DN Capital and 2hearts’ Gülsah Wilke on being the person she needed when she was younger

Robin Haak: Hello! It’s really great to have you with us today. I wanted to start by jumping into a statistic you posted on LinkedIn—only about 15% of partners in Venture Capital are women, right? Could you tell me what it’s been like for you as one of those 15%?

Gülsah Wilke: I joined DN Capital at the beginning of this year, so it has only been a little more than eight months. I’m not only the first partner in Germany that DN has ever hired but also the first female partner in a partnership of six. So far, I’ve experienced a very supportive environment where my male partner colleagues were excited to have a woman on board to bring a diversity of perspectives. I’m not just the only woman, I also bring diversity in terms of my professional background.

Steve and Nenad, co-founded DN Capital more than 20 years ago after they met during their MBA studies at Harvard. They decided to leave the U.S. and invest in Europe, seeing great potential here. We were one of the first Venture Capital firms to believe in Germany and Europe at large and started investing very early on alongside firms like Earlybird and Acton.

At the same time, partners like Guy and Thomas have been with the firm since they were juniors—about eight to ten years, at least. The last partner joined around five or six years ago and was previously the Managing Director of HelloFresh UK. In short, all of them have been with the firm for at least five to ten years.

Could you elaborate on how your unique background, as both an operator and a VC, shapes your approach within the firm?

So, almost all of my partner colleagues have a VC background, whereas I have a more diverse professional background. I worked as a consultant for about six years at IBM and McKinsey and then led investment activities at a media company called Axel Springer, focusing on later-stage investments and M&A. I also operated as the COO of a digital health company called ADA Health at the Series B stage. Additionally, I co-founded my own organization, 2hearts which is centered around impact entrepreneurship. So, I’m not just the only woman in the partnership, but I bring different perspectives beyond traditional VC. I believe this diversity is helpful because partnerships need to be complementary in skills and backgrounds, not just in gender.

What was it about this particular job that excited you?

I used to work on the investment side, more in later-stage investments, where I enjoyed exploring different business models and putting myself in a position to quickly understand new markets and get to know teams. I then decided to step into the operational side to practice what I preached and gain hands-on experience as an operator, which was incredible. I was Chief Operating Officer, responsible for legal, regulatory, marketing, strategy & operations, and communications—a wide range of responsibilities.

This operational experience helped me put myself in the shoes of the founders I ultimately invested in and will continue to invest in. After these two phases, I decided to return to investing because I love the intellectual challenge of understanding new business models, getting to know founding teams, and discovering innovations that could ideally have a positive impact on the world. This is something I deeply enjoy, and I believe I can do this effectively in my current role as a partner at DN Capital.

You've been committed—not only with 2hearts but also in your new role— to backing not only the best founders but also leveling the playing field by helping people who might not normally have access to funding. How are you doing that?

First, it’s about having an opportunity to see them. To do this, you need truly diverse and complementary deal-sourcing channels. Here, I’d say that my diverse professional background and founding of 2hearts—which now has over 3,000 members from 150 nationalities across Europe—give me a unique way to connect with underrepresented founders. That’s the first part—being able to identify and see founders who aren’t the “usual” ones coming from certain universities or with certain track records.

The second part is having an open mind and as little bias as possible. It’s about not just looking at a founder on paper and taking a call or meeting out of courtesy, but remaining open to different types of founder profiles and listening to the potential behind the idea. And third, it’s about being a voice, an ambassador, and a multiplier for these founders. In partnerships, particularly in VC, there’s often agreement on the obvious, like “This founder is great!” but it’s less about asking the tough questions.

Could you share an example of how you encourage founders to prioritize diversity in their leadership?

Yes, for example, we recently looked into a company targeting women with its products, and when I saw the leadership slide, there were at least seven, eight, or maybe even ten men. I wasn’t impressed to see that there weren’t any women in leadership. Don't get me wrong. If this were a deep-tech company where you might not have that many women or something that requires niche technical skills, it could be different, but when your main audience is women, it makes plain business sense to have women in leadership - and not just for diversity's sake. So, I spoke up about it. It’s not only about supporting diverse founders, but also about calling out a lack of diversity when we see it—always respectfully, of course, but directly. Because without pointing it out, you can never ignite change.

Talking of founders with migration backgrounds, what do you think it is about the experience of living in a country that isn’t your own—that can make someone well-suited for entrepreneurship?

I mean there are so many parallels between starting a new endeavor and founding your own company with all the unknowns and risks involved and moving to a new country. Both require courage, being comfortable with uncertainty and taking risks, and, at times, being quite alone with your vision. But if you are driven, hungry to make it work, and don’t have a plan B, you can be successful.

