The Germany Fund

The Germany Fund ("Deutschlandfonds") aims to mobilise private capital for investment in order to increase the competitiveness and future viability of the German economy. Various instruments are used to specifically address the needs of industry, small and medium-sized enterprises, young companies, start-ups and scale-ups, as well as energy supply companies. The Germany Fund was presented at a press conference in Berlin on 18 December 2025 by Federal Minister of Finance Lars Klingbeil, Federal Minister for Economic Affairs Katherina Reiche and KfW CEO and Chairman of the Supervisory Board of KfW Capital Stefan Wintels. Some instruments, such as those in the venture capital pillar of the Germany Fund, are already being launched following the announcement:

VC-Fund Investments

With the new flagship instrument of the Future Fund for investments in deep tech, AI, biotech, climate tech and defence tech, the financing offering in the VC sector will be more closely aligned with current needs.

First-of-a-kind-Kredite (FOAK)

The new programme for investments in private equity funds that invest in novel industrial FOAK technologies of innovative start-ups and scale-ups is currently being prepared.

Scale-up Direct

KfW Capital invests directly in innovative start-ups as a co-investor alongside private fund managers from the KfW Capital fund portfolio. The first investment commitment has already been made.

Quantum Systems receives first investment commitment from the new Scale-up Direct program

The dual-use start-up Quantum Systems, based in Gilching near Munich, received its first investment commitment in mid-December from KfW Capital's ‘Scale-up Direkt’ programme in collaboration with HV Capital.

Dr Jörg Goschin, CEO of KfW Capital

"With the launch of the Scale-Up Direct programme as part of the Germany Fund, KfW Capital now has the opportunity for the first time to invest directly in start-ups together with private fund managers from the portfolio. The programme is designed to provide targeted support to innovative technology companies that have the potential to grow significantly, both economically and technologically, thereby strengthening Europe's competitiveness in the long term. A total of €1 billion is available for this purpose until 2030. Together with HV Capital, we have now completed our first deal with our investment in Quantum Systems. Quantum Systems, a dual-use drone start-up, fits exactly the profile we are looking for: a fast-growing company that operates in a technology sector that is particularly important and future-oriented for Germany and impresses with its high level of innovation. We would like to thank our partner HV Capital for the successful collaboration."

Dr Christian Saller, General Partner bei HV Capital und Board Member bei Quantum Systems

"Germany is now well positioned in terms of early-stage financing, but there is often still a lack of European growth capital for true global scaling. KfW Capital's scale-up programme is a crucial lever for closing this gap and building “global champions” from Germany. We at HV Capital are delighted to be accompanying the launch of this important initiative with the programme's first investment."

Sven Kruck, Co-CEO of Quantum Systems

“The Germany Fund sends out an important industrial policy signal: Germany wants to take the lead in future-facing technologies again. For Quantum Systems, Scale-up Direct – together with KfW Capital and HV Capital –is a key growth engine. The financing gives us the capacity to continue ramping up production, automation and AI-based mission systems in Germany. In this way, the programme not only strengthens the country as a location but, in very practical terms, speeds up our ability to deliver European security and future-facing technologies on an industrial scale.”