Ground A's €9.1m pre-seed leaves each founder at 22.75%

Ground A's €9.1 million pre-seed created a measurable new-share block in the German register. The shareholder list filed on 27 July 2026 shows total capital of €36,927, up from €25,200 at formation, with 11,727 shares created through a capital increase. The three founder vehicles still hold 8,400 shares each. The list prints each at 22.75%, or 68.25% together. Vsquared Ventures III is the largest named new position at 5,231 shares, or 14.17%.

That is a clearer ownership consequence than the financing headline alone. It also has a firm limit. The register does not disclose the issue price, valuation, preference rights, board rights or whether every new position belongs to the announced round. It shows legal holders and nominal shares, not the full economics of the transaction.

The €9.1m headline and the register answer different questions

Ground A announced the funding on 8 September. In its official announcement, the company says the €9.1 million pre-seed closed in June and was led by Vsquared. It describes the GA1000 counter-drone system moving from prototype work into testing and validation, with series production planned in Germany. The company says a further financing is planned for 2027.

The event is independently corroborated. Pathfounders reports the same €9.1 million round, January 2026 founding date and Vsquared lead. Tech.eu likewise describes a round above €9 million, the GA1000 product and a syndicate that includes Quantum Systems, Robin Capital, OVNI, ABACON, Leblon and GRIF. Ground A's investor page lists those investors and other participants.

Those public sources establish the event, timing and investor framing. The shareholder list answers a narrower question: which legal holders appear after the capital increase. It is therefore possible to connect the funding story to a visible ordinary-share denominator without claiming that €9.1 million equals the nominal value of the new shares.

Three equal founder lines became three 22.75% lines

The formation list taken into the Düsseldorf register folder on 22 January 2026 shows Ground A GmbH with €25,200 of capital. Artin Venture UG, Spiegelhalder Venture UG and Brune Venture UG each held 8,400 shares, giving each a 33.33% line in the founder-only structure.

The latest list keeps those same 8,400-share blocks but expands the denominator to 36,927 shares. Each founder vehicle is shown at 22.75%. Together they hold 25,200 shares and form the largest visible block at 68.25%. There is no transfer entry reducing a founder's 8,400 shares in the latest list. The dilution is the result of additional shares being created around the existing blocks.

The displayed percentages require one rounding qualification. The complement to the printed 68.25% founder block is 31.75% for the newly created block. Counting the shares directly gives 11,727 divided by 36,927, or 31.757%. Rounded independently to two decimal places, that is 31.76%. The one-hundredth difference comes from the register's rounded holder percentages, not from a different transaction.

Primary issuance is visible, but the cheque mechanics are not

The latest list marks the new investor entries as newly created shares through a capital increase. The entries for Vsquared Ventures III, Quantum-Systems GmbH, Robin Fund II and the other vehicles are not described as purchases from the three founder vehicles. That supports a primary-issuance reading: the legal share count expanded and the founder block was diluted.

It does not price the financing. Each listed share represents €1 of nominal capital, so the 11,727 new shares add €11,727 to the nominal denominator. That figure is not €9.1 million. A share premium, a separate instrument, contractual rights or other terms could account for the difference. None of those terms is published in the two shareholder lists used here.

The chronology is consistent with a financing process already reflected in the register. The list was taken into the register folder on 27 July, and its notarial certification refers to changes under a deed dated 30 June 2026. Ground A announced the completed pre-seed on 8 September. The dates do not prove that every listed position was funded in the announced round, but they explain why the legal footprint appears before the public headline.

Vsquared is the largest named new position

The register separates the investor blocks rather than presenting one generic “syndicate” line. Vsquared Ventures III has 5,231 shares, or 14.17% of the latest list. Quantum-Systems GmbH has 1,488 shares, or 4.03%. Robin Fund II has 864 shares, or 2.34%. The remaining new blocks are smaller and include the other investors named by Ground A.

The residual row is a calculation, not a holder named by the register. It equals the 11,727 newly created shares less the Vsquared, Quantum-Systems and Robin blocks. The independently rounded rows do not sum perfectly to 100%, because the source percentages are displayed to two decimals. The underlying share count is the safer denominator for the calculation.

Ground A's investor list also names Elephant Lake, OVNI, ABACON, Leblon, GRIF, J14 and other vehicles. The register maps many of those names to legal holders, but public brand names and legal entities do not always line up one-to-one. The article therefore uses the exact legal holder labels in the list and treats the public investor page as corroborating context, not as a substitute for the register.

What the structure changes for financing analysis

For an investor, the key finding is not simply that Ground A raised €9.1 million. The legal record shows how the nominal ownership denominator changed: 25,200 founder shares remained in place while 11,727 new shares were added. That distinction points to primary capital entering the company rather than a visible founder exit.

It also changes how the lead investor should be described. Vsquared is the largest named new legal block at 14.17%, not a disclosed controlling position. Quantum-Systems appears at 4.03%, and the rest of the syndicate is spread across smaller blocks. The public announcement's “led by Vsquared” language and the register's 14.17% ordinary-share position can both be true. They describe different dimensions of the financing.

The founder outcome is equally specific. Artin Venture UG, Spiegelhalder Venture UG and Brune Venture UG each moved from 33.33% in the formation list to 22.75% in the latest list. Their combined ordinary-share position is still 68.25% on the register's printed percentages. That is visible dilution, not evidence of personal beneficial ownership, a voting agreement or a particular return for any founder.

Other Dossaro analyses show why the distinction matters. InLeap's cumulative funding map separates disclosed rounds from the cap table. HyImpulse's 50m round analysis likewise treats a large new block as a register fact rather than a complete term sheet. Atira's Accel footprint shows the same gap between a public financing headline and ordinary-share positions, while Gallo's founder-dilution analysis follows the founder denominator through a capital increase.

What the record still does not show

The €36,927 capital figure is nominal capital. It is not a valuation and does not state how much cash each investor paid. The documents do not disclose an issue price above nominal value, liquidation preferences, conversion terms, anti-dilution protection, reserved matters, board appointment rights or a shareholder agreement.

Nor do they establish ultimate beneficial ownership. Artin Venture UG, Spiegelhalder Venture UG and Brune Venture UG are the legal holders shown in the list. The public material names Ground A's founders, but that does not allow a claim that each founder personally owns the corresponding vehicle or that the three vehicles act as a voting block.

The same boundary applies to the funding linkage. The list's 30 June deed and the September announcement are temporally close, and the new entries are marked as capital increases. That makes the round-to-register connection plausible and useful. It remains medium-confidence until a public instrument or later filing identifies the issue price, proceeds and terms.

The next filing should connect cash to rights

The next decision-changing evidence would be the full 30 June 2026 notarial deed referenced by the latest list, together with any filed articles or shareholder agreement that sets out voting and preference rights. A later shareholder list after the announcement would show whether the legal structure changed again.

Until those documents are available, the strongest defensible reading is compact: Ground A's €9.1 million pre-seed is accompanied by a 31.75% new-share block on the register's rounded percentages, each founder vehicle remains at 22.75%, and Vsquared Ventures III is the largest named new position at 14.17%. The register shows dilution and legal holders. It does not yet show the price of the round or who controls the company.

The official legal identity for that next-document watch is Ground A GmbH, Düsseldorf HRB 111567. Ground A's legal imprint confirms the company name and register number; the German Handelsregister portal is the public source for subsequent filings.