KfW Capital

KfW Capital promotes prospects for innovation and growth: As 100% subsidiary of KfW Group we invest in German and European venture capital and venture debt funds, thereby strengthening their capital base. Our aim is to improve access to capital for innovative technology-oriented growth companies in Germany through financially strong funds. Our  commitment is long-term oriented and focussed:

Our investment focus

The ERP Special Fund

KfW Capital by the support of the Federal Government’s ERP Special Fund, which is based on the “Marshall Plan Aid” for the reconstruction and development of the German economy, the European Recovery Program (ERP). The subsidy programs from the ERP Special Fund include low-interest loans and investments. Today they belong to the most important instruments for the promotion of economic development in Germany.

more about ERP Special Fund

The “Zukunftsfonds” (Future Fund)

The German government’s Future Fund, which will grow to ten billion euros, will significantly strengthen growth capital financing in Germany up to 2030 and beyond. The various components of the Future Fund will benefit in particular start-ups in the growth phase with high capital requirements. KfW Capital coordinates the Future Fund for the federal government and implements the ERP/Future Fund Growth Facility as a component of the Future Fund with the support of the ERP Special Fund: investment criteria of KfW Capital.

For more information on the Future Fund, please visit:

http://www.bmwi.de/zukunftsfonds and www.bundesfinanzministerium.de/zukunftsfonds

Sustainability, Impact Management and Sustainable Development Goals (SDGs)

As a VC fund investor with a sense of responsibility, sustainability and impact measurement have a special status at KfW Capital and are firmly anchored in the processes.

more about

Corporate Governance and Compliance

KfW Capital acts as a responsible VC fund investor. You can find our annual financial statements, the management’s code of conduct and transparent information on the topics of compliance here.


Following the successful launch of the KfW Capital VC Academy event series in 2022, the programme for 2023 has now been published. more about


KfW Capital already successfully built a portfolio of venture capital and venture debt funds. Examples are:

  • 415 Capital Logo

    415 Capital

    Founded by industry veterans, 415 CAPITAL is a Munich-based VC firm which invests in innovative MedTech startups in Europe, Israel and the United States. In over 25 years, the founding partners have funded more than 45 startups and introduced dozens of novel therapies to market.

  • 42 cap


    42CAP investors Alex Meyer and Thomas Wilke invest very early in young companies with global ambitions. The 42CAP credo of peers reflects their investment approach, supporting data- and technology-based business models, product-driven founders, and sustainable business development.

  • KFWacton

    Acton Capital Partners GmbH

    Acton Capital Partners is a leading European venture capital fund headquartered in Munich. The Acton team has been successfully investing growth capital in Internet companies since 1999.

  • Ananda_logo_horizontal_black

    Ananda Impact Ventures

    Ananda Impact Ventures is the leading impact venture capital fund with a pan-European investment mandate and is backed by renowned institutional and private investors. Ananda manages around EUR 200m in 4 impact funds and finances technology companies that address social and environmental challenges in a scalable and sustainable way.

  • KFWandera

    Andera Partners

    Andera Partners is a leading investor in minority investments into privately owned companies with more than €2 billion under management. Its Life Sciences team of 11 professionals brings together deep experience both in the Life Science industry and in private equity and venture capital.

  • APHV-Logo-Blue

    Apollo Health Ventures

    Apollo Health Ventures is a transatlantic venture capital firm investing in data-driven biotechnology and health tech ventures within the aging sector. Apollo invests in the early stages of a venture and actively builds its portfolio companies.

  • Astanor

    Astanor Ventures

    Astanor Ventures - where tech meets nature - is an impact investor that backs disruptive entrepreneurs in Europe and beyond with ambitious, scalable plans to create systemic change in the food production and agriculture supply chains, aiming to restore balance and sustainability to our environment and oceans.

  • al_main-logo_black-500×150

    Atlantic Labs

    Atlantic Labs is a leading European pre-seed fund, headquartered in Berlin. Founded by Christophe F. Maire, Atlantic Labs has acted as lead-investor in 100+ early-stage companies since 2013. Building on its team of experienced venture developers and industry network, Atlantic Labs helps companies succeed and find strong international follow-on investors.

  • BGV logo low res


    BGV is focused on early stage European biotech companies. The life science VC firm has a strong track record through investing in healthcare innovations and providing the expertise to build world-class teams. Since its inception BGV raised over €220 million across four funds. BGV is based in Naarden, The Netherlands, and collaborates with Forbion.

  • KFWblackfin

    Blackfin Capital Partners

    BlackFin is focusing on European FinTech and InsurTech opportunities, leveraging its unique sector expertise to help the best entrepreneurs achieve outstanding growth.

  • KFWcapnamic

    Capnamic Ventures

    Capnamic Ventures, which is based in Cologne and Berlin, is one of Europe’s leading early-stage venture capital investors. Its investments are focused on technology start-ups in German-speaking countries. Capnamic brings together institutional and corporate investors, offering its portfolio companies a unique network of sparring partners and customers.

  • Cavalry_Logo_Partnerships_FINAL_Black

    Cavalry Ventures

    Cavalry is a Berlin-based early-stage fund that actively supports European startups with entrepreneurial know-how and financing. The firm builds upon a strategically curated LP network and supports its portfolio companies in all mission critical areas such as go to market or product.

