Gorilla Capital Fund II has completed an exit from Axitare

Gorilla Capital Fund II has completed an exit from Axitare — a company they have supported for 3.5 years. The outcome? A remarkable 12x return on their investment (net of transaction costs), representing about 9% of the total fund value.

Axitare was never an obvious investment. The company was led by a single founder, served the public healthcare sector, and had a mature, operationally focused profile. Not the typical VC pattern. Gorilla Capital debated hard whether to join the round at all.

But this exit is a great reminder of what Gorilla Capital’s strategy involves:

• Systematic strategy: Gorilla Capital prioritizes a data-driven approach over hype and avoid “hero” bets.
• Wide diversification: Gorilla Capital diversifies widely because it’s impossible to predict which ventures will be the biggest successes.
• Capital efficiency: Axitare succeeded without raising massive rounds; they built value sustainably and exited at the right time.

This is also another example of why Gorilla Capital doesn’t chase unicorns. A €15–30M exit can be a fantastic outcome for both founders and early investors if the company is capital efficient and aligned with its funding needs, avoiding overfunding and premature scaling.

The deal attracted several interested buyers — a testament to the value Gorilla Capital has built. Gorilla Capital is glad the new majority owner, Vaaka Partners, is now backing their next growth chapter.