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    The Germany Fund

    The Germany Fund ("Deutschlandfonds") mobilises 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 WIN 400 programme for the VC pillar starts on 15 July 2026 and, as one of the measures of the Future Fund, the “Tech Fund Invest” (pooling programme) will be increased using federal funds and supplemented with funds from KfW.

    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. After six months, first successes are already visible and the Federal Government and KfW are making a further 1.5 billion euros available for start-ups, scale-ups and the broader SME sector.

    • Read the press release, dated 15 July 2026, here.
    • Further information on the Germany Fund can be found here.

    Below you will find an overview of the programmes in the VC pillar.

    WIN 400

    Through WIN 400, KfW Capital is investing up to 400 million euros in innovative venture capital funds and promoting forward-looking financing strategies to support growth and innovation in Germany.

    Find out more here

    Tech Fund Invest

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

    Find out more here

    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.

    Find out more here

    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.

    Find out more here