  • KFWcherry

    Cherry Ventures Management GmbH

    Cherry Ventures is an early-stage venture capital fund based in Berlin which was founded in 2012 by a team of start-up entrepreneurs. It invests in seed and series A phases from a EUR 150 million fund, and specialises in companies with a focus on technology in the software industry. Current investments include Flixbus, Auto1, Tourradar, AMBOSS and Quandoo.


    Claret Capital Partners

    Claret Capital Partners provides growth capital to innovative growth stage businesses. The Claret team have been active in the technology financing markets for over 20 years and provide innovative debt solutions to help entrepreneurs and private equity investors grow their companies while minimising dilution.

  • KFWcoparion

    coparion GmbH & Co. KG

    coparion is a venture capital investor for young innovative Startups. Operating a fund with EUR 225 million under management, coparion accelerates momentum and contributes to sustainable growth. coparion provides financing together with co-investors EUR 0.5 to 5 million per financing round and up to EUR 10 million per company.

  • cusp-capital-logo-schutzraum

    Cusp Capital Partners

    Cusp Capital is a German Venture Capital fund specialized in investments in Consumer Internet, Digital Services and Emerging Technologies. The team’s focus is on investments in early growth stages (Series A, B) in Germany and Continental Europe.

  • KFWdigitalpartners

    DIGITAL+ Partners

    Digital+ Partners specializes in growth capital for B2B technology companies which serve industrial/ financial clients and plays an important role in their digital transformation. Digital+ Partners contributes deep and extensive expertise to support its portfolio companies implementing their growth strategy.

  • Earlybird_Logo_Red


    Earlybird focuses on European tech companies. Founded in 1997, we invest in growth and development phases, supporting portfolio companies with financial resources, strategic support, access to international networks and capital markets. We invest out of a family of focused + independently-managed funds: Digital West, Digital East, Healthcare, UNI-X & Growth Opps.

  • eCAPITAL_Primary Logo_RGB


    eCAPITAL AG is one of the leading technology vc-companies in Germany and currently manages funds with more than EUR 220 mio in subscription capital. The eCAPITAL IV fund (end of 2017) is the largest eCAPITAL fund to date with EUR 100 mio in assets. These are invested in software, cyber security, Industrial Revolution 4.0, clean tech and new materials.

  • KFWemh

    EMH Partners

    EMH Partners is an investment company of entrepreneurs for entrepreneurs based in Munich. The next-generation private equity firm bridges the gap between venture capital and buyout funds by providing capital and digitization expertise to mid-sized companies.

  • Logo_Endeit2015


    Since 2006 Endeit invests in European tech scale-ups across 7 countries. With offices in Germany, The Netherlands and Sweden, we support entrepreneurs during the growth stage to build global category leaders. We follow our thesis of
    Intelligent Empowerment and focus on tech companies that are driven by AI, deep learning and democratized algorithms.

  • ETF Partners logo colour 1

    ETF Partners

    ETF Partners supports talented entrepreneurs and management teams with investment capital and experience. Our funds come from institutional investors, global corporations and family offices. We create value by investing in technology companies that make a difference. We call it ‘sustainability through Innovation’.

  • Fly Ventures logo & name 400×400

    Fly Ventures

    Fly Ventures is a Berlin-based VC firm investing in seed stage companies across Europe. Fly focuses on Enterprise and Deep Tech startups with initial ticket sizes of €500k to €1.3M.

  • brand-logo2x


    FoodLabs is a pan-European Early Stage VC investor and venture studio for food, sustainability and health. We strongly believe that entrepreneurship holds the key to pushing the boundaries in the food industry. Based in Berlin and founded by Christophe F. Maire, FoodLabs has built and invested in more than 40 early-stage FoodTech companies since 2016.

  • KFWforbion


    Forbion is a leading venture capital firm that works closely with entrepreneurs to build life sciences companies that transform people’s lives. Forbion’s portfolio companies are developing novel drugs, medical devices and diagnostics for high and unmet medical needs.

  • Logo Gilde Healthcare (2013) [PNG transparent]

    Gilde Healthcare

    Gilde Healthcare is a specialized healthcare investor managing over €1.4 billion across two fund strategies: venture & growth capital and private equity. Gilde Healthcare is headquartered in Utrecht (NL) and has local offices in Frankfurt (G) and Cambridge (US).

  • GGF_Logo_Final

    Green Generation Fund

    The Green Generation Fund invests in disruptive technologies at seed stages to enable breakthroughs in Food Tech and Green Tech. We support passionate, mission-driven founders who build game changing companies within the realm of environmental sustainability, the single most urgent goal of humankind.

  • Headline.Wordmark.RGB.Black


    Founded in 1998, Headline is a global VC fund with an investment focus on early and growth-stage consumer internet & software companies. The firm invests out of dedicated funds in the US, Europe, Asia & South America. Headlines' portfolio comprises various category creators such as Acorns, AppAnnie, Blinkist, Farfetch, NGINX, Segment, and Sonos.

  • KFWhightech


    The seed investor High-Tech Gründerfonds (HTGF) finances technology start-ups with growth potential. With a volume of EUR 316.5 million in the third round of funding along with an international partner network, HTGF has supported 500 start-ups since 2005. The team of experienced investment managers use their expertise to support young businesses.

