Investing in the transformation of work

The Company

Merlin Beteiligungs- und Beratungsgesellschaft mbH was founded by Michael H. Kramarsch in 2010. The founder, consultant and HR tech investor bundles his start-up investments in the investment company. With his commitments, Michael H. Kramarsch is one of the most important HR Business Angels in the German-speaking region.

The management of Merlin Beteiligungs- und Beratungsgesellschaft mbH consists of Dr. Harriet Sebald and Michael H. Kramarsch. The investments and activities of Daphne Beteiligungs- und Beratungsgesellschaft mbH, the investment vehicle of Dr. Harriet Sebald, are also presented below. It focuses on start-ups of female founders and mixed teams. The management of Daphne Beteiligungs- und Beratungsgesellschaft mbH also consists of Dr. Harriet Sebald and Michael H. Kramarsch.

Direct investments

History & status quo of bundled direct investments in Merlin Beteiligungs- und Beratungsgesellschaft mbH and Daphne Beteiligungs- und Beratungsgesellschaft mbH.


Bonrepublic is a holistic HR platform that helps companies increase employee engagement and drive performance while identifying and retaining their top talent.

Crewting is an all-in-one software for hybrid teams that serves to increase employee loyalty and satisfaction. Virtual features and team-building events help to create a sense of unity.

Edyoucated is an AI-powered, adaptive learning platform with personalized learning paths to help companies build skills strategically. They also offer customized remote programs.

FutureBens is a digital platform for sustainable and healthy product and service offerings. In addition to monetary incentives, employees of companies primarily enjoy sustainably oriented products and are introduced to topics such as environmental protection or socially responsible consumption.

Knowledge transfer is a matter of attitude. great2know analyzes the knowledge culture in companies and makes knowledge transfer scalable via its own platform, thus reducing personnel expenses, accelerating training periods and enhancing the satisfaction of all parties involved.

Hardskills is an online platform for companies to train employees in behavioral skills such as collaboration, critical thinking, agility, and sell & influence.

heynanny offers online bookable childcare and daily support as a company benefit with a network of over 20,000 verified and qualified nannies across Germany, even in rural areas.

Hyretalents is a matching platform for sales talent that looks beyond the resume to create a selection of the best candidates, saving time and avoiding unconscious bias.

Lymia is an app that helps companies attract talent from their own talent pool. It is connected to the company's ATS and enables an easy, fast and accurate candidate search.

Using AI-based speech analysis, Psychological AI reduces gender bias in job offerings and captures the motives and needs of the specific target group. The goal: Effective communication between companies and different applicant personas.

9am is a SaaS self-service tool with a marketplace at its core, created to assist companies in finding the fight freelancers.


Evermood provides employees access to virtual live events, helpful exercises, and confidential 1-to-1 counseling. Companies are empowered to work on their culture and the health of their organization in an evidence-based manner through anonymized, GDPR-compliant evaluations.

Phenom connects employees, data and interactions to deliver amazing experiences throughout the entire customer journey using intelligence and automation – helping companies hire employees faster and retain them in the long term.

Savvi empowers organizations to get more out of their training and create sustainable habits with transparent training progress. With interactive exercises and individual behavioral goals, the Savvi app helps employees integrate corporate training into their everyday work.

YuccaHR provides an integration for MS Teams that automatically connects employees within a company to optimize employee experience and knowledge transfer. The intelligent matchmaking takes into account team members' interests, roles and skills during onboarding or for coffee and lunch dates.


Taledo (GER)
Taledo digitizes recruiting with EU-funded artificial intelligence and connects innovative companies with top professionals in IT, digital business and operations as well as in medicine, sales and marketing through its all-in-one recruiting solution.


Talentwunder (GER) – exit 2019, cash settled
Talentwunder uses AI to help companies fill positions sustainably and find the best candidates for them.

Vote2Work (GER)
Vote2Work provides software for digital workforce scheduling and employee-driven flexible working for deskless activities, such as shift systems in production, healthcare, or the service sector.


tandemploy (GER) - exit 2022, share settled
With its software-as-a-service (SaaS) solutions, tandemploy connects employees within an organization enabling flexible work models and various forms of collaboration.


European Center for Board Effectiveness ECBE (GER) – Co-Founder
ECBE supports software-based evaluations and self-assessments of supervisory boards in the context of listed companies, family businesses, banks and the public sector.


hkp/// group (DACH and BENELUX) – Founder
hkp// group is an international management consulting firm with a focus on strategic HR management and corporate governance.

Selected investments in start-up VC funds

Acadian Ventures – work tech fund
Acadian Ventures helps founders around the world build long-term-oriented companies that make work better, fairer, more meaningful and ultimately more productive.
Auxxo – female catalyst fund
Auxxo promotes equal participation of women as founders and investors in the venture capital sector through networks, experience and openness.

