KfW Capital

KfW Capital promotes prospects for innovation and growth: As 100% subsidiary of KfW Group we invest in German and European venture capital (VC) and venture debt funds, thereby strengthening their capital base. Our aim is to improve access to capital for innovative technology-oriented growth companies in Germany through financially strong funds. Our commitment is long-term oriented and focussed:

Our investment focus

The ERP Special Fund

KfW Capital by the support of the Federal Government’s ERP Special Fund, which is based on the “Marshall Plan Aid” for the reconstruction and development of the German economy, the European Recovery Program (ERP). The subsidy programs from the ERP Special Fund include low-interest loans and investments. Today they belong to the most important instruments for the promotion of economic development in Germany.

More about ERP Special Fund (in German)

Latest news

2024: KfW Capital continued to strengthen the VC ecosystem

KfW's subsidiary KfW Capital committed some EUR 1.6 billion last year. In total, KfW Capital has already committed investments around EUR 2.5 billion to 132 VC funds and the portfolio is broadly diversified. More than 2,400 start-ups and innovative technology companies in total received funding from VC funds in the portfolio of KfW Capital up until 31 December 2024.

More details can be found in the press release.

eine kleine noch frische Prflanze, die von zwei Händen in die Erde gedrückt wird

Strong impetus for impact venture capital funds: EUR 200 million facility available from KfW Capital

Under the new “Impact Facility”, and effective immediately, KfW Capital will be investing in German and European VC funds that invest with the aim of achieving not just financial returns but measurable social or ecological impacts. The impact funds, which include Germany as their investment focus, may receive up to EUR 15 million and a maximum of 25 per cent of the fund volume.

More details on the Impact Facility can be found in the press release.

The 2025 annual programme of the KfW Capital VC Academy

The venture capital ecosystem in Germany and Europe is constantly evolving. KfW Capital would like to support you, dear players in the VC market, in obtaining interesting information on new topics and trends. That is why we have launched the "KfW Capital VC Academy": We regularly invite proven experts who will present news worth knowing from their respective fields and provide insights into new and exciting topics.

Here you will find the annual programme for 2025 as well as further information on the VC Academy.

Luftaufnahme aus der Natur mit einem Fluss

Boost for Climate Tech Start-ups

Good news at the end of the year: The Green Transition Facility that was introduced in June 2023 with a term of 24 months is already fully invested after one and a half years. KfW Capital has fully invested the EUR 100 million provided by KfW in seven VC climate-tech funds that finance start-ups and fast-growth enterprises in Germany with a focus on “ecological change”.

More details can be found in the press release.