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The year 2025 was another important one for the German venture capital (VC) ecosystem, which is proving to be very stable despite the challenging market environment. Innovation, technological development and entrepreneurial courage are still resilient. The quality of start-ups and VC funds ensures this stability. KfW Capital supports the ecosystem as a reliable investor, enabler and partner, systematically pursuing the goal of sustainably improving the conditions for start-ups and innovative high-growth businesses in Germany.
As at 30 November 2025, KfW Capital was invested in around 150 VC funds – among them nearly 20 impact funds – with some EUR 2.8 billion. These investments mobilise capital for start-ups and tech firms in Germany that is many times higher than our contributions. For each euro brought in by KfW Capital, almost five euros goes to German start-ups. In this way we have indirectly reached more than 2,800 companies.
Along with its investments in VC funds, KfW Capital in 2025 provided important impetus for the further development of the VC ecosystem – with VC academies on current topics and an ESG training programme that was implemented jointly with external partners.
We thank you, dear stakeholders of the VC ecosystem, for your trust, your good cooperation and your strong commitment. As we bid farewell to 2025, we take stock of our activities over the year and wish you happy holidays and a good start to a successful year 2026.
The Federal Government and KfW this week announced the Germany Fund, which will contribute to initiating investments in key future-facing areas and thereby making our country fit for the future. The Germany Fund is composed of multiple building blocks that cover the various focal areas. One of them is the VC building block.
Currently, its core aspects include:
Click here to find out more about the venture capital pillar ofThe Germany Fund (kfw-capital.de).
Click here to find out more about the Germany Fund.
Two years after its launch, the Growth Fund Germany has reached an important milestone. Out of a fund volume of some EUR 1 billion, around EUR 825 million – more than four fifths – has already been committed to 41 venture capital target funds (as at 30 November 2025). More than 360 innovative technology firms were reached via these funds. The Growth Fund Germany is one of Europe’s largest VC funds of funds and combines public and private capital in an innovative way. More than 70% of the capital comes from the private sector, including insurance companies, foundations, family offices, superannuation funds and pension funds.
In order to continue the positive impact of the Growth Fund Germany, KfW Capital is currently developing the Growth Fund II, the fundraising for which will begin in 2026 and which will again target professional investors in Germany and abroad. The aim is to again provide targeted growth capital for technology-oriented companies.
Find out more about the Growth Fund Germanyhere.
Click here for the recently published press release on the Growth Fund Germany.
In response to the changed geopolitical environment, KfW as a shareholder of KfW Capital decided in April 2025 to amend the rules for KfW Capital on the financing of enterprises of the security and defence industry and align them with those of KfW. The new rules are intended to contribute to strengthening Europe’s security capabilities.
Since May of this year, KfW Capital can indirectly finance start-ups in the area of weapons and ammunition. Portfolio companies with a military focus are permitted to have their registered office not just in the EU but also in Norway, Switzerland and the United Kingdom. Controversial weapons such as radioactive ammunition, weapons of mass destruction, cluster bombs and antipersonnel mines remain excluded from financing. All potential commitments are made in strict compliance with legal regulations and restrictions under sanctions law.
Click here to find out more about the new rules on the financing of the security and defence industry.
Here you can find KfW Capital’s exclusion list.
Dr Carolin Gabor, Managing Partner of caesar., was crowned Best Female Investor 2025, and Miki Yokoyama, founding partner of Aurum Impact, was chosen as Best Impact Investor 2025. In addition, KfW Capital for the first time awarded the special prize in the category “VC Game Changer 2025”. It went to Prof Dr Helmut Schönenberger, CEO of UnternehmerTUM and Vice President Entrepreneurship at Munich Technical University.
The award honours outstanding personalities of the European VC ecosystem and in 2025 deliberately focused on current themes such as diversity, impact and special dedication. The award recipients were chosen by a jury composed of VC experts in a multi-stage selection procedure. The prizes were presented at the award ceremony for the KfW Entrepreneurs’ Award in Berlin.
Click here to read the press release on the recipients of the KfW Capital Award 2025.
You can view the film on the KfW Capital Award 2025 here.
The KfW Capital VC Academy provides regular exchange of knowledge and networking with experts of the VC ecosystem.
