare AI investing.
Thomas Gieselmann
Founding Partner
Headline
Founding Partner at Headline, associated with software, infrastructure, developer tools, open source, fintech, and compliance automation.
Christian Miele
General Partner
Headline
General Partner at Headline in Berlin, focused on software and deep tech.
Christian Leybold
Founding Partner
Headline
Christian Leybold is a founding partner at Headline, a global venture capital firm. Public firm materials describe him as Europe-based and focused on consumer and healthcare investments.
Partners
Conrad Chu
CTO
Headline
Headline CTO and investor focused on deep tech, SaaS and developer tools.
Michel de Lavit
Co-Gérant / Associé
Headline
Co-manager and partner at Headline Cabinet de Recrutement in Paris.
Lauren Lyon
Operating Partner
Headline
Operating Partner at Headline with IR, marketing and partnerships experience.
Romero Rodrigues
Managing Partner
Headline
Managing Partner backing LatAm fintech, software and consumer internet startups.
Clarey Zhu
Partner, Growth
Headline
Headline Growth Partner leading Series B to IPO investments globally.
Taylor Brandt
Partner
Headline
Headline partner backing vertical SaaS, marketplaces and commerce infrastructure.
Jonathan Becker
General Partner
Headline
Berlin-based Headline General Partner investing in software, mobile, infrastructure and energy.
Jonathan Userovici
General Partner
Headline
Paris-based Headline General Partner investing in European AI and fintech startups.
Trevor Neff
Partner, Headline Growth
Headline
Headline Growth partner focused on software and fintech investments.
Shalini Rao
General Partner, Head of Growth Fund
Headline
Head of Headline Growth investing in software, fintech and consumer internet.
Andreas Haug
Founding Partner
Headline
Headline Founding Partner investing in fintech, e-commerce, media and digital innovation.
Gabriel Alves
Investor
Headline
São Paulo-based Headline investor focused on fintech, e-commerce, SaaS, health and media.
Nancy Xiao
Partner, Headline Growth
Headline
Headline Growth partner focused on consumer, healthcare and fintech.
Akio T.
Partner
Headline
Tokyo-based Headline Partner investing in consumer internet, fintech and SaaS.
Team
Jennifer Lin
Investor
Headline
Taipei-based Headline investor focused on enterprise, InsurTech, real-estate tech and consumer.
Linda Brosig
Growth Investor
Headline
London-based Headline growth investor focused on European growth-stage companies.
Santiago Rallo
Investor
Headline
Headline investor focused on workflow optimization and business-efficiency software.
Luis Schmitz
Investor
Headline
Early-stage Headline investor focused on analytics, automation, and AI.
Paula Daniela Carneiro
Investor
Headline
São Paulo-based Headline investor focused on healthtech, agtech, logistics, foodtech, and trade.
Victor Toledo Soares Cintra
Investor
Headline
Headline LatAm investor focused on fintech, SaaS, and insurtech.
Valentin Kremer
Investor
Headline
Headline investor backing Seed and Series A companies across Europe.
Isamu Nishijima
Investor
Headline
Tokyo-based Headline investor focused on Internet, XR, blockchain, APIs and SaaS.
Jake Horwitz
Growth Investor
Headline
San Francisco-based Headline Growth investor focused on software.
Anna Faulkner
Principal, Headline Growth
Headline
London-based Headline Growth investor focused on European scale-ups.
Cyprien Benoist
Investor
Headline
Paris-based Headline investor focused on early-stage startups.
Ketul Patel
Associate
Headline
San Francisco Headline Associate focused on fintech founder relationships.
Jacob Conger
Principal
Headline
San Francisco Principal focused on infrastructure software companies with strong market pull.
Adeyinka Okuwoga
Venture Investor
Headline
Europe-based Headline investor focused on early-stage companies.
Jerry Fung
Analyst
Headline
San Francisco Headline Analyst focused on SaaS startups in overlooked categories.
Astrid Moullé-Berteaux
Vice President
Headline
Paris-based Headline investor focused on B2B software, vertical SaaS and AI.
Kiran Modi
Investor
Headline
London-based Headline investor focused on scaling proven, community-centric companies.
Jeremy Kai P.
Investor
Headline
Tokyo-based Headline investor focused on AI, SaaS, fintech and consumer.
Savanna Silver
Growth Investor
Headline
San Francisco-based Headline growth investor focused on growth-stage software companies.
Matthew Brown
Vice President
Headline
Headline VP focused on consumer tech, marketplaces, prosumer SaaS, and B2B2C.
Nicolas von Blottnitz
Investor
Headline
Headline investor focused on SaaS, founder-startup fit, and durable customer relationships.
Pietro Caiafa
Investor
Headline
São Paulo-based Headline investor focused on fintech, SaaS, energy, and sports.
Public voice
Notable statements and public positions.
- “Markets like these reward creativity, decisiveness, and the anti‑sheep. Today, courage and conviction will be the most critical currencies.” – Mathias Schilling, co‑founder (US)
- “Despite the recent market shifts, we continue to aggressively pursue the next wave of world‑changing innovation… with a measured, methodical approach to investment that relies on our homegrown technology.” – Mathias Schilling, TechCrunch interview
- “We believe in responsible investing and scaling. Founders must have a clear understanding of their product‑market fit and the potential for sustainable growth. Deepdive helps founders quantify and visualize product‑market fit…” – Thomas Gieselmann, co‑founder (EU)
- “Early‑stage valuations are still where the most outsized returns are made… We are very much interested in global startups coming out of Asia.” – Akio Tanaka, partner (Asia)
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