CFH Management

FOCUS

STAGES

SeedSeries ASeries BGrowthBuyout

SECTORS

Software & SaaSDeep TechBiotech & Life SciencesIndustrial & ManufacturingHealthTechClimate & 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.

• TGFS Technologiegründerfonds Sachsen
  Saxon venture fund series for high-tech start-ups (TGFS I 2008 €60M, TGFS II 2016 €87.5M, TGFS III 2023 €93.5M); €0.2–5M per company
• WMS Wachstumsfonds Mittelstand Sachsen
  Saxon growth and succession fund series for Mittelstand companies (WMS I 2005 €35M, WMS II 2012 €40.1M, WMS III 2019 €85M); €1–10M per company; managed via Wachstumsfonds Mittelstand Sachsen Management GmbH & Co. KG

ABOUT

CFH Management GmbH traces back to 1995, when Sachsen LB set up its commercial equity business; it became part of LBBW's equity business in 2009 and was spun out of the LBBW group at the end of 2017. Since 2017 its shareholders have been MBG Sachsen and the regional equity companies of the Sparkassen Dresden, Chemnitz and Leipzig. It manages the Technologiegründerfonds Sachsen (TGFS), now in its third generation, investing €0.2–5M in Saxon high-tech start-ups, and the Wachstumsfonds Mittelstand Sachsen (WMS), investing €1–10M in Saxon Mittelstand companies. Investors in the current funds are the Free State of Saxony, Saxon Sparkassen, MBG Sachsen and the Sächsische Aufbaubank (SAB).

INVESTMENT THESIS

Saxon high-tech start-ups after proof of concept (hardware, software, chem/biotech, internet services) through TGFS, and growth, succession and shareholder-change financings for established Saxon Mittelstand companies through WMS.

PORTFOLIO (123)

