“Out of hundreds of start-ups, we invest in just a handful”
May 2026
Anne Grahl took a leap into the unknown, moving from a postdoc at the Biozentrum into the world of venture capital. She has now been working for over four years at Pureos Bioventures, a venture capital company that invests in promising start-ups. In this interview, the alumna talks about trusting your own abilities and how she experienced the step into a completely different world.
You were working in structural biology at the Biozentrum with Stephan Grzesiek, so you had basically no experience in venture capital. How did you feel at the beginning?
Directly after leaving the Biozentrum, I went to the venture capital arm of the German Merck in Amsterdam. It really felt like a completely different world. For the first month or two, I thought: Why on earth did they hire me? Even the language was completely different. There were so many terms and abbreviations I didn’t understand. I came from structural biology and had never really worked with animal models. But that’s exactly what a lot of preclinical start-ups are about.
What did that mean for you personally?
I had to learn a new way of looking at things and how to evaluate them: What is good? What should I expect? What are the relevant questions to ask?
And what did it take to get there?
The most important skill at the beginning is listening. I paid close attention to my colleagues – what questions they asked, what points they raised, to understand what really matters. I remember one colleague asking a critical question about a mouse model and I still ask that question today. In general, analytical and critical thinking are incredibly important. That’s exactly what I learnt during my PhD.
So, you’re not on your own?
Not at all. The job is very collaborative, which I liked right away. Usually, two or three people work on a project internally. But we also collaborate with other investors, key opinion leaders, and of course, the start-ups themselves. It’s a balance between building trust and staying close, while still being critical. When you’re really passionate about a project, it becomes harder to make tough decisions. Sometimes I have to reject scientifically strong projects simply because they don’t fit our investment strategy.
How many start-ups do you evaluate?
We see a huge number – out of hundreds of companies a year, we invest in just a handful. Not because only a few are good, but because decisions depend on strategy, capacity, and timing. First, we look at the data. Then the indication: how competitive is the field? What unmet medical need are they addressing? And finally, the team: can the management actually deliver? Can we work well together? After that, we look at more formal aspects such as financial expectations or the patent situation.
Anne Grahl is an Investment Manager at the venture capital firm Pureos Bioventures. She studied biochemistry and molecular biology at the universities of Jena and Kiel, and completed her PhD at the Biozentrum under Prof. Stephan Grzesiek. She joined Pureos as an Analyst in 2021.
It sounds crazy – only a few out of hundreds get selected.
Yes. We’re accountable to our investors. The capital is limited and has to be used responsibly. We also need to generate a return on investment so that we can reinvest – it has to pay off in a few years. I’m very aware that if I don’t do a good job, I will eventually lose my job.
So you have to say “No” a lot, that’s not easy.
You definitely can’t avoid difficult conversations. That’s something I had to learn. It gets a bit easier with time, but it’s still not easy. What I find particularly hard is turning down companies that are actually good, but just don’t fit our current strategy. You can quickly learn the ins and outs of data and numbers – the bigger challenge is the human aspect.
What do you find rewarding about your work?
Two things. Firstly: a love for science. Projects that challenge established thinking, where suddenly processes seem reversible or work in completely new ways. That’s incredibly exciting. Secondly: working with the companies after an investment and seeing how start-ups develop.
Speaking of developing further: did you never consider a classical academic career?
I really enjoyed doing research, but I always wondered what would come next. During my PhD, I took part in the university’s mentoring program, today it’s called ZOOM@Novartis. I met a lot of people there who loved their jobs. But I never had that feeling of that’s exactly what I want to do. I also sat on a hiring committee for a professorship, and when I saw what was required, I realized: I don’t see myself in that position. I’m missing that last ten percent you need to really want it.
What happened once you realized that?
I just started talking to people and exploring different options. I went to a summer school in Prague to experience something new. It was during the first year of COVID, so the options were pretty limited. There, I met a Swiss woman who connected me with an incubator in Prague. I took some time off from the Biozentrum and went to Prague for three months. Then a friend said: If you find the start-up scene exciting, you might also like venture capital. My first thought was: Isn’t that just a bunch of older men with finance backgrounds? What would I even do there? But he mentioned a company in Amsterdam, so I checked out their website and the team: lots of young people, really interesting companies. I applied, and during the interview I was immediately given a case study. I had one day to decide whether to invest in a project. At the beginning, I had no idea. By the end of the day, I knew: This is exactly what I want to do.
What would you say it takes to make such a big career change?
I think it’s a mix of chance and openness – having the right conversations at the right time. For me, it has always been important to talk to people, open doors, ask questions, and listen. I never had a set path; it was okay to explore different options and be prepared when opportunities came along.
Was it the same during your PhD?
Yes, actually. I studied in Jena in Germany and then did an Erasmus year in York. That’s where I first came across crystallography. Someone there once told me that NMR * is like solving a puzzle, and I love puzzles. It’s a funny connection, but that’s how I got into NMR.
And how did you end up at the Biozentrum?
After my master’s in structural biology, I asked my supervisor for a recommendation for my PhD. He told me: “If you really want to do NMR, go to Stephan Grzesiek – he’s one of the few people who truly understand what NMR is all about.” I googled him and saw that the Biozentrum had just opened its fellowship call. I applied and ended up in his group. In hindsight, I can really see how much that time at the Biozentrum and with Stephan has given me.
Looking back, what helped you most along the way?
I was very lucky to have met people who believed in me, sometimes more than I believed in myself. People who saw my potential and supported me. You need to have confidence in your own abilities, otherwise you stick to what you already know. For me, those people were crucial – plus a certain spirit of adventure.
* NMR: Nuclear magnetic resonance spectroscopy