“Given the ongoing trade and geopolitical risks, the consistently high interest in German start-ups from abroad cannot be taken for granted. The strong participation from abroad reflects both the continuing generally high investment activity by US investors and the trust which international capital providers continue to place in Germany as a technology and start-up location.

The global market environment remains difficult. Rising interest rates could pose new challenges for the VC market in the medium term. Higher interest rates make it more difficult for venture capital investors to raise capital. We do not expect any significant increase in investments across the broad German VC market in the coming months.”

Dr Dirk Schumacher

KfW Venture Capital Dashboard Q1 2026(PDF, 516 KB, accessible)