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    Views on the Zukunftsfonds

    "What does the Zukunftsfonds mean for the VC ecosystem?", we asked our Advisory Board members. We wanted their opinion on this on the occasion of the third anniversary of the Zukunftsfonds. This is what they said.

    Dr Jörg Kukies, State Secretary at the Federal Chancellery; on the timing of the launch of the Zukunftsfonds State Secretary at the Federal Ministry of Finance and Advisory Board member of KfW Capital:

    Jörg Kukies
    • "The Federal Government offers a comprehensive set of financing instruments with the Zukunftsfonds and other successful measure (such as the High-Tech Gründerfonds), thereby strengthening the German venture capital market. To me, the main purpose is to provide funding for innovation and important technologies such as AI and quantum technologies and to increasingly win over institutional investors. Example of this are the modules DeepTech & Climate Fund, European Tech Champions Initiative and the Wachstumsfonds Deutschland. Improving the legal framework in the venture capital area is also critical from my perspective. We are addressing this with the Financing for the Future Act, for example, and with our advocacy for a European capital market union."

    Dr Anna Christmann, MP, Federal Government Coordinator of German Aerospace Policy and Commissioner for Startups and the Digital Economy at the Federal Ministry for Economic Affais and Climate Action:

    Anna Christmann
    • "The Federal Government wants to further improve the financing opportunities for innovative technology start-ups, particularly in the capital-intensive growth and scale-up phase. The key instrument for this is the Zukunftsfonds, under which we will invest more than EUR 30 billion in start-ups together with public and private investors by the end of 2030. Here, KfW Capital occupies a decisive position as one of the key implementing partners. With these investments in innovation, we are also making an important contribution to achieving our sustainability goals."

    Dr Florian Toncar, MP, Parliamentary State Secretary at the German Federal Ministry of Finance:

    Florian Toncar
    • "The key strength of the Zukunftsfonds is that it uses public funds to mobilise considerable volumes of private capital for investments in enterprises and forward-looking technologies in Germany. It strengthens Germany as a location and our digital sovereignty.

    Thomas Jarzombek, MP, on the timing of the launch of the Zukunftsfonds Commissioner of the Federal Ministry of Economics and Climate Action for the Digital Economy and Start-ups and Advisory Board member of KfW Capital:

    Thomas Jarzombek
    • "Launching the Zukunftsfonds and founding KfW Capital was the greatest coup for venture capital in Germany. And the effort is paying off. Since then, total investments in our start-ups have tripled. The time has now come for the next level: the Zukunftsfonds¹⁰⁰, which will bring forth the next generation of start-ups with EUR 100 billion."

    Renata Bandov, Executive Director, Cash Market and Head of Listings & Regulatory Issuer Services and Obligations - Deutsche Börse AG:

    Renata Bandov
    • "With its elements, the Zukunftsfonds is instrumental in strengthening the VC ecosystem. Particular mention should be made of the structural mobilisation of private capital for innovation and competitiveness in Germany. Investing in technology firms creates future market leaders and supports them on their way to capital market maturity."

    Timo Bartell, Deputy Head of Asset Management at RAG-Stiftung:

    Timo Bartell
    • "The German VC ecosystem has established itself well in international comparison in the past years. The Zukunftsfonds has made substantial contribution to this. The Wachstumsfonds Deutschland in particular is an important element for us as it strengthens the cooperation between the public and the private sector and provides innovative technology firms and start-ups with expanded access to urgently needed capital."

    Filip Dames, Founding Partner at Cherry Ventures:

    Filip Dames, Founding Partner Cherry Ventures
    • "The Zukunftsfonds is a decisive building block for strengthening the German venture capital market which is so important. Start-ups are the engine for our future, but Germany often lacks growth finance, so I welcome the Venture Tech Growth Financing building block in particular."

    Ralph Guenther, Partner and Head of Investor Relations for Continental Europe at Pantheon Ventures:

    Ralph Guenther, Partner Pantheon
    • "The Zukunftsfonds is likely the most important contribution which policymakers have made to develop and strengthen the domestic VC market in the past 25 years. What convinces me most in this is the participation of private institutional capital in a significant volume."

