Interviewing Nicole Junkermann About Investing in What Matters and Building NJF Capital

An interview with Nicole Junkermann, founder of NJF Capital

For many investors, venture capital is a race to follow trends. For Nicole Junkermann, it has always been something more deliberate: identifying structural change early, backing ambitious founders, and staying patient while real value is built.

Through NJF Capital, she has built a portfolio spanning artificial intelligence, fintech, deep technology, life sciences and frontier infrastructure, with investments that have included SpaceX, Revolut, Rippling, Groq and Owkin.

We spoke to her about why she launched the venture firm, what has guided its investment philosophy, and why she believes the next decade will reward conviction over noise.

Q: Nicole Junkermann, Why Did You Start NJF Capital?

I had spent years building and investing across different sectors, from sport and media to technology and private equity. What became increasingly clear to me was that some of the most important shifts in the global economy were being driven by early-stage companies.

Large institutions often move later. Public markets tend to reward what is already visible. But some of the most transformative businesses begin long before consensus forms around them.

That was the opportunity I wanted to focus on. NJF Capital was built to back exceptional founders early, particularly in areas where technology could reshape systems, industries and daily life.

Q: What Was the Original Thesis Behind the Firm?

The core idea was that the future would be built at the intersection of intelligence, infrastructure and trust.

By that I mean technologies that make systems smarter, businesses more efficient, healthcare more precise, and institutions more resilient.

I was particularly interested in sectors where the upside was not just commercial, but structural. If you improve payments, healthcare discovery, enterprise productivity or communications infrastructure, you are not simply creating another app. You are changing how societies function.

That still holds true today.

Q: Why Were You Drawn to Early-Stage Investing Rather Than Later-Stage Deals?

Because early-stage investing is where imagination meets execution.

At that stage, there is usually less certainty, but often more truth. You see the founder’s clarity, their obsession, their ability to solve difficult problems before there is a polished narrative around them.

Later-stage investing has its own discipline, and I do a lot in the secondaries space today. But early-stage investing allows you to support builders at the moment ideas are becoming reality. I?ve always found that energising.

Q: NJF Capital Has Invested Across AI, Fintech, Deep Tech and Life Sciences. What Connects Those Sectors?

They may look different on the surface, but they share something important: they solve consequential problems.

Fintech helps widen access and improve efficiency. AI can accelerate discovery and decision-making. Deep tech often creates capabilities that did not previously exist. Life sciences can extend and improve lives.

I?ve never been especially interested in categories for their own sake. I’m interested in whether something matters, whether it can scale, and whether the people behind it have the resilience to build through difficulty.

Q: You Invested in Sectors Such as AI Before Today’s Level of Mainstream Attention. What Did You See Early?

Often the signal is not in headlines. It is in technical progress, talent migration and changing behaviour.

When brilliant people begin moving into a field, when tools improve rapidly, and when adoption friction starts falling, something important is usually happening.

The mistake many make is waiting for certainty. By then, much of the asymmetrical opportunity has gone.

Q: How Do You Assess Founders?

I look for a combination of intelligence, stamina and seriousness.

Talent matters, of course. But markets are full of talented people. What often distinguishes founders is their ability to persist when things are unclear, difficult or unfashionable.

I also pay attention to how people think. Are they rigorous? Are they honest about risk? Can they attract strong people around them? Can they keep learning as reality changes?

Q: Has Your Investment Philosophy Changed Over Time?

It has matured more than changed.

Experience teaches you humility. Not every brilliant idea becomes a business. Timing matters enormously. So does culture, governance and execution.

But the core belief has stayed consistent: back exceptional people solving real problems, and think in years rather than quarters.

Q: How Does Purpose Fit into Investing?

I think the best businesses increasingly understand that trust is not a soft idea. It is infrastructure.

The last thing the world needs is more noise. It needs technologies and institutions people can rely on.

That belief sits behind much of my thinking. Innovation matters. Performance matters. But responsibility matters too.

Q: What Excites You Most Now?

We are entering a period where breakthroughs in AI, biology, computing and industrial capability may reinforce one another.

That creates enormous opportunity, but it also raises the bar for judgment. The question is no longer whether technology can advance. It is whether we will direct it wisely.

For investors, that means looking beyond fashion and asking a better question: what genuinely improves the future?

Q: What Do You Hope NJF Capital Represents?

Curiosity, discipline and long-term conviction.

I?ve never wanted to build something driven by headlines. The goal was to create a platform that backs meaningful innovation and stays intellectually honest about what creates enduring value.

That work is never finished. But that is what makes it interesting.

About Nicole Junkermann

Nicole Junkermann, born in 1980, is an international investor and entrepreneur focused on technology, artificial intelligence, life sciences, sport and media. She is the founder of NJF Holdings, a global investment platform that includes NJF Capital, its venture arm, and Gameday by NJF Holdings, focused on technology-led transformation across sport and media.

Through NJF Capital, Junkermann has backed companies across deep tech, healthcare, fintech and strategic infrastructure, including SpaceX, Revolut, Groq, Owkin, Rippling, Cambrian Biopharma and Tempus.