KfW Capital
Fund of fundsFrankfurt am Main · Pre-Seed–Growth
Investment thesis
KfW Capital acts as a fund investor, committing capital to German and European venture capital and venture debt funds rather than investing directly in companies. By anchoring and strengthening the capital base of these funds, it seeks to improve access to financing for technology-oriented growth companies in Germany. Its long-term, focused engagement is supported by the federal ERP special fund, which originated from Marshall Plan aid for rebuilding the German economy under the European Recovery Program. The ERP special fund's programs, offering low-interest loans and equity participations, remain among the most important instruments of German economic development support.
Source: firm website, verified Aug 3, 2026.
What they invest in
from 38 of 83 portfolio companiesClimate Tech ×10Deep Tech ×10AI & Machine Learning ×9Biotech ×9Impact & Social Good ×8SaaS ×8Enterprise Software ×7Cleantech ×6
HQs:Germany×13Netherlands×4Spain×2France×2United Kingdom×2United States×2
Who they back
founder profiles across 13 portfolio companiesFounding team size:solo founder×72 founders×53 founders×1
Investments · 83 tracked
founders shown can be your intro pathBy year:2026 · 12024 · 12 dated
13books is a fintech investment firm that backs and supports financial technology founders and companies in Europe.
Fintech
Laza Medical develops AI-powered robotic systems and imaging solutions for structural heart and electrophysiology procedures.
AI & Machine LearningBiotechMedical DevicesRoboticsMenlo Park, US
BoardDr. Ruben Osnabrugge(Lead Partner)
Co-investors415 Capital
Acton Capital is a venture capital firm that invests in startups at Series A and early growth stages, typically making initial investments of €5-10m in companies founded by industry experts across Europe and Canada.
Sector Agnostic
Co-investorsActon CapitalCoastCapPeak
AENU is a venture capital firm that invests in founders developing technologies for decarbonization, ecosystem restoration, and sustainable value creation.
AI & Machine LearningClimate TechImpact & Social Good
Co-investorsOVNI Capital
exceet Card Group is a European manufacturer of smart card solutions and identity documents for public authorities, banks, and companies in transport, access control, and retail sectors.
Advanced ManufacturingEnterprise SoftwareHardwareKematen, AT
Ulrich Reutner(CEO)Robert Wolny
Co-investorsAndera Partners
APEX Ventures is an early-stage venture capital firm that backs deep tech founders across domains including artificial intelligence, autonomous systems and robotics, energy transition, next-gen computing, medical technologies, and space.
Co-investorsCoastCapQC·VENTURES
Apheris provides a platform enabling large global life sciences organizations to collaborate on sensitive, proprietary data and jointly train machine learning models on distributed datasets while maintaining privacy across teams, borders, and organizations.
AI & Machine LearningBiotechData & InfrastructureMedical Devices
Robin Röhm(Co-Founder & CEO)inMichael Höh(Co-Founder & CTO)in
Co-investorsanother.vcDig Ventures Management LimitedeCAPITAL ENTREPRENEURIAL PARTNERSeCapital Entrepreneurial Partners AGHeal Capitalhubraum+3 more
Apollo is a venture capital firm that invests in life-science and biotechnology startups, combining entrepreneurial expertise with deep scientific knowledge to support early-stage companies in drug development and personalized medicine.
BiotechDeep TechHealthtechLongevity
Nils Regge(Co-Founder & General Partner)in
Co-investorsBLN CapitalCoastCapFJ LabsTruVenturo GmbHCTI Life Sciences Fund L.P.Foresite Capital+3 more
Astanor is an investment firm focused on the agrifood sector, backing companies "from soil and sea to gut" through venture and growth strategies.
AgTechFoodTechImpact & Social Good
Eric Archambeau(Founder)in
Co-investorsExtantia Capital
Atlantic Labs is a venture capital firm that invests in early-stage technology companies building innovative solutions across sectors including food, energy, consumer, AI, and robotics.
AgTechClimate TechDeep TechSector Agnostic
BioGeneration Ventures is a venture capital investor focused on early-stage biotech and life sciences companies.
Biotech
Co-investorsBOMNovo Holdings
Capnamic is a venture capital firm that invests in early-stage startups across multiple sectors with a fund size of EUR 190 million.