    Ulrike Hinrichs, Managing Director and member of the Board of the German Private Equity and Venture Capital Association (BVK):

    Ulrike Hinrichs
    • "In its three years of existence, the Zukunftsfonds has impressively shown how targeted investments can stimulate the VC ecosystem. The element of DeepTech & Climate Fund, in particular, which invests in artificial intelligence, among other areas, is an indispensable resource for start-ups to remain competitive in the global market."

    Prof Dr Heike Hölzner, Professor for Entrepreneurship and SME Management at HTW Berlin and Co-Chair of encourageventures e.V.:

    Heike Hölzner
    • "The Zukunftsfonds sends out a strong signal of confidence in our country's innovative strength. Among the many different components, the Wachstumsfonds Deutschland stands out in a particular way as a fund of funds that finally also paves the way for institutional investors to enter this asset class and will stimulate the VC ecosystem."

    Dr Judith Kölzer-Söding, CEO of Sovage GmbH:

    Judith Kölzer-Söding
    • "The Zukunftsfonds and its targeted components have succeeded in pooling private and state capital on an unprecedented scale and facilitating investment in companies that are driving technological progress in Germany."

    Ralf Kratzenberg, Senior Portfolio Manager Privtae Capital Gothaer Asset Management AG:

    • The German economy needs innovations to meet the challenges of our time. Climate change, digitalization and demographic change are key issues for young companies. The Zukunftsfonds provides start-ups with the necessary capital via several products. The Wachstumsfonds is the most important of these, as it brings together public and private investors. It offers an attractive investment and promotes the VC ecosystem."

    Felix Oldenburg, CEO of project bcause and Board spokesperson at gAG:

    Felix Oldenburg
    • “Germany has caught up considerably over the past decade in terms of the availability of early-stage venture capital. With the Zukunftsfonds, the major public commitment has come at exactly the right time. I am particularly pleased that there is now also the first signal for impact investing from the Zukunftsfonds.”

    Verena Pausder, German Start-Up Association Chair, entrepreneur and investor:

    Verena Pausder, Chairwomen of the German Startup Association
    • “The Future Fund is a decisive lever for strengthening venture capital in Germany. What is particularly important to me is the Growth Fund, which mobilises the capital of institutional investors for the first time. We must continue on this path in order to see more innovation from start-ups.”

    Carsten Quitter, Chief Investment Officer at Allianz SE:

    Carsten Quitter
    • “The Wachstumsfonds Deutschland as a key building block of the Zukunftsfonds is a valuable instrument that brings together the diversity of European VC funds and thereby offers investors diversified access to the broad VC market. Besides, the tranching enables investors to make investments that are tailor-made to risk profiles. We are proud that our investment not only makes use of attractive investment opportunities but also promotes innovative European ideas.”

    Thies Sander, Founding Partner Project A Ventures:

    Thies Sander
    • "The Zukunftsfonds is making a decisive contribution to the financing of innovation in Germany. The state offers venture capital companies better opportunities to invest in poromising technology start-ups and enable them to grow further. which benefits all sides."

    Dirk Schmitz, Country Head of Germany, Austria and Eastern Europe at BlackRock:

    Dirk Schmitz, Country Head of Germany, Austria and Eastern Europe & Regionall Head of DACH bei BlackRock
    • "The fund's task of mobilizing growth capital has never been more important than it is today. I am delighted that we can make a contribution to this. We believe in Germany's potential as a hub for innovative ideas and entrepreneurial initiatives, because they will help shape the future of technology and society."

    Björn Tremmerie, Head of ICT and BA Investments at the EIF:

    Bjorn Tremmerie
    • "In building up the European VC and PE ecosystem, we rely on trusted partners. The Zukunftsfonds reflects the coming together of like-minded institutions committed to driving innovation and scale-up finance, to shape a greener, digital and more inclusive future for Germany and the EU."

    Martin Weber, General Partner at HV Capital:

    • "The Zukunftsfonds can contribute significantly to helping technology firms achieve a relevant market size and importance and to securing not just their innovative strength and economic importance but also the sovereignty of our country and our region. KfW has become an even more important player in the ecosystem."