Berlin‑based Bunch has raised $35 million in Series B funding led by Portage as it works to modernize the operating infrastructure behind private markets funds. The round comes at a time when fund managers are under increasing pressure to do more with less, especially as reporting demands, compliance requirements, and investor expectations continue to rise.

Bunch is building software that replaces fragmented, spreadsheet‑heavy workflows with a more automated system for managing fund operations. Its platform covers tasks such as capital calls, reporting, accounting, compliance, and investor administration, making it part of a broader shift toward digital infrastructure in private markets.

The company’s pitch is rooted in a clear industry pain point: private fund operations are still often handled through a patchwork of manual processes that do not scale well as firms grow. By centralizing those workflows, Bunch aims to reduce operational overhead while improving consistency and control.

The Berlin startup has been positioning itself as an AI‑native operating layer for the private markets ecosystem. That framing reflects the growing appeal of software that can streamline the back office without forcing firms to rebuild their existing processes from scratch.

The new capital will help Bunch expand across key European markets, including Germany, the UK, and Luxembourg. It also plans to deepen its automation capabilities and broaden support for additional asset classes, including private credit.

Investors such as Portage see an opportunity in the infrastructure layer of financial services, where much of the market still relies on outdated tools. If Bunch can continue gaining traction, it could become a meaningful player in Europe’s private markets software stack.