  • KFWhpe

    HPE Growth Capital

    HPE Growth Capital (founded in 2010, total committed capital of c. EUR 400 million) invests in and supports technology companies in Northern Europe with emphasis on Germany and the Benelux. Our vision is to accelerate growth of tomorrow's market leaders.

  • HVCapital_52x52mm

    HV Capital

    Since 2000, HV Capital has backed Internet and technology companies through various generations of funds and is one of the most successful and financially strongest early-stage and growth venture capitalist in Europe. HV’s funds have already invested in around 200 companies, including Zalando, Delivery Hero, FlixMobility and SumUp.

  • Keen Ventures

    Keen Venture Partners

    Keen Venture Partners is a radically human venture capital firm based in Amsterdam and London. It backs exceptional teams and fast-growing scaleups across Europe. Keen aims to begin relationships by investing time first, money later by sharing its network, experience and capabilities well before any investment possibility arises.

  • Korelya_capital_logo

    Korelya Capital

    Korelya Capital is a pan-European venture capital firm investing in tech startups with global ambition. With presence in Paris, London, Singapore and Seoul, Korelya Capital supports its portfolio companies in their growth in Europe and Asia.

  • Kreos Logo Vector Form EPS

    Kreos Capital

    As the pioneer growth debt provider across the UK, Europe, Scandinavia and Israel, Kreos has a proven track record of adding value to portfolio companies and helping them grow with additional capital and flexibility throughout their business cycle. Kreos co-operates closely with both the portfolio company management team and their equity sponsors.

  • La Famiglia Color=Aperol

    La Famiglia

    La Famiglia is a venture capital fund, backing strong early and growth stage technology startups that enable or disrupt established industries. La Famiglia has built a unique family of thought leaders around the fund, creating lasting connections within a tight-knit circle of founders, investors and new and old economy industry leaders.

  • KFWlsp


    LSP is Europe's largest and most experienced healthcare investment firm with offices in Amsterdam, Munich and Boston. With a track record going back more than 30 years, we have built an investment house that is dedicated to seeking, nurturing and growing healthcare investment opportunities.

  • Logo Marondo

    Marondo Capital

    Marondo Capital was founded by four industry veterans with the objective to accompany the next generation “Mittelstands” companies in Germany to transform into market leaders in their industry segments. The fund focusses on growth and invests in businesses in the classical German Engineering verticals, including Industry 4.0.

  • NC Colour (2)

    Nauta Capital

    Nauta Capital is a pan-European Venture Capital firm investing in early-stage technology companies, with offices in London, Barcelona and Munich. With over half a billion assets under management and a team of 24 people, Nauta Capital is one of Europe’s largest B2B focused VCs.

  • KFWpartech

    Partech Ventures

    Partech is a global investment platform for tech and digital companies investing at the seed, venture, and growth stages. Partech is led by ex-entrepreneurs and operators of the industry and is spread across offices in San Francisco, Paris, Berlin and Dakar.

  • planet-a-logo–black

    Planet A Ventures

    Planet A Ventures invests in European green-tech startups with the goal of contributing to an economy within the planetary boundaries. As the first European VC, Planet A uses scientific life cycle assessments to identify companies that have a significant positive impact on our planet.

  • Project A_Logo-09_rgb

    Project A

    Project A is the operational VC based in Berlin. Since 2012 Project A invests in passionate early-stage entrepreneur. All portfolio companies are provided with exclusive access to 100 operational experts. The portfolio includes i.a. Kry, Sennder, Voi, Spryker.

  • SP-logo-original


    Samaipata is an early stage founders’ fund investing in digital platforms displaying increasing returns at scale, across Europe. The fund was created by José del Barrio, co-founder of La Nevera Roja, sold for $100 million to Rocket Internet and Eduardo Díez-Hochleitner, current Chairman at MásMóvil.

  • sofinnovapartners

    Sofinnova Partners

    Sofinnova Partners is a leading European VC firm specialized in Life Sciences with headquarters in Paris and offices in London and Milan. With over €2 billion under management, the firm brings together a team of 40 professionals from all over Europe, the U.S. and Asia and invests from very early-stage opportunities to late-stage/public companies.

  • Speedinvest Logo RGB


    Speedinvest is a leading early-stage venture capital firm with more than €1B AuM and 40+ investors based in Berlin, London, Munich, Paris, and Vienna. Wefox, Bitpanda, TIER Mobility, GoStudent, Wayflyer, Open, CoachHub, Schüttflix, TourRadar, Adverity, and TWAICE are among our portfolio of 250+ companies.

  • TVM LG 1c schmal

    TVM Capital

    TVM Capital Life Science is a transatlantic venture capital firm based in Munich and Montreal and a demonstrated success of being more than 35 years in the business. Our exits include about 100 initial public offerings on NASDAQ and various European Exchanges as well as multiple trade sales and mergers.

  • KFWuvc

    UVC Partners

    Unternehmertum Venture Capital Partners (UVC Partners) ist eine early-stage Venture Capital-Gesellschaft, die gezielt in technologiebasierte Startups primär aus dem deutschsprachigen Raum investiert. Dabei fokussiert sich UVC Partners auf Unternehmen in den Bereichen Industrial Technologies, Enterprise Software und Mobility.