Enterprise SoftwareSaaSSector AgnosticCologne, DE
Co-investorsGerman Media PoolPeak
Cavalry is an early-stage venture capital fund that leads pre-seed and seed rounds in software companies across Europe, investing between EUR 500k and 4m in both enterprise and consumer businesses.
Co-investorsBallou Capital
Contrarian Ventures is an early-stage venture capital firm that invests in climate tech founders, acting as first-cheque investor and offering support through initiatives like the Energy Tech Summit, The Climate Brick, and Climate50.
CleantechClimate TechEnergySaaSLithuania, LT
David TrainaviciusinRokas Peciulaitis(Founder & Managing Partner)
Co-investorsExtantia CapitalEuropean Investment Fund
Cusp Capital is a European venture capital firm that invests across enterprise software, infrastructure, deeptech, and sustainable businesses, supporting portfolio companies through operational expertise and strategic guidance.
AI & Machine LearningDeep TechEnterprise SoftwareSaaSBerlin, DE
Cindy Candrian(Co-founder)Anne Scherer(Co-founder)
BoardCarolin(Investment Team Member)Jan(Investment Team Member)Christian(Investment Team Member)Maximilian(Investment Team Member)
Co-investorsCusp CapitalPeak
Co-investorsLeonis CapitalNotion Capital
General Intuition develops foundation models capable of perceiving, predicting, and acting in the physical world, trained on large-scale gameplay data to power autonomous driving, robotics, and real-world AI applications.
AI & Machine LearningDeep TechFintechInsurTechRoboticsSaaS
Pim de Witte
Co-investorsEndeit CapitalGeneral CatalystKhosla VenturesBOMPeakCapnamic+2 more
VC fund (founded 2006) supporting entrepreneurs with investment capital and experience.
Co-investorsEnBW New Ventures GmbHTesi (Finnish Industry Investment Ltd)
Headline is a venture capital firm with dedicated teams operating in multiple regions around the world.
Sector AgnosticSan Francisco, US
Co-investorsBLN CapitalPeakYolo Investments
UVC Partners is a European early-stage venture capital firm backing technology startups, primarily in Germany.
Co-investorsBLN CapitalGiTV, Inc.
This is an editorial/blog article on the website of Visionaries, a venture capital firm, discussing why product-led growth SaaS companies should invest in building a marketing function early.
Sector Agnostic
Co-investorsBLN Capital
Epoch Biodesign is a synthetic biology company that engineers enzymes to break down plastic waste into virgin-grade feedstocks at low energy and ambient conditions.
BiotechCircular EconomyCleantechClimate TechEnergyNew MaterialsLondon, GB
Jen Keane(CEO)inBen Reeve(CTO)inJacob Nathan(CEO and Founder)
Co-investorsClean Energy Ventures
Felix Capital is an investment firm operating at the intersection of technology and creativity, focusing on the evolution of the human experience across work, home, and life in between.
Consumer
Frederic Court(Founder)in
Co-investorsPeak
Fly.vc is a venture capital firm that invests in early-stage ("zero to one") startups, with a portfolio that has gone on to raise substantial follow-on funding from US and tier-1 European VCs.
Co-investorsMetavallon VCOVNI Capital
FoodLabs is a venture capital firm that invests in and builds companies focused on food, sustainability, health, and climate challenges.
Climate TechFoodTech
Co-investorsYildiz Ventures
A venture capital firm investing in biotech companies across all stages of pharmaceutical development, and in sustainable solutions across food, agriculture, materials, and environmental technologies through its BioEconomy strategy.
AgTechBiotechCleantechClimate TechImpact & Social GoodAmsterdam, NL
Hadean Ventures is a European venture capital fund manager with over EUR 230 million in assets under management, with a track record in life sciences.
Biotech
Co-investorsFarvatn VentureTesi (Finnish Industry Investment Ltd)
Co-investorsGENIUS Venture Capital
HPE Growth is a technology growth investor that deploys capital ranging from EUR 5-40 million in digital technology companies with EUR 10-100 million turnover, typically taking minority or majority stakes.
Digital HealthEnterprise SoftwareFintechSaaSSector AgnosticNot stated, NL
Co-investorsBOM
HV Capital is a venture capital firm that invests in and backs early-stage and growth-stage technology companies.
