KfW Venture Capital Dashboard Q3 2025

In the third quarter, investment in German start-ups was weaker than in the two quarters of the first half-year. In total, German start-ups raised around EUR 1.3 billion in venture capital in the third quarter of 2025. That was a drop of approx. 47% on the previous quarter. The main reason for this was that only one mega round of EUR 100 million or more was completed in Q3, the lowest number of such large rounds to date. The deals closed in the third quarter thus amount to a solid deal volume of EUR 5.3 billion for the year so far.

KfW Venture Capital Dashboard Q3 2025(PDF, 512 KB, accessible)

Press release

Further information in our Dossier Venture Capital