Skip to main content

Tip: Activate javascript to be able to use all functions of our website

Frankfurt Skyline

    Scale-up Portfolio

    Since December 2025, KfW Capital has been investing as a co-investor alongside its venture capital fund managers in innovative scale-ups. The equity financing is provided through the Scale-Up Direct mandate, a strategic component funded by the German government's Deutschlandfonds. The program aims to strengthen German technology-oriented growth companies in late-stage financing rounds.

    Quantum Systems

    Quantum Systems is a defence neo-prime headquartered in Gilching, near Munich. The deep-tech company develops and produces autonomous systems for defense, security, and civil protection forces. Its portfolio combines hardware, software, and AI, encompassing unmanned systems, sensors, and counter-defense solutions for operations in the air, on land, and at sea.

    Isar Aerospace

    Isar Aerospace is an aerospace company headquartered in Ottobrunn, near Munich. The New Space scale-up develops, builds, and launches orbital launch vehicles to transport small to medium-sized satellite constellations into low Earth orbit. The two-stage system "Spectrum" enables flexible and cost-effective placement of cargo in space for government and commercial use cases.

    Proxima Fusion

    Proxima Fusion is an energy company headquartered in Munich. As a spin-off from the Max Planck Institute for Plasma Physics, the deep-tech scale-up aims to commercialize nuclear fusion. The company develops novel fusion power plants based on magnetic stellarator reactors, aiming to provide continuous, emission-free baseload energy to the public power grid from the 2030s.

    The Exploration Company

    The Exploration Company is a Franco-German aerospace company headquartered in Gauting, near Munich. The New Space scale-up develops reusable space capsules to transport cargo and eventually crew members to space stations. With its launcher-agnostic vehicle "Nyx", the company provides a cost-effective and sustainable logistics solution for low Earth orbit.

    Reverion

    Reverion is an energy company headquartered in Eresing, near Munich. The clean-tech scale-up develops container-based, reversible fuel cell power plants for decentralized energy supply. The systems generate electricity from biogas, natural gas, or hydrogen and store surplus power as gas. The plants feature high electrical efficiency, enabling carbon-negative operation when utilizing biogas.

    Pliant

    Pliant is a payment service provider headquartered in Berlin. The fintech scale-up has developed a B2B credit card platform for digital expense management. Its modular API infrastructure enables companies to flexibly issue physical and virtual corporate credit cards, while seamlessly integrating payment flows into existing accounting systems in real time.