  • KFWventech


    With offices in Paris, Munich and Helsinki, Ventech supports tech entrepreneurs in Europe as a close partner from series A onwards. We keep a clear focus on groundbreaking innovation fostering the digitalization of our economy.

  • Visionaries_Logo_Positive

    Visionaries Club

    Visionaries Club is a Berlin-based early stage VC fund focused on B2B. It’s backed by leading European digital founders and family business entrepreneurs bridging information asymmetries between the old and new.

  • KFWwellington

    Wellington Partners

    Wellington Partners is one of Europe's leading VC companies. With life science funds of more than EUR 400 million, Wellington Partners has been financing the development of innovative medical products since 1998, with the aim of generating highly attractive returns, and actively supports companies in developing successful business models.

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The Team of KfW Capital

The KfW Capital team consists of VC experts. The business operations are controled by the Supervisory Board; its members can be found here.

In addition, KfW Capital is assisted by an Advisory Board. Its members can be found here.

  • Theresa_ Theresa Bardubitzki Sustainability Manager

    Theresa Bardubitzki Sustainability Manager

    Theresa Bardubitzki is sustainability manager at KfW Capital. As part of her role, she is a member of the Investment Committee and oversees ESG aspects of investments as well as impact measurement over the entire life cycle. In addition, Theresa is responsible for further developing and implementing the internal sustainability strategy and anchoring sustainability projects across KfW. Prior to her role at KfW Capital, she worked at the impact asset manager, Finance in Motion, and DZ Bank AG.

  • DSCF1032 Dr Alexander Bergfink Data Protection Officer

    Dr Alexander Bergfink Data Protection Officer

    Dr Alexander Bergfink has been advising companies and organizations on data protection issues since 2007. Before moving to KfW Capital, he worked in the internal data protection organization of various large corporations, including Porsche and Deutsche Bahn. In 2016 he received his Ph.D. on a data protection topic. He has been working in data protection at KfW Bankengruppe since 2017.

  • Thorsten_ Thorsten Billing Investment Manager

    Thorsten Billing Investment Manager

    Thorsten studied law at the University of Heidelberg and has extensive experience in equity finance. He joined KfW Capital from the German-French private bank ODDO BHF where he was primarily responsible for ECM transactions focusing on the tech and biotech sector. Thorsten previously held positions at KfW, KfW IPEX-Bank, Commerzbank and LBBW (formerly BW-Bank).

  • Platzhalter männlic Philip Cuprina Investor Relations Manager

    Philip Cuprina Investor Relations Manager

    Since 2016, Philip Cuprina gained professional experience at KfW Bankengruppe, most recently with a focus on in-house consulting. In November 2022, he joined KfW Capital as Investor Relations Manager. Philip completed his academic education as Bachelor in Business Information Systems and Master in Management at Frankfurt School of Finance & Management, at IE University in Madrid and at Università Bocconi in Milan.

  • Ivan_ Ivan A. Dyachok Investment Manager

    Ivan A. Dyachok Investment Manager

    Ivan already brings more than ten years of professional experience when he joined KfW Capital from HQ Capital Private Equity where he was an analyst for private equity fund investments. He previously held similar positions at Golding Capital Partners, Allianz Global Investors, HypoVereinsbank/Unicredit and Deloitte. Ivan completed his academic studies at universities in Kiev (Ukraine), Basel (Switzerland) and Freiburg (Germany).

  • Richard_ Richard Eisenbach CFO

    Richard Eisenbach CFO

    As a tax administration (FH) graduate and tax consultant, Richard previously worked as a tax expert in the Corporate Tax department at KfW for 13 years, and before that, in the Corporate Tax department at Commerzbank AG for several years. After completing his studies, he started his career as auditor for large banks with the German fiscal authorities

  • Platzhalter männlic Robert Glaser Portfolio Controller
    Platzhalter männlic

    Robert Glaser Portfolio Controller

    Robert joined KfW Capital as a portfolio controller in December 2022. A trained banker, he previously worked for four years as a controller at a logistics and service provider in the healthcare sector. During his business studies with a focus on banking and finance, he gained his first experience in the start-up sector during a stay abroad in London and founded his own company in 2018.

  • DSCF1433_bearbeitet Dr Jörg Goschin Co-CEO and Senior Managing Director

    Dr Jörg Goschin Co-CEO and Senior Managing Director

    As founder and experienced investment professional, Jörg has in-depth market knowledge and a close-knit network in the venture capital community. Previous stations of his career include Metzler, The Boston Consulting Group, BNP Paribas, Cerberus, Blackstone and Alstin. Jörg holds a PhD in finance and diploma in electrical engeneering and economics. Together with Alex, he set-up and manages KfW Capital as Co-CEO.

  • Platzhalter männlic Jan-Niklas Hannig Product- and Stakeholder Manager

    Jan-Niklas Hannig Product- and Stakeholder Manager

    Jan-Niklas Hannig joined KfW Capital as Product and Stakeholder Manager at the beginning of November 2022. Previously, he worked in the product development team for individual financing solutions at KfW. In 2019, he completed his master's degree of Science in Finance at Frankfurt School of Finance & Management, during which he already worked in various positions at KfW and KfW IPEX-Bank. Study visits and internships took him to Luxembourg, Sidney and Milan.

