Heliad Equity Keeps Deploying Capital as Its Own Listing Nears the Exit
Published on 09/10/2026 at 10:50 | Editorial boerse-global.de
Berlin-based Heliad Equity Partners is showing no sign of slowing its dealmaking, even with its own stock exchange life drawing to a close. The listed investment company has just backed two separate artificial-intelligence ventures, adding fresh names to a portfolio that is being assembled against the clock.
The most recent move is a pre-seed round for Sci2sci, a Berlin AI startup that raised EUR 1.2 million. Heliad acted as co-lead investor alongside IBB Ventures, Robin Capital and a group of business angels. The ticket is small, but it fits the firm's established appetite for early-stage technology bets.
A larger commitment landed in Limetax, another Berlin-based company, which secured EUR 36 million in total financing. Heliad participated alongside Motive Partners, Activant and several angel investors — a list that includes former German finance minister Christian Lindner. That round breaks into two distinct pieces: EUR 6 million in pre-seed equity and a further EUR 30 million drawn from a financing line provided by German banks.
A roll-up play in a fragmented market
Limetax is pursuing a consolidation strategy in German tax advisory, a market it pegs at more than EUR 20 billion and describes as highly fragmented. Thousands of independent practices operate largely in isolation from one another, which is precisely the gap the company intends to exploit.
The model is straightforward: Limetax acquires stakes in small and mid-sized tax firms, then folds them into its own AI platform, ATLAS, which is built on top of DATEV — the accounting software used by roughly 90% of German bookkeepers. That ubiquity makes integration far easier. According to the company, its AI agents can cut monthly bookkeeping work per client from 20 hours to 6.
Should investors sell immediately? Or is it worth buying Heliad Equity?
Limetax is already generating revenue. With four practices across seven locations and about 150 employees, it reports an annualized top line in the double-digit millions. The founders are Christoph Gamon and Max Meyer, the latter having previously managed more than 100 staff at Razor Group. Christoph Dansard, formerly of Augustus, serves as CTO. Heliad's rationale rests on the trio of a fragmented market, demonstrable efficiency gains from the technology, and a founding team with relevant consolidation experience.
The two new positions slot into a broader pattern of AI-adjacent investments. Heliad's stake in Starcloud became public roughly three weeks ago, while a funding round for Bayshore AI closed more than a month earlier.
Delisting clock keeps ticking
What makes the timing notable is that Heliad is committing capital while its own exit from public markets is already scheduled. The management board resolved in June to terminate the inclusion of its shares in the open market segment of the Frankfurt Stock Exchange. Trading is expected to end on 24 September.
Major shareholder GfBk Gesellschaft für Börsenkommunikation mbH subsequently made a voluntary takeover offer to remaining shareholders at EUR 14.25 per share, targeting up to 750,000 shares. The acceptance period opened on 28 July and closed on 14 August — a deadline that has now passed. Anyone who did not tender their stake will be left holding a security with no regulated exchange listing after late September.
For those still on the register, the central question is how the company's valuation stacks up against the offer price. The net asset value has recently stood well above the takeover bid, and each new investment — Sci2sci, Limetax and the earlier AI deals — provides another data point on the underlying worth of the portfolio during the remaining weeks of trading.
Whether the Limetax commitment moves that valuation in the near term depends on how the young Berlin company develops operationally; it remains in an early growth phase. Yet the willingness to keep writing cheques while the listing winds down underscores Heliad's identity as an investment company first and a quoted vehicle second. The portfolio keeps expanding even as the trading venue for its shares disappears.
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