Sector AgnosticMunich, DE
Co-investorsPeakHV Capital
This is a venture capital firm focused on deep technology investments, not a portfolio company.
Climate TechData & InfrastructureDeep TechImpact & Social Good
Co-investorsBOM
Join Capital is an early-stage venture capital firm that invests in deep tech companies across defense, space, quantum and advanced computing, AI and cybersecurity, advanced materials, manufacturing, and autonomous systems and robotics, with a stated focus on Europe.
Deep TechDefense TechSpace Tech
Co-investorsCDP Venture Capital
Keen Venture Partners is a venture capital firm that invests in early-stage technology companies.
Sector Agnostic
Co-investorsKPN Ventures
ifeel is a European mental health platform serving enterprises and insurance companies, aimed at reducing the costs associated with employee and insured-population mental health.
Digital HealthInsurTechMental HealthMadrid, ES
Co-investorsFinTLV VenturesKorelya CapitalSCOR VenturesUNIQA Ventures GmbH
Co-investorsElevator VenturesKPN VenturesOVNI CapitalPeakQC·VENTURESSamsung Catalyst Fund+2 more
La Famiglia is a European venture capital fund investing at seed and growth stage in technology companies that enable or disrupt large industries.
Sector Agnostic
Co-investorsPeakPRIMEPULSE SERedbus VenturesGeneral Catalyst
Co-investorsIris Capital
Lauxera is an independent investment fund that backs growth-stage healthtech companies with significant revenue and commercial execution capabilities.
Digital HealthHealthtechMedical DevicesParis, FR
Pierre Moustial(Co-founding Partner)Alex Slack(Co-founding Partner)
BoardSamuel Levy(Co-founding Partner)
EQT Life Sciences (formerly LSP) is one of Europe's largest life sciences investment firms that invests in innovative companies developing therapeutics, medical devices, diagnostics, and healthtech solutions.
BiotechDigital HealthHealthtechMedical Devices
Co-investorsTesi (Finnish Industry Investment Ltd)
Nordic Alpha Partners is a venture capital firm that invests in industrial greentech companies across Northern and Continental Europe, providing capital and active value creation support to help portfolio companies scale globally during the renewable energy transition.
Advanced ManufacturingCleantechClimate TechDeep TechEnergyImpact & Social GoodCopenhagen, DK
Troels Øberg(Senior Partner and Head of Fundraising & Operations)inMorten Westh Naldal(Partner and General Counsel)
Co-investorsAllianz Global InvestorsCopenhagen Infrastructure Partners
Nauta Capital is a venture capital fund that invests across Europe in early-stage technology companies.
Barcelona, ES
Daniel Sanchez(Venture Partner)Carles Ferrer(General Partner)
Diagnostics company focused on developing and commercialising proprietary tests for immunology and infectious disease
Co-investorsAlbionVC
Oxx is a venture capital firm that invests in European B2B software companies that have reached product-market fit, leading or co-leading rounds of $5–25m to support their scaling.
Enterprise SoftwareSaaS
Oyster Bay is a venture capital firm that invests in impact-driven companies across the food value chain, from agriculture and food-service robotics to alternative ingredients and food brands.
AgTechFoodTechImpact & Social Good
Co-investorsCDP Venture CapitalPeakVictrix
Pan-European early-stage venture capital firm investing at pre-seed and seed stage, founded in 2012.
Florian Heinemann(Founder)in
Co-investorsBLN CapitalHarmony PartnersPeakProject A Ventures
Proxima develops stellarator fusion power plants designed to deliver clean, grid-ready electricity.
CleantechDeep TechEnergyMunich, DE
Dr. Francesco Sciortino(CEO and co-founder)Dr. Lucio Milanese(Co-founder and Chief External Affairs Officer)Dr. Jorrit Lion(Chief Scientist and co-founder)Martin Kubie(Chief Engineer and co-founder)inJonathan Schilling(Head of Labs and co-founder)in
Co-investorsBalderton CapitalBayern KapitalBurda Principal InvestmentsCherry VenturesDeepTech & Climate FondsElaia+8 more
Earlybird is a venture capital firm founded in 1997 that backs early-stage technology companies in Europe, focusing on groundbreaking innovations across various sectors.