Also, many migrant founders have what we at 2hearts call “two hearts”—one connected to their culture of origin and one to their current home. They’ve adapted to new cultures, languages, and even religions often without a Plan B.. They’ve always had to deal with adversity, question marks, and uncertainty, which creates resilience, adaptability, and hunger for success, and this makes you develop a kind of muscle, which is a muscle of resilience. You also get comfortable with standing out and you develop coping mechanisms for this. There’s an intensity in the drive for success because it’s often “all in” for them. And for us as investors, this hunger and determination are exactly what we look for, because building a company is a marathon, not a sprint.

Growing up with two cultures must have shaped you profoundly. What was it like for you navigating life with “two hearts”?

To be honest, it’s been a journey. I always say I was a super shy girl. People who know me now laugh at that, but as a child, I was really shy. Growing up in Germany, I looked different from my friends—most were blonde, and I had long dark hair. At home, we spoke Turkish, which none of my friends did, so I learned German properly only in elementary school. Even the celebrations were different, while others had Christmas, we partly celebrated it and had a tree, but we celebrated different holidays.

Early on, I tried to blend in, but I realized that being silent wasn’t the answer. I wouldn’t progress. Over time, I learned to embrace my differences, not hide them. I had to stand up for equal opportunities, and that has shaped me professionally as well. I’ve often been the youngest, the only woman, the only migrant in white, male-dominated spaces. Now, instead of trying to blend in, I stand out and see it as a strength. Wherever I go, I choose to stand out and use it to my advantage, maybe even my superpower.

Back in the day, and sometimes even now, people would underestimate me. They’d think I'm an assistant or the intern whatsoever and then realize, “Hey, she’s the boss, she's super smart, she's calling the shots here.” The surprise factor didn’t demotivate or frustrate me, quite the opposite. It made me want to work harder, open doors, and leave doors open for those who are coming after me with similar backgrounds and ideas.

That’s such a powerful shift! It’s a complex topic, it sounds like you’ve found a way to make both cultures a part of who you are.

Yeah. It's also beautiful. For me, it’s about embracing both. Some might focus more on one culture than the other, but for me, it’s always been a combination of both. Staying connected to my roots is crucial to who I am.

So, what drew you into Venture Capital? What made you decide, “This is where I want to be”?

For me, there are two sides to this. First, on a professional level, I love the intellectual challenge—diving deep into new markets, quickly understanding founding teams, and spotting potential. It plays to my strengths: communication, industry variety, and adaptability. ?But on the idealistic side, I wanted to make a difference. I co-founded 2hearts and moved from Corporate Venture Capital to hands-on operations in tech because I wanted to drive change and make a statement; not only should there be more women in the industry, but also having more women on the top of these Venture Capital firms has a positive financial impact and can make companies more successful. We’re all familiar with the negative articles about women not staying in Venture Capital because they don't think they are being seen, and they don't get to call the shots. But the thing is, young women read this and they are demotivated. And I don't think that's the solution to the problem. When it comes to narratives, we have to put more positive examples of women in the spotlight; female role models to motivate and inspire more women to dare, to go into Venture Capital. We need to break down these walls - so other women can follow.

Speaking of positive narratives and role models, would you say there were any role models for you?

In Venture Capital specifically, not many. It’s still a young industry, so most of the women I admire, like those leading their funds, are at the same seniority as I am. Early in my career, though, I looked up to Sheryl Sandberg. Her “Lean In” message—don’t hide the fact that you are a woman, ask for that raise, take a seat at the table—really inspired me.

Another woman who inspires me is Melinda French Gates. She launched Pivotal Ventures, her personal investment and incubation company, which focuses on supporting diverse founding teams, including women and migrants, and invests in companies that make a positive impact on society in areas like health and education. That approach resonates with me deeply—it’s about combining the power of capital with a commitment to creating real social impact. She’s truly a role model for me in that regard.

And now you’re a Goalkeeper for the Bill and Melinda Gates Foundation. What does that role entail?

First of all, what I appreciate about that role—and something I believe we as venture capitalists should be much better at—is being intersectionally connected. For instance, you, Robin, do this very well, but too few investors focus on it. It means staying connected with leaders across fields: politics, engineering, civil society, economics, and tech. It’s so important to create a real impact within the companies we invest in, especially since so many of them operate at intersections of these sectors.

For me, the Goalkeeper community is all about that. It’s a network of global leaders who use their voices and organizations to advance one of the 17 Sustainable Development Goals (SDGs) of the United Nations through their work in NGOs, governments, civil society, and the economy. And I think that, for me, this is a very fruitful and inspiring ground to thrive and become better in what I’m doing—not only at 2hearts but also at DN Capital. The role involves connecting with other global Goalkeepers, exchanging thoughts, and creating a positive impact on these SDG goals, not only within Germany but beyond. At the same time, it’s about positively influencing our governments to work on these issues. Germany is one of the biggest donors to the United Nations and foreign aid globally, so it’s crucial that we don’t reduce or cut these expenses. As Goalkeepers, we advocate for these efforts alongside our specific SDG goals. In my case, that means work and a positive work environment, as well as access to education, diversity, women’s rights, and equal opportunities.