In 2025 the Academy addressed the following topics: In March it started its annual programme with “Life Sciences: Potentials, Opportunities and Challenges”, which covered themes such as current developments, technology transfer and perspectives on financing. In July this was followed by “Achieving Greater Impact: Boost for VC Impact Investing” with experts addressing the opportunities and challenges of impact investing. In September the focus was on “Strengthening the VC Ecosystem”. This programme involved discussions with representatives from the VC arena, politics and the consultancy industry on how to strengthen Germany as a location for funds. In November the annual programme ended with the Academy on the topic of “Venture Education: Key Competencies for Successful VC”.
The annual programme of the KfW Capital VC Academy for 2026 will be presented in the first quarter of 2026.
You can find a review of the programme and further information on the series of events here.
KfW Capital helps to build the skills of new and experienced investors in the German VC ecosystem. New certificate courses for potential investors were developed jointly with the Frankfurt School of Finance & Management and ESMT Berlin under the WIN Initiative in 2025.
This year KfW Capital again awarded two “Women in VC” fellowships to participants of the CPEA study course of the German Private Equity and Venture Capital Association and the Munich Technical University in order to motivate more women to enrol. KfW Capital also offered ESG training for VC funds in cooperation with Reframe Ventures and the BMW Foundation Herbert Quandt this year. Venture education will remain a key topic for KfW Capital to build expertise and professionalism for the long term in the VC market in 2026 as well.
Further information on the topic of venture education can be found here.
The Supervisory Board of KfW Capital welcomed a new member in 2025. Dr Janina Jänsch, the new Head of the SME department at the Federal Ministry for Economic Affairs and Energy, was appointed to the Supervisory Board. Dr Jänsch brings valuable experience from the areas of economic policy and innovation promotion has strengthened the board during a phase in which VC finance continues to grow in importance.
Chaired by KfW CEO Stefan Wintels, the seven-member Supervisory Board accompanies the business activities and strategic orientation of KfW Capital.
Click here to find out more about the Supervisory Fund.
You can read the press release here.
The Advisory Board of KfW Capital currently consists of 31 members from the fields of politics, science and business. As a forum that provides impetus, it promotes the open exchange of knowledge and ideas on developments in the VC market and supports KfW Capital through the diverse perspectives of its members. Jeanette Schwamberger, State Secretary in the Federal Ministry of Finance, Dr Janina Jänsch, Head of the SME department at the Federal Ministry for Economic Affairs and Energy, and Mario Skoric, CEO of Allianz Investment Management SE, were newly appointed to the Advisory Board in 2025.
The seventh Advisory Board meeting in September revolved all around the focal area of “Scale-up Finance in Europe – the role of public investors”. National and European experts came together to engage in an intense dialogue.
You can find further information on the Advisory Board here.
The colleagues of KfW Capital again participated in around sixty events and conferences of the VC and innovation scene in Germany and Europe as speakers and panellists in 2025. The aim was to engage in technical dialogue, strengthen the network and deepen contacts with funds, investors and relevant stakeholders of the ecosystem.
The above collage shows impressions of this year’s events. We continuously report on the conferences and themes of our KfW Capital colleagues on LinkedIn.
Follow us on LinkedIn to stay abreast of events.
At the end of the year KfW Capital had more than 110 VC experts. The share of women is 47.7%. In terms of company culture, team cohesion is strengthened by regular town halls, a summer party, a new children’s room to support parents in the event of last-minute childcare requirements, and occasional visits from office dogs. This year again, KfW Capital emphasises its commitment to being an employer who promotes diversity, cooperation and a modern, family-friendly working environment.
Here you can find out more about our team.
As one of the largest European VC investors, KfW Capital is already invested in some 150 VC funds, reaching more than 2,800 start-ups and future-oriented technology firms so far.
Click here to view the film.
For KfW Capital, 2026 will be a year in which we will further strengthen the VC ecosystem. The focus will be on continuing diversified, performance-oriented portfolio development – as a reliable partner of the VC ecosystem.
What else are we planning?
Sonja Höpfner, Spokeswoman and Senior Communications Manager
Katja Homburg, Communications Manager
Sarah Ullmann, Communications Manager
Luca Löffler, Working Student Communications