The recovery in the German VC market gained further momentum in the third quarter. At around EUR 4.5 billion, deal volume was more than one third higher than in the already strong previous quarter and almost four times as high as in the third quarter of 2025 (EUR 1.2 billion). Since the start of the year, investments have totalled around EUR 9.5 billion. This already exceeds the volume recorded in each of the full years 2023 to 2025 (just over EUR 7 billion in each case).

The dashboard also provides deeper insights into VC financing for German start-ups, for example by financing stage, investor origin and technology fields, as well as into exit activity and market comparisons with key international benchmarks. An overview of developments in venture debt transactions completes the picture.

KfW Venture Capital Dashboard Q3 2026(PDF, 4 MB, accessible)

Press release