  • DSCF1010 Sebastián Harlander Investment Manager

    Sebastián Harlander Investment Manager

    Sebastián brings over 10 years of experience in advising, financing and co-investing in small- and medium-sized companies. He has extensive knowledge in mergers & acquisitions as well as complex financing structures (incl. venture debt for start-ups) through numerous transactions and different positions at NIBC and DHB. Sebastián holds a Master’s degree in Management, Corporate Finance and Business Strategy from ESCP Europe (Paris, London, Berlin).

  • Caro_ Caroline Hauck HR Managerin

    Caroline Hauck HR Managerin

    Before joining KfW Capital in July 2021, Caroline completed an apprenticeship as a hotel specialist. She then worked in the human resources department of a hotel and a company in the events, exhibitions and environments sector in Frankfurt am Main. Caroline studied Business Administration and Business Psychology part-time and is currently completing her Master's degree in HR Management at the University of Applied Sciences for Economics and Management in Frankfurt am Main.

  • Sarah_ Sarah Heinz Investment Analyst

    Sarah Heinz Investment Analyst

    Sarah completed an apprenticeship in a bank and holds a Master's degree in Finance from Trinity College Dublin. During her studies, Sarah gained various experiences as a working student and through internships at KfW Group, Union Investment and PwC. Sarah joined KfW Capital as an investment analyst in July 2021.

  • Felix Herr Felix Herr Risk Manager

    Felix Herr Risk Manager

    After completing a trainee programme, Felix previously worked as a Junior Analyst in the Financial Institutions, Equity and Mezzanine department at KfW IPEX-Bank GmbH. He graduated in business administration (M.Sc.) at the universities of Bayreuth, Kalmar (Sweden) and at the University of Nebraska–Lincoln (USA).

  • Sonja Sonja Höpfner Spokeswoman and Senior Communications Manager

    Sonja Höpfner Spokeswoman and Senior Communications Manager

    The German language and literature specialist and trained editor initially worked as a freelance journalist for major newspapers, including the Frankfurter Allgemeine Zeitung, before joining KfW in 2001. Since 2003, Sonja was deputy press officer at the promotional bank; in addition to general business issues, she was responsible for communications on the topics of municipal and start-up finance.

  • Stefan_ Dr Stefan Kick Risk Manager

    Dr Stefan Kick Risk Manager

    The risk manager at KfW Capital joined from KfW IPEX-Bank, where he worked as a credit analyst. Before, Stefan worked at Berenberg Bank, Sylvia Quandt Research / Koch Bank and BHF-Bank AG/ING Financial Markets. Stefan graduated as PhD in economic an politics at the university of Augsburg/Germany.

  • Platzhalter Karina Lindenbaum Maria Koch Legal Counsel

    Maria Koch Legal Counsel

    Maria Koch joined KfW Capital as Legal Counsel in January 2023. Before joining KfW Capital, she worked as in-house counsel at Commerzbank AG and Bosch Thermotechnik. She completed her legal training in Erlangen/Nuremberg and at the Higher Regional Court of Frankfurt am Main.

  • Felix2_ Felix Koehn Product and Stakeholder Manager

    Felix Koehn Product and Stakeholder Manager

    Felix previously worked as an investment manager at Commerzbank after joining the bank from the Federal Association of German Banks (BdB), where he was responsible for corporate finance and financial markets. Felix Koehn studied at the Universities of Tübingen, Turin, the Free University of Berlin and at the Open University Business School in England.

  • DSCF0904 Annette Krüger Portfolio Controller

    Annette Krüger Portfolio Controller

    Business graduate Annette worked in the Risk Control Department of KfW for more than 10 years, before joining KfW Capital. Here she was a key contact person for regulatory matters regarding equity finance. During her professional career she worked for Dresdner Bank AG, Dresdner Kleinwort Wasserstein and Commerzbank AG.

  • Fatima_ Fatima Lastini Fund Administrator

    Fatima Lastini Fund Administrator

    Fatima graduated from Johannes Gutenberg University in Mainz with a bachelor's degree in economics, specializing in finance and accounting. She worked for four years in the accounting department of a logistics company and joined KfW Capital as a fund administrator in June 2021.

  • Arina_ Arina Lorenzen Finance and Portfolio Controller

    Arina Lorenzen Finance and Portfolio Controller

    After completing her Master's degree in Finance at Johannes Gutenberg University Mainz, Arina joined KfW Capital in October 2019. Already during her studies Arina gained various experiences as a student trainee and internships at large companies: ODDO BHF, Deutsche Börse AG and PwC Frankfurt.

  • Mimi_ Marie Maihöfer Investment Analyst

    Marie Maihöfer Investment Analyst

    Marie Maihöfer completed her academic education at Frankfurt School of Finance and Management and at the University of Melbourne. During her studies, she gained experience in various start-ups. For the past three years, Marie worked as a sustainability consultant at GIZ. In the meantime, she also completed an additional certification in Climate Adaptation Finance. She joined KfW Capital in November 2021 as investment analyst.

  • Sebastian_ Sebastian Mailänder Risk Manager

    Sebastian Mailänder Risk Manager

    Sebastian joined KfW Capital as a risk manager in October 2021. Previously, he worked for three years at PwC in Frankfurt, where he audited the trading and risk management of banks. Sebastian completed his education at the University of Bayreuth, where he studied business administration with a focus on FACT.