Further initiatives

HR Startup Award

Michael H. Kramarsch, co-initiator & co-jury chairman
The annual HR Start-up Award was launched in 2016 and has since developed into the leading innovation award in the HR community. It provides a highly regarded stage for promising start-ups with tools and services related to the field of HR. To this date (as of 2023), over 250 start-ups have applied. The award was initiated by the hkp///group, the German Association of HR Managers (BPM), Human Resources Manager Magazine and Quadriga University. The aim is to bring the innovations of start-ups into the HR community, to learn from each other, to shape the (HR) work of the future , and thus to ensure economic sustainability in disruptive times.

encourageventures e.v.

Dr. Harriet Sebald, co-initiator of the Rhine-Main chapter
encourageventures is a network that connects female-led start-ups with female investors, mentors and advisors , providing them with expertise and capital in their start-up and expansion projects. The network encourages and inspires female founders to realize their own business ideas. encourageventures aims to increase the visibility of women in the start-up world and brings more diversity to the landscape of start-up and investors.

HR Angels Club

Dr. Harriet Sebald & Michael H. Kramarsch, members
The HR Angels Club is a network of passionate entrepreneurs who have founded or invested in leading HR tech companies in the DACH region and have grown with them. Members use their expertise and network to support HR tech entrepreneurs in building great companies from the earliest stages to exit.


Michael H. Kramarsch
Michael H. Kramarsch: Founder, investor and consultant. He is the founder, Delegate of the Board of Directors and Managing Partner of the hkp/// group and one of the most sought-after consultants for strategic HR and corporate governance issues. Michael H. Kramarsch is one of the most successful founders and investors in the HR tech scene in Germany. He bundles his investments through Merlin Beteiligungs- und Beratungsgesellschaft mbH, whose activities he is responsible for as Managing Director. He is also Co-Managing Director of Daphne Beteiligungs- und Beratungsgesellschaft mbH.

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In 2011, Michael H. Kramarsch and other partners founded the hkp/// group, which specializes in strategic HR management consulting and corporate governance advisory. Prior to that, the native Austrian spent 13 years working for an international HR management consultancy in global cross-sectional as well as regional leadership positions, most recently as the Managing Partner for the German-speaking markets, among others. Under his leadership, the hkp/// group has developed into the most successful German management consultancy in the areas of corporate governance, HR, strategy, and finance. He has been repeatedly named among the top 40 HR decision-makers in Germany (Personalmagazin).
In 2015, Michael H. Kramarsch launched the HR Start-up Award, which has since been awarded annually by the hkp/// group with the Bundesverband der Personalmanager:innen (BPM), the trade magazine Human Resources Manager and the Quadriga University.
In July 2023, Michael H. Kramarsch was named one of the top 40 HR decision-makers in Germany by the Haufe publishing house (Personalmagazin), in particular in recognition of his longstanding commitment as an HR tech investor. He was also included by the jury in the newly created "Big Five" category, which honors personalities who have received this honor more than five times.
His interest in technology and the ethical challenges it holds led him to establish the HR Tech Ethics Advisory Board. The committee, which consists of renowned representatives from academia, start-ups and established companies, serves as a driving force for promoting the use of digital solutions in HR work.

Dr. Harriet Sebald
Dr. Harriet Sebald, co-founder and Senior Partner of hkp/// group. She is one of the most experienced and innovative advisors in the fields of HR strategy, ESG in HR as well as people supply chain. As Founder and Managing Director of Daphne Beteiligungs- und Beratungsgesellschaft mbH and Co-Managing Director of Merlin Beteiligungs- und Beratungsgesellschaft mbH, she focuses on HR tech start-ups as well as start-ups founded by women and mixed teams.

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With 23 years of consulting experience, Dr. Harriet Sebald is one of the most experienced and innovative advisors in the field of HR strategy, ESG in HR as well as people supply chain. In 2011, together with other partners, she founded the hkp/// group, a consultancy focusing on strategic HR management & corporate governance. Prior to that, she worked for ten years at an international HR consultancy, most recently as a partner in the area of workforce effectiveness. She maintains long-standing client relationships and supports international listed (DAX) companies and medium-sized hidden champions in implementing HR functional strategy in conjunction with ESG.
In her role as investor and advisor, Harriet Sebald supports female founders and advocates for more participation of women in the start-up and investor landscape. She is co-founder of the Rhine-Main chapter of the female investor network encourageventures. Her investments in start-ups are bundled in the investment vehicle Daphne Beteiligungs- und Beratungsgesellschaft mbH. Together with Michael H. Kramarsch, she is also Managing Director of Merlin Beteiligungs- und Beratungsgesellschaft mbH.


Merlin Beteiligungs- und Beratungsgesellschaft mbH – Pirckheimer Str. 46, 90408 Nürnberg – HRB 27203
Einzelvertretungsberechtigte Geschäftsführer: Michael H. Kramarsch, Dr. Harriet Sebald

Daphne Beteiligungs- und Beratungsgesellschaft mbH – Pirckheimer Str. 46, 90408 Nürnberg – HRB 35469
Einzelvertretungsberechtigte Geschäftsführer: Michael H. Kramarsch, Dr. Harriet Sebald

+49 172 5910912‬