Press Release from 2024-03-04 / Group, KfW Capital

2023: More support for start-ups and innovative technology companies in a challenging environment

  • Reliable partner of the VC ecosystem in both good and difficult economic times
  • Launch of several new building blocks of the Future Fund and final closing of the Growth Fund
  • More than EUR 2.2 billion already invested in 112 VC funds, reaching around 2,000 start-ups
  • 2024: Continuation of high-level investment activity and activities driving the substantive further development of the VC market

Despite the challenging environment last year, KfW Capital succeeded in significantly increasing its commitment volume. KfW’s wholly-owned venture capital subsidiary committed a total of around EUR 2.1 billion (2022: approx. EUR 1.3 billion). The growth in funding to improve financing conditions for start-ups and innovative technology companies was mainly a result of the launch of several new building blocks of the Future Fund, which KfW Capital is coordinating on behalf of the Federal Government, and some of which it is also operationalising itself. Under its own programmes, KfW Capital last year committed some EUR 471 million (2022: EUR 432 million) to 27 European VC funds to finance start-ups and innovative technology companies in Germany (through the “ERP VC Fund Investments”, “ERP/Future Fund Growth Facility” and the newly introduced “Green Transition Facility”, which invests exclusively in climate tech funds). The “Growth Fund Germany”, a building block of the Future Fund for which KfW Capital acted as investment intermediary during the fundraising and now acts as an investment advisor, and which is one of Europe’s largest funds of funds with a volume of EUR 1 billion, invested another approx. EUR 300 million in 18 VC funds in 2023. Substantial private capital was raised for the Growth Fund. More than two thirds of the fund volume come from private investors, among them underwriters, foundations and asset managers.

“Our performance promise to the VC ecosystem is to be a reliable partner in both good and difficult economic times. We step up to improve the financing conditions for start-ups and innovative technology companies and thereby contribute to the success of the digital and sustainable transformation”,

said Dr Jörg Goschin, who manages KfW Capital in partnership with Alexander Thees.

“This year as well, we will invest some EUR 400 million through our own programmes and push ahead with preparations for implementing the further plans of the Federal Government to strengthen the VC ecosystem”,

said Senior Managing Director Alexander Thees . One of these plans is for KfW Capital to use money from the Future Fund and the ERP Special Fund, including EUR 850 million for co-investments in start-ups, to develop programmes with a volume of around EUR 1.25 billion, the final design of which should be completed already by the end of the year. Our activities for the substantive further development of the VC market (for example, KfW Capital VC Academies and ESG Training) will also continue in 2024.

KfW Capital’s total portfolio as at 31 December 2023 comprised 112 VC funds with a volume of around EUR 2.2 billion. The fund portfolio is broadly diversified, with around 45% of VC funds focusing on ICT, 21% on life sciences and 6% on industrial tech, while 28% invest across multiple sectors. The VC funds invest more than four times the capital brought in by KfW Capital in start-ups and innovative tech companies in Germany. VC funds in KfW Capital’s portfolio have already invested in approx. 2,000 start-ups and innovative technology companies. Almost all VC funds in which KfW Capital is invested have an ESG strategy.

Business sector KfW Capital (EUR in millions)20222023
KfW Capital1,2592,129
Own programmes:432471
of which ERP Venture Capital Fund Investments187246
Over which Future Fund – ERP/Future Fund – Growth Facility245181
of which Green Transition Facility-44
Building blocks of the Federal Government’s Future Fund:6421,657
of which ETCI (European Tech Champions Initiative)-800
of which Future Fund – GFF/EIF Growth Facility474594
of which Deep Tech & Climate Fonds-215

Note: Further information on KfW Capital, the Future Fund and KfW Capital’s fund portfolio is available at

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Portrait von Sonja Höpfner


Sonja Höpfner

Press Office KfW Capital