  • Nils_ Nils Meyer-Puttlitz IT and Infrastructure Manager

    Nils Meyer-Puttlitz IT and Infrastructure Manager

    As trained banker, he worked for six years at KfW as a business manager and project management expert for the project portfolio of the Board of Managing Directors. As a part-time student, Nils Meyer-Puttlitz earned a Bachelor of Arts degree in Business Administration with a focus on project management. Since July 2021 Nils Meyer-Puttlitz has been working as IT and Infrastructure Manager at KfW Capital.

  • DSCF1066 Dr Lorenz Mittermeier Investment Analyst

    Dr Lorenz Mittermeier Investment Analyst

    Lorenz Mittermeier holds a PhD in biochemistry and performed various research projects at Ludwig Maximilian University of Munich and National University of Singapore. He received an MBA from Quantic School of Business and Technology and gained experience in the investment industry at Deka Investments and the start-up LabBench2Business. Lorenz joined KfW Capital in September 2022 as an investment analyst.

  • Klaus_ Klaus Müller Head of Communication, Product-, Stakeholder- and Sustainability Management

    Klaus Müller Head of Communication, Product-, Stakeholder- and Sustainability Management

    In his more than 20 years with KfW, the economist headed, among other things, the “Product development/management Start-ups and Equity Investment” team. As head of the “KfW Investment subsidiary setup” project, Klaus was involved in the development of KfW Capital from the very outset.

  • Martin_ Martin Neumann Senior Investment Manager

    Martin Neumann Senior Investment Manager

    Martin has extensive industry experience in private equity thanks to many years working in venture capital and in private equity for SMEs (MBO/LBO, growth and mezzanine finance). Among other things, he worked as CFO and partner for a technology and life science VC fund. Before joining KfW Capital at the time of its foundation, Martin had worked at KfW for three years as a senior investment manager in ERP-VC fund investment, which he helped to build up from the start of the programme.

  • Hilke_ Hilke Padel Organizational and process manager

    Hilke Padel Organizational and process manager

    Business graduate Hilke Padel is responsible for organizational and process management. Previously she worked for KfW for nine years as a project management expert, often in regulatory environment and in IT transformation processes. Before joining KfW in 2012, she contributed her expertise to management consultancies (KPMG, Bearingpoint) in banks and insurance companies for 15 years. Qualified insurance clerk (Gerling Group) was the first station in her professional career.

  • Christina_ Christina Petri Assistant

    Christina Petri Assistant

    Christina has already worked with Alexander Thees – she managed his office in KfW's Individual Finance department and was also the department assistant. Her responsibilities there included support in handling the promotional bank's special programmes. Christina fast-tracked her training as an administrative assistant for office communications at KfW, completing the programme in just two years.

  • DSCF0814 Dr Björn Rock Product, Stakeholder and Sustainability Manager

    Dr Björn Rock Product, Stakeholder and Sustainability Manager

    Björn Rock joined KfW Capital in April 2022 as Product, Stakeholder and Sustainability Manager. Björn completed a dual bachelor's degree as an industrial engineer. During his subsequent master's degree in business administration, he worked as a student trainee in consulting at KPMG AG. Before joining KfW Capital, Björn Rock worked as a research assistant at the Justus Liebig University in Giessen and received his doctorate in the field of "Sustainable Finance".

  • Angela_ Angela Romano Responsible for outsourcing and procurement management

    Angela Romano Responsible for outsourcing and procurement management

    Angela Romano is responsible for outsourcing and procurement management since July 2021. She was previously employed by PricewaterhouseCoopers in the Financial Services "Asset and Wealth Management" unit. She graduated in Insurance and Finance at Rhein Main University of Applied Sciences in Wiesbaden. Angela is currently pursuing a part-time M.A. in Finance at the International School of Management in Frankfurt.

  • Christian R_ Christian Röhle Head of Investmentmanagement

    Christian Röhle Head of Investmentmanagement

    Christian has worked for KfW Capital since its foundation. Previously, he was an Advisor to the CEO of KfW. In 2012, he completed his M.Sc. Finance studies at Frankfurt School of Finance & Management, after which he was responsible for project financing in the area of renewable energy at KfW. During his studies, Christian Röhle interned with KfW Carbon Fund, Merrill Lynch and Roland Berger.

  • DSCF0713 Simone Sauer Product, Stakeholder and Sustainability Manager

    Simone Sauer Product, Stakeholder and Sustainability Manager

    Simone Sauer completed a master's degree in Business Ethics and CSR Management, focusing on sustainability and governance at the Technische Universität Dresden and Internationale Hochschulinstitut Zittau. Previously, she studied Modern Foreign Languages, Cultures and Economics at the Justus Liebig University in Gießen with a stay abroad in France. In April 2022, she joined KfW Capital as product and stakeholder manager with a focus on sustainability and the Future Fund.

  • Florian_ Florian Schindler Compliance-Manager

    Florian Schindler Compliance-Manager

    Before his move to KfW Capital in September 2021, Florian Schindler worked in a cooperative bank for eight years. Starting with an apprenticeship, his last role was in the area of corporate management. He gained his first experience in the area of compliance there as Deputy Compliance Officer (WpHG & MaRisk). In parallel to his professional career, he completed an extra-occupational degree for a Bachelor of Arts (B.A.) at the Frankfurt School of Finance & Management.

