Integral's €18m Series A Left Founder Vehicles at 43.4%

Integral's €18 million Series A is publicly framed as a Mosaic Ventures and Reid Hoffman co-led round. The shareholder list admitted after the round tells a more precise story: founder-named vehicles still hold 43.4% of the nominal capital, while General Catalyst's German vehicle is the largest single external block at 18.9%.

That is a meaningful ownership map, but not a control verdict. The 19 August 2026 list records 57,649 €1 shares after a 23 July capital increase. It does not disclose the cash paid for each block, valuation, liquidation preferences, voting agreements or beneficial ownership. It also does not identify Aphorism Foundation, which holds 7.4%, with Reid Hoffman. The evidence supports a concentrated, founder-backed post-increase structure, not a claim that any named investor controls Integral.

The public round and the filed register answer different questions

Integral's 16 September announcement says the company raised €18 million in a Series A co-led by Mosaic Ventures and Reid Hoffman. Cherry Ventures, General Catalyst and Puzzle Ventures are named as participating investors. The company describes an AI-native operating model spanning accounting, tax and payroll, alongside the licensed professional services needed to serve regulated work.

An independent Taylor Wessing release confirms that the law firm advised Mosaic on the round and repeats the €18 million co-lead framing. Mosaic's investment blog provides the investor-side context.

Those sources establish the event, amount and investor narrative. They do not show who owns the company after the capital increase. The German register does. The current shareholder list is attached to Integral Services GmbH, Berlin (Charlottenburg) HRB 268605, and follows the 23 July 2026 notarial capital increase, UVZ-Nr. 897/2026 RB. The capital recorded after that step is €57,649, not €18 million. The difference is the point: the public round is a financing headline, while the register exposes nominal legal positions.

Founder-named vehicles still hold 43.4% on paper

The list records two vehicles whose names reference Integral's founders. LCZ Ventures UG (haftungsbeschränkt) holds 18,750 shares and ACB Ventures UG (haftungsbeschränkt) holds 6,250. Together, those 25,000 shares represent 43.3659% of the 57,649-share total.

This is not the same as saying Lukas Zörner and Anil Can Baykal personally own 43.4% or exercise 43.4% of the votes. A shareholder list names legal holders. It does not, by itself, establish beneficial ownership, voting arrangements or rights held through agreements outside the filing. The company profile identifies Zörner and Baykal as managing directors, but management office and shareholder position are separate facts.

The practical finding is narrower and stronger: the new round did not leave a register in which founder-named vehicles became immaterial. Any analysis of Integral's financing that treats the Series A as an investor takeover has to explain this 43.4% nominal block first.

General Catalyst has the largest single external block

General Catalyst appears through GC XII Creation – Germany Holdings, LLC with 10,889 shares, or 18.8884% of the list. Cherry Ventures Fund IV GmbH & Co. KG holds 9,428 shares, or 16.3541%.

Mosaic is represented by two vehicles. Mosaic Ventures II, L.P. holds 4,237 shares, or 7.3497%, and Mosaic Ventures Investors Fund II, L.P. holds 146 shares, or 0.2533%. Taken together, the two visible Mosaic vehicles hold 4,383 shares, or 7.6029%.

The contrast matters because public shorthand can flatten different relationships into one “lead investor” label. Mosaic and Reid Hoffman are both described publicly as co-leads, but Mosaic's two visible vehicles are not the largest single block in this list. General Catalyst's vehicle is larger nominally, and the list does not establish whether Hoffman has a separate legal or beneficial position.

The Aphorism Foundation block requires particular restraint. The register names the foundation and marks the shares as newly created in the capital increase. It does not identify the foundation as Reid Hoffman. Connecting the two would add a fact that the source does not provide.

Newly created blocks show the capital-increase footprint

The shareholder list marks the GC, Cherry, Mosaic, Aphorism and Puzzle blocks above as newly created in the 23 July increase. That is useful evidence of the legal step associated with the financing, but it is not a subscription receipt or a valuation statement. A €1 share in the list is a nominal unit of capital. The price paid for it, including any premium, is not visible in the shareholder-list percentages.

The €57,649 total therefore should not be compared directly with the €18 million headline as though they were two versions of the same number. The first is registered nominal capital after the increase. The second is the public financing amount, which can include share premium, other instruments or transaction terms that the list does not show.

The sequence is still economically informative. It shows a financing step that left founder-named vehicles with a large nominal position, gave General Catalyst the largest visible external block, and placed Cherry and two Mosaic vehicles in substantial but smaller positions. It also shows why a press release is not an ownership table.

What the map does not prove about control

The register does not expose the articles, shareholder agreement or side letters that might govern votes, board appointment, reserved matters, conversion, liquidation preference or transfer restrictions. Nor does it identify how the public co-lead label maps to cash contributions or rights. Nominal percentages can diverge from economic outcomes when preferred instruments, option pools or contractual protections are involved.

That boundary is familiar in private-market research. Basecamp's Series C filings, for example, set out a preference waterfall that changes how a simple share count should be read. Integral's shareholder list does not provide an equivalent rights schedule, so this article does not infer one.

The strongest defensible sentence is that Integral's post-increase register is founder-backed but concentrated in external blocks. The strongest indefensible sentences would be that General Catalyst controls the company, that Reid Hoffman owns Aphorism Foundation, or that the founders retained a fixed percentage of exit proceeds. None follows from this document.

The next document that would change the reading

An updated shareholder list could show a later transfer or allotment. The articles or a filed instrument setting out the rights attached to the new blocks could clarify whether nominal positions translate into votes, preferences or board influence. A PSC filing, if one becomes relevant, would add a separate statutory control signal, but its absence here is not proof that no investor has influence.

Until those documents appear, the public round should be read with two numbers in view. Integral announced €18 million of Series A financing. The filed register shows 57,649 €1 shares, founder-named vehicles at 43.4%, a GC vehicle at 18.9%, Cherry at 16.4%, Mosaic's two vehicles at 7.6% and an Aphorism Foundation block at 7.4% whose identity is not explained. That ownership map is the commercial consequence hidden behind the headline, and its limits are part of the finding.