bm|t beteiligungsmanagement thüringen

FOCUS

STAGES

SeedSeries AGrowthBuyout

SECTORS

Deep TechHealthTechBiotech & Life SciencesSoftware & SaaSIndustrial & ManufacturingClimate & Energy

ASSET MIX

Venture capitalPrivate equityDirect investments

GEOGRAPHY

Germany

WHAT IT IS

Government-backed Fund. Public money — a state or EU-backed vehicle investing on behalf of taxpayers, often with policy goals.

• Thüringer Startup-Fonds II (TSF II)
  €30M fund (launched 15 Dec 2022) from ThüB foundation and EFRE money; open minority stakes up to €1.5M in innovative companies up to five years old
• Thüringer WachstumsBeteiligungsFonds II (WBF II)
  €35M fund (launched 15 Dec 2022) from Free State and EFRE money; open minority stakes up to €4M in growth-stage SMEs up to eight years old, matched by private co-investors
• Thüringer Zukunftsfonds III (TZF III)
  Fund from the Stiftung Thüringer Beteiligungskapital (ThüB) and KfW for start-ups with ecological, digital or social innovations and growing Mittelstand companies; open and silent minority stakes and subordinated loans
• Thüringer Industriebeteiligungs-GmbH & Co. KG (TIB)
  €100M fund (launched 4 Dec 1993) from ThüB money; minority stakes in industrial companies for investments above €5M, as lead or co-investor
• Mittelstands-Fonds Thüringen II (MFT II)
  €20M Free State fund (launched July 2025) for established profitable Mittelstand companies; open and silent stakes up to €5M with a private co-investor
• Thüringer Transformations-Fonds (TTF)
  €20M Free State fund for established Mittelstand companies facing technological transformation; stakes below €5M

ABOUT

bm|t beteiligungsmanagement thüringen gmbh was founded in 2003 as a universal equity company for Thuringia and, as a subsidiary of Thüringer Aufbaubank, has since placed 13 equity funds with about €0.5bn in volume. It manages the Free State's funds, currently 12, whose capital comes from the Free State, the Stiftung Thüringer Beteiligungskapital, EFRE, KfW and institutional investors, and invests mainly in Thuringian companies from start-up to growth and succession. Active funds include the Thüringer Startup-Fonds II, WachstumsBeteiligungsFonds II, Zukunftsfonds III, the Thüringer Industriebeteiligungs fund and, since July 2025, the Mittelstands-Fonds Thüringen II.

INVESTMENT THESIS

Innovative and growth-oriented companies mainly in Thuringia, financing the development and market entry of new products and services, plus growth, internationalisation and succession (MBO/MBI) for established Mittelstand companies; usually alongside private co-investors.

PORTFOLIO (100)

• ad hoc energy
• AI-UI
• Altavo
• AOC
• Applyo Jena
• Bach Technology
• BIONCaRT
• Born
• DeepEn
• devie medical
• Digity
• Dynamic42
• E-TERRY
• Enginsight
• eZono
• FBGS Technologies
• FluiDect
• HAPILA
• Heyfair
• ifesca
• InflaRx
• INTERCEPT Technologies
• Intercus
• jenID Solutions
• Jenoptik
• Laxxon Medical Corp.
• Lean Plastics
• Leapter
• mi2 factory
• neurocare
• NovaPump
• Paketin
• Pamyra
• Peeriot
• Perceptec
• plazz
• PreciPoint
• Preventicus
• Q-Sensei
• Quantum Optics Jena
• recare
• Revincus
• rooom
• siOPTICA
• SmartDyeLivery
• TALLAG
• tediro
• Tiny Monster
• TrophoSYS
• Ucandoo
• warmwind
• Weinert
• Zepta
• Zila
• 3di
  Exited
• Aifotec
  Exited
• Analytik Jena
  Exited
• Axsol
  Exited
• BianoGMP
  Exited
• c-LEcta
  Exited
• CadCabel
  Exited
• Carl Zeiss Meditech
  Exited
• CDA
  Exited
• CLONDIAG
  Exited
• CrowdArchitects GmbH
  Exited
• dentognostics
  Exited
• evan
  Exited
• fayteq
  Exited
• GGC
  Exited
• Hapila
  Exited
• HASEC
  Exited
• HKW – Elektronik
  Exited
• IBYKUS
  Exited
• IL Metronic
  Exited
• JeNaCell
  Exited
• KTN
  Exited
• L&S
  Exited
• LEj
  Exited
• LEMUTH
  Exited
• Lynatox
  Exited
• MEDAV
  Exited
• micro-sensys
  Exited
• MSO
  Exited
• NOVASIB
  Exited
• PDV
  Exited
• pepperbill
  Exited
• Pflegeplatzmanager
  Exited
• piezosystem jena
  Exited
• PiNkey
  Exited
• Polytives
  Exited
• QSIL
  Exited
• Quantifoil Instruments
  Exited
• Redwave Medical
  Exited
• Robust AO
  Exited
• scienova
  Exited
• SecondSol
  Exited
• Spleenlab
  Exited
• Visumotion
  Exited
• X-FAB
  Exited
• Zeilenwert
  Exited

TEAM

• Katja Butzmann
  Managing Director · source
• Matthias Wierlacher
  Chair of the Supervisory Board (CEO of Thüringer Aufbaubank) · source
• Stephan Beier
  Investment Management · source
• Cornelia Böse
  Investment Management · source
• Matthias Braun
  Investment Management · source
• Karin Rabe
  Investment Management · source
• Sophie Gloßmann
  Investment Management · source
• Stefan Jahn
  Senior Investment Manager · source
• Katrin Uschmann
  Investment Management · source
• Noah Henkel
  Investment Management · source
• Heinrich Eckardt
  Investment Management · source
• Silke Berlit
  Finance & Controlling · source
• Tobias Wagner
  Finance & Controlling · source
• Anja Fiebach
  Finance & Controlling · source
• Maria Schröter
  Finance & Controlling · source

LINKS

• Website
• Official contact page

FAQ