Fundraising Fox

KfW Capital

Fund of funds

Frankfurt am Main · Pre-Seed–Growth

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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.

Stage
Pre-Seed–Growth
HQ
Frankfurt am Main, DE
Instruments
Equity · Debt
Founded
2018
Last 12 months
1 investment
Tracked investments
83

What they invest in

from 38 of 83 portfolio companies

Climate 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 companies
54%
solo founders
7 of 13 mapped founding teams

Founding team size:solo founder×72 founders×53 founders×1

Investments · 83 tracked

founders shown can be your intro path

By year:2026 · 12024 · 12 dated

13Bookscapital13bookscapital.com

13books is a fintech investment firm that backs and supports financial technology founders and companies in Europe.

Fintech

415Capital415capital.com

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

42Cap42cap.comin

42 CAP is a European venture capital firm that invests €0.5–3 million in seed-stage B2B software companies with global ambitions.

Not stated

Thomas(General Partner)Alex(General Partner)inMoritz(General Partner)in

Co-investorsIsomer Capital

Acton Capitalactoncapital.com

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

Aenuaenu.comin

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

Anandaananda.vc
Anderapartnersanderapartners.comin𝕏

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

Apexapex.venturesin

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

APHERISapheris.comin

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 Health Venturesapollo.vcin𝕏

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

Armiraarmira.de
Astanorastanor.com

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

Atlanticlabsatlanticlabs.dein

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

Christophe Mairein

BioGeneration Venturesbiogenerationventures.com

BioGeneration Ventures is a venture capital investor focused on early-stage biotech and life sciences companies.

Biotech

Co-investorsBOMNovo Holdings

Biomedvcbiomedvc.com
Blackfinblackfin.com
Bootstrap Europebootstrap-europe.com
Capnamiccapnamic.comin𝕏

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 Venturescavalry.vc

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

Cherrycherry.vc
Claret Capitalclaret-capital.com
Contrarian Venturescventures.vcin

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

Coparioncoparion.vc
Cusp Capitalcuspcapital.comin

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

dataset

Co-investorsLeonis CapitalNotion Capital

Emhemh.com
EMH Partnersemergecapital.vc
Endeitendeit.com

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

ETF Partnersetfpartners.capital

VC fund (founded 2006) supporting entrepreneurs with investment capital and experience.

Co-investorsEnBW New Ventures GmbHTesi (Finnish Industry Investment Ltd)

Exit Headlineheadline.com

Headline is a venture capital firm with dedicated teams operating in multiple regions around the world.

Sector AgnosticSan Francisco, US

Conrad Chuin

Co-investorsBLN CapitalPeakYolo Investments

Exit UVC Fondsuvcpartners.com

UVC Partners is a European early-stage venture capital firm backing technology startups, primarily in Germany.

Co-investorsBLN CapitalGiTV, Inc.

Exit Visionaries Clubvisionaries.vc

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

Extantiaextantia.comin

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 Capitalfelixcap.comin𝕏

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 Venturesfly.vc

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

FoodLabsfoodlabs.comin

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

Forbionforbion.com

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

Co-investorsBOMForbion

Gilde Healthcaregildehealthcare.com

Gilde Healthcare is a transatlantic investment firm managing venture, growth, and private equity funds that back companies in healthcare and climate solutions, including medtech, digital health, therapeutics, and energy transition.

Healthtech

Co-investorsBOMVictrix

Greengenerationfundgreengenerationfund.com
Hadean Ventureshadeanventures.com

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)

High-Tech Gründerfondshigh-tech-gruenderfonds.de

Co-investorsGENIUS Venture Capital

HPE Growthhpegrowth.comin

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 Capitalhvcapital.comin

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

Innovationindustriesinnovationindustries.comin

This is a venture capital firm focused on deep technology investments, not a portfolio company.

Climate TechData & InfrastructureDeep TechImpact & Social Good

Co-investorsBOM

Joinjoin.capitalin

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

Keenventurepartnerskeenventurepartners.com

Keen Venture Partners is a venture capital firm that invests in early-stage technology companies.

Sector Agnostic

Co-investorsKPN Ventures

Korelyacapitalkorelyacapital.comin𝕏

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

Kreoscapitalkreoscapital.com
La Famiglialafamiglia.vcin𝕏

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

LATEST NEWS

Co-investorsIris Capital

Lauxeralauxera.com

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)

LSPlspvc.comAcquired

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)

Marondomarondo.com
Napartnersnapartners.dkin

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

Nautacapitalnautacapital.com

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)

Nextechinvestnextechinvest.com
Nordwindgrowthnordwindgrowth.de
Norrskennorrsken.vc
Nucleus Capitalnucleus-capital.com

Portfolio news

latest coverage across their companies

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 team

VC 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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