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Publication date: July 15 2026
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More capital for innovation, more scope for new financing solutions: KfW Capital is launching a new programme.
By 2029, KfW Capital will invest up to €400 million in innovative funds and financing solutions through the WIN 400 programme, which is now being relaunched as part of the WIN initiative and the Deutschlandfonds. The aim is to further strengthen Germany as a centre for growth and innovation. WIN 400 opens up new financing opportunities in areas where the market has previously had gaps. These include VC investments in the security and defence industry (SVI), as well as highly innovative solutions in the DeepTech sector. WIN 400 also enables KfW Capital to invest in secondary funds, which are still rare in Europe, as well as in funds focusing on business succession and the transformation of small and medium-sized enterprises.
"The Germany Fund is growing. WIN 400 is a new programme that will enable innovative fund concepts to be financed. KfW is providing 400 million euros for this purpose, while KfW Capital will act primarily as an anchor investor. This way, we are actively contributing to the development and strengthening of the German growth and innovation financing ecosystem."
"With WIN 400, the VC ecosystem gains a powerful and versatile investment tool designed to support the growth of innovative technology companies in particular. Examples include 'first-of-a-kind' (FOAK) investments, defence investments, and investments in private equity funds to facilitate innovation and generational transitions in small and medium-sized enterprises. This will enable us to contribute even more to underdeveloped markets in Germany."
Here you can find an overview of the WIN 400 programme.