  • Dominik_ Dominik Schliemann Portfolio Manager

    Dominik Schliemann Portfolio Manager

    Prior to holding the position at KfW Capital, Dominik had already worked at KfW Group for around ten years – always in risk controlling, and most recently as senior risk controller in market price risk methodology. Before joining KfW, the business graduate and qualified banker worked at Commerzbank.

  • DSCF0874 Nicklas Schlosser Finance Controller

    Nicklas Schlosser Finance Controller

    After finishing his apprenticeship as a banker, Nicklas first completed a Bachelor's degree in Business Administration and then a Master's degree in Controlling & Finance at the RheinMain University of Applied Sciences in Wiesbaden. He already gained professional experience at Wiesbadener Volksbank during his apprenticeship and in the finance department at Ernst & Young in Eschborn as a working student. Nicklas is since March 2022 part of KfW Capital as Financial Controller.

  • Foto_Isabel_Kristin_Schroeder Isabel Kristin Schröder Head of Risk Voting, Finance & Controlling, Fund Administration

    Isabel Kristin Schröder Head of Risk Voting, Finance & Controlling, Fund Administration

    Prior to joining KfW Capital, Isabel Kristin Schröder worked for more than twenty years in various positions at KfW Bankengruppe. She has many years of experience in structured financing products, promotional business and communication with regulatory authorities. Isabel Kristin Schröder began her professional career at Naspa before studying business law in Mainz. She heads the Risk Voting, Finance & Controlling, Fund Administration team at KfW Capital.

  • DSCF0665 Andreas Seehofer Investor Relations Manager

    Andreas Seehofer Investor Relations Manager

    Before joining KfW Capital in May 2022, Andreas Seehofer worked for the German Private Equity and Venture Capital Association (BVK), where he was Head of Media and Finance. Before that, he worked for KPMG for several years in the areas of audit and transaction services. Andreas studied business administration at the LMU Munich, the KU Ingolstadt-Eichstätt and the State University of Economics in St. Petersburg.

  • DSCF0682 Oleg Shuster Investment Analyst

    Oleg Shuster Investment Analyst

    Oleg Shuster joined KfW Capital in June 2022. Previously, Oleg worked at startup realworld one in several roles and gained various experiences at Accenture, EY-Parthenon and Flashpoint Venture Capital during his studies. He holds a Master in Management from EDHEC Business School, University of California Berkeley and Sungkyunkwan University.

  • Qeis_ Qeis Sodah Product and Stakeholder Manager

    Qeis Sodah Product and Stakeholder Manager

    Before joining KfW Capital, Qeis worked for four years as a consultant at KPMG, where he gained broad experience in the financial services sector. He completed his academic education in Finance & Accounting at the Goethe University Frankfurt and the Johannes Gutenberg University Mainz with stays abroad in Dubai and Madrid. He joined KfW Capital in April 2021 as a Product and Stakeholder Manager.

  • Thilo_ Thilo Sommer COO, Head of Operations, IT & HR

    Thilo Sommer COO, Head of Operations, IT & HR

    Before joining KfW Capital, the business management expert and qualified banker headed a team of specialists for procurement, credit and contract management for the regions of eastern and southern Africa at KfW Development Bank. In 2005 he joined KfW’s internal consulting team, where he was responsible for the management and implementation of many organisational projects. Before KfW, Thilo was a management consultant at CSC Ploenzke and Thales Information Systems.

  • Christian St_ Christian Stiebner Investment Manager

    Christian Stiebner Investment Manager

    Christian gained his professional experience in private equity at DEG, in financial supervision at the Federal Financial Supervisory Authority (BaFin) and the German Central bank, as well as start-up experience within the team of a Berlin based Fintech. Christian completed his academic education at the University of the German Central Bank in Hachenburg and the University of California in Santa Barbara. He holds an MBA from IESE Business School in Barcelona.

  • DSCF0960-2 Andrea Stockhorst Head of Legal & Compliance

    Andrea Stockhorst Head of Legal & Compliance

    Andrea has extensive experience in advising national and international investment companies, banks and financial services institutions on all aspects of German bank supervisory, investment and securities law. Prior to joining KfW Capital she worked as a lawyer at McDermott Will & Emery, Linklaters und Clifford Chance.

  • Lea_ Lea Strumberger Investment Manager

    Lea Strumberger Investment Manager

    During her economic studies (focus on finance) at Goethe University in Frankfurt and Université Paul Valéry in Montpellier, Lea gained first professional experience in the Mutual Funds Investment Team at Deutsche Bank and in Venture Capital at the Frankfurt-based Fintech Investor Finlab AG. Before joining KfW Capital as Investment Manager in April 2021, Lea worked at the Cologne-based VC fund BitStone Capital, where she was significantly involved in building the fund from the beginning.

  • Alexander Thees_11 Alexander Thees Co-CEO and Senior Managing Director

    Alexander Thees Co-CEO and Senior Managing Director

    Alexander has been working in various positions at KfW group since 1996, having held senior positions since 2002. He has business policy and operational experience in SME finance as well as in structured finance activities. Since the establishment of KfW Capital, Alexander has been managing the subsidiary together with Jörg.