What drives you?

I love doing deals, and I want to make more investments in underrepresented founders who are creating impact. I always say that I’m not interested in certain types of investments—for example, mattresses just aren’t for me. When I see a company, it needs to excite me. I need to see the sense behind it and the potential impact it could have on people’s lives. And don’t get me wrong; it doesn’t always have to be about saving the world, like providing universal health access. It could be something simpler, like creating a new category of sports that helps young people get involved, not miss out and move more. So, it could mean many different things, but I really want to invest in the best founders, regardless of background, who are working on things that, in my view, positively impact our world.

Outside of work, what grounds you? You wear a lot of hats professionally, so how do you find balance?

The biggest source of balance for me—and my reality check—is my kids. I have two sons, aged three and six. When you’re at home, there’s no “German office” or “founder” title—they don’t care about any of that. It’s a great way to stay grounded. I wouldn’t say it’s always relaxing, but it’s grounding, and it helps me switch off from work and focus on them. Even at DN, I really appreciate that my partner colleagues understand and support this balance.

For example, today, I’ll pick up my youngest from school at 4 pm, then we’ll pick up my older son from basketball at 5 pm. I’m also about to close a deal, and someone asked, “Can you do a call earlier?” I said I won’t be taking any calls until 8 pm. The lawyers are on the U.S. West Coast, so I’ll join the call after 8 pm, but not during the hours of 4 pm - 8 pm, because that’s my family time today specifically.

How do you balance family time with work?

Well, it doesn’t impact the lawyers, but it can make a difference for colleagues who don’t have kids. It helps to be a Partner at a firm in situations like this: so I can set time for my family. It’s super important, and I’m grateful to work with people who respect that. Another thing that grounds me is my family and friends—they remind me of who I am, where I come from, and my roots. Sometimes, in the venture capital world, all these professional events and presentations can feel a bit shallow and overwhelming. There’s always positive feedback, and it’s good to be grounded by reconnecting with where you came from, your values, and the people who’ve known you for ages.

The third thing, to be honest, is just doing nothing! I really like watching “trash TV.” After a day of constant intellectual challenges, being “on” all the time, sometimes it just helps to watch something easy-going, to switch off and stop thinking. It’s my guilty pleasure.

Oh, and just one last thing that I try to do every day—it’s kind of a constant for me—is build in a little bit of exercise. I do short Pilates or yoga workouts, just 10-15 minutes a day. I don’t do marathons or intense training. Some people love going all out, but I have two kids, a full-time job, an NGO… I don’t need another thrill in my life! But I do need physical movement to feel good, and for me, it’s those 10-15 minutes daily, unless I’m really sick.

OK, last question, what would you say are your top three achievements? They can be personal or professional.

My kids, definitely. It’s the most intense physical and emotional experience I’ve been through—carrying my kids, being pregnant, having them, and now being a mom for six years. It changes who you are. It prepares you for professional life too, because you learn to take responsibility, deal with stress, and communicate positively. These skills are essential in business, especially in our field.

The second would be starting 2hearts. It’s something that has grown beyond me. I always wanted to be the person I needed when I was younger, but I realized I couldn’t do it alone. I can’t mentor hundreds of young people—there are only so many hours in the day. Now, with 2hearts, we have a mentorship program with hundreds of mentors, and we support more than 200 mentees each year. So, it has allowed me to help more people beyond my own capacity as a mentor.

Supporting people at scale like that is really impactful.

Exactly. It’s about being there for people beyond myself, being the person I needed when I was younger. The third thing that makes me proud is where I am today, given my background. It’s not about financial status—it’s about breaking out of a cycle. I’m the first one in my family to be born in Germany, ?to speak fluent German, to attend university and to step into rooms that were once closed to people like me. It makes me proud to see myself in these “rooms of power“ and more importantly let others in.

Thank you for your time and honesty—it really means a lot.

Thank you, Robin! One thing about being around long enough is that you learn to be brutally honest, and I don’t care what others think of me anymore. There’s no right or wrong way to be. Early in my career, people told me not to show emotions, not to laugh too much, not to be too open, not to wear so much jewelry, not to talk about my kids or my health. But who made these rules? I do all of that because that’s who I am, and it works. We can rewrite the rules and be role models for others. It’s super important.

With something like this call with the lawyers today, it sets an example. One day, a colleague might find themselves in the same situation, whether they have kids or just need time for themselves. It’s about having the room to reserve time for family or personal matters. It’s all about balance.

Absolutely. It sounds like you’re paving the way for a better future where everyone has that freedom.

I hope so. It could be sports, a family event, or just time to recharge. I’m not a fan of saying, “I’m too busy with other meetings.” No, it’s about being clear on what’s important.

Thanks for such an inspiring chat.

You too, Robin! Take care.