• More investment in young, innovative companies
• WIN Initiative expands further with the addition of new partners

The WIN Initiative (Growth and Innovation Capital for Germany) is entering a new phase aimed at mobilising more private capital for investment in young, innovative companies. KfW and the Federal Government have announced plans to strengthen the initiative on the second anniversary of WIN’s launch. The aim is to improve financing conditions for young companies, create more opportunities for investors and provide a strong impetus for Germany as a business location.

Specifically, this involves additional private investment and joint measures by policymakers and the business community to improve the structural conditions for growth capital (venture capital (VC)). WIN investments in the VC ecosystem are set to increase to EUR 25 billion, corresponding to an additional EUR 13 billion.

The fresh capital is to be mobilised through improved framework conditions, better market infrastructure and stronger networks The initiative also aims to attract new WIN partners, including investors from a range of investor groups such as family offices, foundations, insurance companies, pension funds and corporate VC investors.

Lars Klingbeil, Federal Minister of Finance: Germany has every reason to be confident. We have talent, ideas and innovations. Newly founded start-ups repeatedly demonstrate Germany’s capacity for innovation. What we still too rarely manage to do, however, is help these companies grow in Germany and keep them here for the long term This is why we are improving the framework conditions to ensure more growth capital above all is available. This is precisely where the next phase of the WIN initiative comes in: We want to mobilise more private capital for growth and innovation in Germany. In doing so, we are laying the foundations today for the companies and jobs of tomorrow.

Katherina Reiche, Federal Minister for Economic Affairs and Energy: Through the WIN Initiative, we have taken an important step together towards strengthening Germany’s venture capital ecosystem. By the end of 2025, EUR 2.64 billion of the EUR 12 billion initially committed had already been invested, and six of the ten agreed measures had been implemented. The Federal Government has set itself the goal of mobilising at least an additional EUR 13 billion for the VC ecosystem. The next phase is therefore about attracting even more capital to Germany. To this end, I am holding direct discussions in a variety of formats with private investors, companies, associations, foundations and family offices. We want to convince them to invest in Germany and take advantage of the opportunities our country offers.

Stefan Wintels, Chief Executive Officer of KfW: Through our joint efforts and targeted reforms, we are creating more growth and innovation, bringing fresh capital to the market and supporting technologies with strong prospects for the future. Germany does not need an economic miracle; it requires a convincing strategy for sustainable growth. We have a strong future as a business location because Germany possesses strengths that many other countries envy. Our goal should be to re-establish Germany’s status as one of the world’s leading locations for technology and innovation in the years ahead.

Over the coming months, KfW and the Federal Government will hold a series of high-level dialogue events aimed at attracting new groups of investors to participate in the WIN Initiative. Since the initiative was established on 17 September 2024 by the Federal Chancellery, the Federal Ministry of Finance and the Federal Ministry for Economic Affairs, together with KfW, businesses and associations, a total of EUR 2.64 billion had been invested in the market by the end of last year. This includes equity investments in young companies, whether through direct investments, venture capital funds or VC fund-of-funds. Other investments include debt financing for these companies. The current target is to achieve EUR 12 billion in private investment by 2030.

KfW is coordinating the WIN initiative on behalf of the German Federal Government. The German Development Institute (WIN) reports on its activities once a year. Year-end figures for 2026 will be published next year.

Link to the WIN initiative landing page:

WIN initiative - a joint initiative to strengthen growth and innovation capital (German page)