  • DSCF0858 Stephanie Vey-Lubczyk Team Assistant

    Stephanie Vey-Lubczyk Team Assistant

    Stephanie Vey-Lubczyk is a qualified advertising manager. She completed her training in a small, classic advertising agency and in an event and trade fair agency. Until her change, Stephanie was employed as an assistant in a family-run company, where she supervised different teams as well as areas. Since January 2022, she has been a team assistant at KfW Capital.

  • Sebstian W_ Sebastian Wandtke Investment Manager

    Sebastian Wandtke Investment Manager

    As a senior investment manager, the graduate in business management was previously responsible for the Supervisory Board mandates of Deutsche Post AG and Deutsche Telekom AG for the Chief Executive Officer of KfW. Before joining KfW in 2009, Sebastian worked as a fund manager and analyst at Cominvest Asset Management.

  • Ran_ Ran Wei Compliance manager

    Ran Wei Compliance manager

    Ran joined KfW Capital with seven years of professional experience as an auditor in the audit financial services department of KPMG, where she gained board experience especially with auditing the German securities Trading Act. In addition to her studies of economic sciences, with a focus on finance and accounting at the Johannes Gutenberg-University in Mainz, she also obtained the ACCA (Association of Chartered Certified Accounts) qualification.

  • Eva_ Eva Weigand Legal Counsel

    Eva Weigand Legal Counsel

    Before joining KfW Capital, Eva worked as a lawyer at Hengeler Mueller in the dispute resolution practice group, where she advised various financial institutions inter alia on liability issues. She completed her legal education at the Universities of Würzburg and Seville and at the Hanseatic Higher Regional Court in Hamburg. Eva also holds an LL.M. with a focus on International Business Law from the London School of Economics and Political Science.

  • Max_ Max Wirsching Head of Investor Relations

    Max Wirsching Head of Investor Relations

    As Head of Investor Relations, Max is the central contact for our customers. Previously, he was responsible for various management positions in group strategy and marketing at KfW Group. During this time, he also managed the project that led to the spin-off of KfW's venture capital business in 2018. After studying economics at the Universities of Heidelberg and Stellenbosch (South Africa), he worked for various federal ministries.

  • Wenjun_ Wenjun Xu Portfolio Controller

    Wenjun Xu Portfolio Controller

    Wenjun graduated in 2019 with a Master's degree in Business Administration-Finance from the Johann Wolfgang Goethe University in Frankfurt. During her studies she acquired, among other things, statistical knowledge and worked as a tutor at the chair "Statistics and Econometrics". Before joining KfW Capital as portfolio controller in March 2021, she gained project experience in risk management at KPMG and Ernst & Young.

  • Sheera_ Sheera Zamberk Communications Manager

    Sheera Zamberk Communications Manager

    During her German studies at Goethe University in Frankfurt, Sheera Zamberk gained various journalistic experiences as an intern and freelance writer at Handelsblatt, Journal Frankfurt and RTL Hessen. She then completed an internship in KfW's corporate communications department before moving to the communications department at KfW Capital, first as a working student during her master's degree in Art-Media-Cultural Education and, since October 2021, as Communications Manager.

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As a responsible company, KfW Capital transparently reports on its work on an ongoing basis. If you want to read the latest news, you can find press releases and reports on KfW Capital here.

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Sonja Höpfner Spokeswoman and communications manager Telephone +49 69 7431 4306

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KfW Capital is headquartered in Frankfurt’s Westend district – only two underground stations away from the central train station.

Would you like to contact our investment team? Feel free to write an email to: dealflow-kfw-capital@kfw.de

You can find our general contact information here:


KfW Capital aims to strengthen the German VC ecosystem and, with the support of the ERP Special Fund and the Future Fund, invests in German and European VC funds, which in turn invest in start-ups and growth companies in Germany, among other things. In addition, KfW Capital has been coordinating the Future Fund on behalf of the federal government since last year. Thus, KfW Capital’s tasks have been growing continuously since its launch in 2018.

With the new and exciting tasks, the KfW Capital team is also constantly growing. Therefore, we are regularly looking for dedicated employees, with high personal and professional performance. We are therefore particularly pleased if you feel attracted to the venture capital market and are interested in working at KfW Capital.

Our team consists of employees with different experiences, opinions and skills. Regardless of gender, age, origin, religion, disability and other factors, everyone should have the opportunity to play an equal role in shaping KfW Capital’s business and contributing to the company’s success. Diversity in practice not only means appreciation and acceptance within the team, but we are also convinced that it forms the basis for innovation and sustainable success. Respectful and inclusive interaction among employees and managers and with stakeholders is a fundamental part of our corporate culture. KfW Capital is a signatory to the Diversity Charter and promotes an appreciative and inclusive working environment. Due to actively internal and external dialogue, we aim to highlight the added value of diversity and contribute to positive change.

KfW Capital protects your personal data. You can find our data protection notice for applicants (m/f/d) here.


Our offers and benefits:

  • Company pension plan

We build on your future with a company pension plan.

  • Compensation in line with the market

With us, you can expect an appropriate compensation package as well as an RMV annual travel pass.

  • Compatibility of career & family

We support you with flexible working hours, home office options, 30 days of vacation as well as individual part-time models.

  • Further development & training

With a wide range of continuing education and training opportunities, you have the chance to develop personally and professionally.

  • Health promotion & safety

KfW Capital supports your health with ergonomic workstations, fresh fruit and an employee restaurant. Our group accident insurance offers comprehensive coverage.

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