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 programme

The ERP Special Fund

KfW Capital invests with the support of the ERP Special Fund of the German Federal Government, which was created from funds of the 'Marshall Plan Aid' for the reconstruction and development of the German economy, the European Recovery Programme (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

The Germany Fund

Since its launch in December 2025, the Germany Fund has enjoyed a successful first six months. The first signs of success are already evident, and the Federal Government and KfW are providing an additional 1.5 billion euros in funding for start-ups, scale-ups, and the broader SME sector, in part through the WIN 400 programme. The Germany Fund is therefore creating a framework that will make it easier for private investors and local authorities to invest on a large scale in Germany.

Find out more about the Germany Fund and the venture capital pillar here.

KfW Capital Award 2026

The KfW Capital Award recognises exceptional individuals in the German venture capital sector, with prizes awarded in three categories and a special prize.

Further information about the award is available here.

KfW Capital begins fundraising for ‘Wachstumsfonds II’

The 'Wachstumsfonds II' is being launched with a target volume of one billion euros, offering investors broadly diversified access to established venture capital managers focused on Germany and Europe. By combining private and public capital, the fund aims to implement a return-oriented investment strategy with a balanced risk profile.

Here you will find further information.

KfW Capital in a nutshell

Who is KfW Capital? What do we do?
As one of Europe's largest venture capital (VC) investors, KfW Capital enhances the German and European VC ecosystem by investing in over 150 funds and enabling support for more than 2,800 start-ups and forward-thinking technology companies.
Intrigued? So, start the movie!

KfW Capital in a nutshell - Corporate video