• Altavo GmbH (TGFS)
  Deep Tech
• ATEip GmbH (TGFS)
  Deep Tech
• beeOLED GmbH (TGFS)
  Deep Tech
• Better Basics Laborbedarf GmbH (TGFS)
  Deep Tech
• BionCart GmbH (TGFS)
  Biotech & Life Sciences
• BirdsView GmbH (TGFS)
  Software & SaaS
• Captain T Cell GmbH (TGFS)
  Biotech & Life Sciences
• Cinector GmbH (TGFS)
  Software & SaaS
• Corant GmbH (TGFS)
  Deep Tech
• CREDOXYS GmbH (TGFS)
  Biotech & Life Sciences
• Cyber Insight GmbH (TGFS)
  Software & SaaS
• DieEnergiekoppler GmbH (TGFS)
  Deep Tech
• Docyet GmbH (TGFS)
  Software & SaaS
• eCovery GmbH (TGFS)
  Software & SaaS
• FI Freiberg Institut GmbH (TGFS)
  Software & SaaS
• Flexora GmbH (TGFS)
  Deep Tech
• FlyNex GmbH (TGFS)
  Software & SaaS
• Fusion Bionic GmbH (TGFS)
  Deep Tech
• Heliatek GmbH (TGFS)
  Deep Tech
• CYNiO GmbH (TGFS)
  Biotech & Life Sciences
• HandsOn Robotics GmbH (TGFS)
  Deep Tech
• in.hub GmbH (TGFS)
  Deep Tech
• Katana Labs GmbH (TGFS)
  Software & SaaS
• Lecturio GmbH (TGFS)
  Software & SaaS
• LipoCheck GmbH (TGFS)
  Deep Tech
• MAIA | prodlane GmbH (TGFS)
  Software & SaaS
• Medical Decision Alliance GmbH (TGFS)
• MDTB Cell Manufacturing GmbH (TGFS)
  Biotech & Life Sciences
• MiViA GmbH (TGFS)
  Software & SaaS
• NanoSen GmbH (TGFS)
  Biotech & Life Sciences
• Packwise GmbH (TGFS)
  Deep Tech
• Pamyra GmbH (TGFS)
  Software & SaaS
• Peeriot GmbH (TGFS)
  Software & SaaS
• Peerox GmbH (TGFS)
  Software & SaaS
• Pinpoint GmbH (TGFS)
  Deep Tech
• Primogene GmbH (TGFS)
  Biotech & Life Sciences
• PRUUVE (TGFS)
  Deep Tech
• refuel.green consulting & technologies GmbH (TGFS)
  Biotech & Life Sciences
• ReViSalt GmbH (TGFS)
  Biotech & Life Sciences
• RiboxX GmbH (TGFS)
  Biotech & Life Sciences
• rooom AG (TGFS)
  Software & SaaS
• Saralon GmbH (TGFS)
  Biotech & Life Sciences
• SaxonQ GmbH (TGFS)
  Deep Tech
• sciendis GmbH (TGFS)
  Software & SaaS
• Scoolio GmbH (TGFS)
  Software & SaaS
• SEDIDOC GmbH (TGFS)
  Software & SaaS
• Semodia GmbH (TGFS)
  Software & SaaS
• Senodis Technologies GmbH (TGFS)
  Deep Tech
• SLN GmbH (TGFS)
  Software & SaaS
• SmartNanotubes Technologies GmbH (TGFS)
  Deep Tech
• Sunmaxx PVT GmbH (TGFS)
  Deep Tech
• SURAG Medical GmbH (TGFS)
  Deep Tech
• SweepMe! GmbH (TGFS)
  Software & SaaS
• TEDIRO Healthcare Robotics GmbH (TGFS)
  Deep Tech
• Trionplas Technologies GmbH (TGFS)
  Deep Tech
• Umbrella Software Development GmbH (TGFS)
  Deep Tech
• VibroCut GmbH (TGFS)
  Deep Tech
• Vizzlo GmbH (TGFS)
  Software & SaaS
• volytica diagnostics GmbH (TGFS)
  Software & SaaS
• WAKU Robotics GmbH (TGFS)
  Software & SaaS
• watttron GmbH (TGFS)
  Deep Tech
• Zenesis GmbH (TGFS)
  Software & SaaS
• Zepta Technologies GmbH (TGFS)
  Deep Tech
• 3dvisionlabs GmbH (TGFS)
  Deep Tech
• EntwicklerHeld GmbH (TGFS)
  Exited
• Data Virtuality GmbH (TGFS)
  Exited
• BRICK4U GmbH (TGFS)
  Exited
• we-do.ai GmbH (TGFS)
  Exited
• Increase Your Skills GmbH (TGFS)
  Exited
• Pendix GmbH (TGFS)
  Exited
• Naventik GmbH (TGFS)
  Exited
• Arioso Systems GmbH (TGFS)
  Exited
• HiperScan GmbH (TGFS)
  Exited
• Infrasolid GmbH (TGFS)
  Exited
• replex GmbH (TGFS)
  Exited
• evan GmbH (TGFS)
  Exited
• Rhebo GmbH (TGFS)
  Exited
• Couchfunk GmbH (TGFS)
  Exited
• Qoniac GmbH (TGFS)
  Exited
• Flaxres GmbH (TGFS)
  Exited
• EASY APIOMAT GmbH (TGFS)
  Exited
• fodjan GmbH (TGFS)
  Exited
• meetwise GmbH (TGFS)
  Exited
• MONKEY WORKS GmbH (TGFS)
  Exited
• BASELABS GmbH (TGFS)
  Exited
• futalis GmbH (TGFS)
  Exited
• UROTEC GmbH (TGFS)
  Exited
• Blue Wonder Communications GmbH (TGFS)
  Exited
• clarait GmbH (TGFS)
  Software & SaaS · since 2026
• AviComp Controls GmbH (WMS)
  Industrial & Manufacturing · since 2026
• ACTech GmbH (WMS)
  Exited
• AllTec GmbH (WMS)
• color parts GmbH (WMS)
• Cotesa GmbH (WMS)
  Exited
• DMB Metallverarbeitung GmbH (WMS)
  Exited
• Dr. Födisch Umweltmesstechnik AG (WMS)
  Exited
• Dr. Neumann-Wolff AG (WMS)
• eKiosk GmbH (WMS)
• Fabmatics GmbH (WMS)
  Exited
• forcont business technology GmbH (WMS)
• Fruchtexpress-Gruppe (WMS)
• GETT Gerätetechnik GmbH (WMS)
• Goldeck Süßwaren GmbH (WMS)
• Homatec Industrietechnik GmbH (WMS)
• IMM electronics GmbH (WMS)
• Intelligente Sensorsysteme Dresden GmbH (WMS)
  Exited
• IT-Service Leipzig GmbH (WMS)
  Exited
• Kama GmbH (WMS)
  Exited
• MediaInterface GmbH (WMS)
  Exited
• O.group GmbH (WMS)
  Exited
• Omeras GmbH (WMS)
  Exited
• Radeberger Fleisch und Wurstwaren Korch GmbH (WMS)
  Exited
• Rotop Pharmaka GmbH (WMS)
• RStores GmbH (WMS)
• Saxonia Network Systems GmbH (WMS)
• SIMPEX HYDRAULIK-Gruppe (WMS)
• Spectos GmbH (WMS)
  Exited
• Synteks Umformtechnik GmbH (WMS)
  Exited
• SYSTEMA Systementwicklung GmbH (WMS)
  Exited
• Taenzler Maschinen und Anlagen GmbH (WMS)
• Terrot GmbH (WMS)
  Exited
• TL Concept GmbH (WMS)
  Exited
• Zehnder Pumpen GmbH (WMS)
  Exited

TEAM

• Gisbert Enkel
  Managing Director · source
• Harald Rehberg
  Managing Director (WMS) · source
• Sören Schuster
  Managing Director (TGFS) · source
• Andreas Müller
  Investment Director · source
• Friedemann Stier
  Investment Director · source
• Thomas Tettenborn
  Investment Director · source
• Claudia Huke
  Senior Investment Manager · source
• Sebastian Skoda
  Senior Investment Manager · source
• Nicolas Theis
  Senior Investment Manager · source
• Thomas Mackiol
  Investment Manager · source
• Tam Dau
  Investment Manager · source

LINKS

• Website
• Official contact page

FAQ