Sector AgnosticBerlin, DE
Co-investorsCDP Venture CapitalEarlybird DWES Management GmbH & Co. KGOVNI CapitalPRIMEPULSE SEYildiz Ventures
Sofinnova Partners is a venture capital and private investment firm that invests across multiple strategies including biotech, digital health, industrial biotechnology, and capital markets.
AI & Machine LearningBiotechDigital Health
Antoine Papiernik(Chairman & Managing Partner)Henrijette Richter(Managing Partner)inGraziano Seghezzi(Managing Partner)in
Co-investorsCDP Venture Capital
Mendo provides a SaaS platform that helps large European enterprises adopt generative and agentic AI by integrating adoption guidance directly into everyday tools like Microsoft 365 Copilot and ChatGPT.
AI & Machine LearningEnterprise SoftwareSaaSParis, FR
Quentin Amaudry(CEO and Co-founder)Alexandre Pinon(Co-founder)
BoardAlain Caffi
Co-investorsEducapitalVentechVentech China
Vsquared Ventures is a venture capital firm that invests in deeptech startups, backing companies tackling significant technological risks.
Deep TechMunich, DE
Co-investorsBLN CapitalPractica CapitalPRIMEPULSE SE
Lithosquare is an AI platform for mineral discovery and exploration that uses geological expertise and machine learning to identify mineral deposits up to 10 times more efficiently.
AI & Machine LearningCleantechClimate TechDeep TechHardwareCambridge, GB
Xavier Moya(Founder & CEO)Giles Rodway(CTO)Aymeric Préveral-Etcheverry(CEO)Simon Leclair(COO)
Co-investorsOVNI CapitalDaphniWorld FundSaxoventEIFEuropean Investment Fund
Yttrium is a growth equity investment firm focused on B2B technology companies at the growth stage.
Enterprise SoftwareFrankfurt, DE
YZR Capital is a founder-led, independent investment platform focused on healthcare innovation, backing early-stage to growth-stage companies across Europe.
Munich, DE
Co-investorsBeiersdorf Innovation FundPeakWave VenturesBertelsmann InvestmentsEuropean Investment Fund
Portfolio news
latest coverage across their companiesSFDR · born2invest.com · Aug 31, 2026

Proxima Fusion · proximafusion.com · Aug 19, 2026
HV Capital · tech.eu · Aug 19, 2026
Forbion · fiercebiotech.com · Aug 12, 2026
Extantia · entrepreneur.economictimes.indiatimes.com · Jul 31, 2026
YZR Capital · johngannonblog.com · Jul 24, 2026
HPE Growth · altss.com · Jun 3, 2026
Frequently asked questions
- How many investments has KfW Capital made?
- KfW Capital has 81 tracked investments.
- What stage does KfW Capital invest at?
- KfW Capital invests at the Pre-Seed, Seed, Series A, Series B, Series C, Growth stages.
- What sectors does KfW Capital focus on?
- KfW Capital focuses on Deep Tech, Sector Agnostic.
- Where is KfW Capital located?
- KfW Capital is headquartered in Frankfurt am Main, DE.
- Who does KfW Capital co-invest with?
- KfW Capital most often shares deals with Peak, BLN Capital, BOM, among 50 tracked co-investors.
Media · Podcasts & interviews
featuring the teamVC Talk mit Dr. Jörg Goschin, KfW Capital
der brutkasten · Dr. Jörg Goschin
Alexander Thees, KfW Capital: "Divers aufgestellte Teams sind einfach erfolgreicher!"
brutkasten · Alexander Thees
KfW Capital Awards: Dr. Jörg Goschin im Gespräch mit Ulrike Hinrichs
Bundesverband Beteiligungskapital e.V. · Dr. Jörg Goschin
#Chancenmacher: Dr. Jörg Goschin, Geschäftsführer KfW Capital
Bundesverband Beteiligungskapital e.V. · Dr. Jörg Goschin
BVK fragt nach bei Dr. Jörg Goschin und Alexander Thees, KfW Capital: "Wir wollen aktiv fördern"
Bundesverband Beteiligungskapital e.V. · Dr. Jörg Goschin
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