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Government-backed FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 11 SOURCES

KfW Capital

Wholly owned VC investment subsidiary of KfW Bankengruppe

Also known as KfW Capital GmbH & Co. KG

Frankfurt-based wholly owned VC subsidiary of KfW; invests federal ERP and Zukunftsfonds money in over 150 German and European VC and venture-debt funds and co-invests in scale-ups.

Venture capital fund-of-funds subsidiary of KfW Bankengruppe (Frankfurt); not to be confused with KfW IPEX-Bank, DEG or KfW's development-finance arms.

HEADQUARTERS
Frankfurt am Main, Germany
FOUNDED
2018
AUM
—
OUTSIDE CAPITAL
No — own capital only
TEAM LISTED
7 people

Focus

STAGES
SeedSeries ASeries BGrowth
SECTORS
Software & SaaSDeep TechBiotech & Life SciencesHealthTechClimate & EnergyFintechSpace
ASSET MIX
Funds (as LP)Venture capitalDirect investments
GEOGRAPHY
GermanyEurope

Investment arms & vehicles

  • ERP-VC-Fondsinvestments
    Commitments to German and European VC and venture-debt funds backed by the federal ERP-Sondervermögen
  • Tech-Fondsinvest (Deutschlandfonds)
    Commitments to VC funds with a focus on Germany, within the VC pillar of the federal Deutschlandfonds
  • Scale-up Direct
    Co-investment programme investing directly in later-stage technology companies alongside portfolio VC funds
  • WIN 400
    Up to EUR 400m to 2029 for innovative funds and financing solutions (defence and security, deep tech, secondaries, Mittelstand succession), mainly as anchor investor
  • Wachstumsfonds Deutschland / Wachstumsfonds II
    Public-private VC fund of funds of about EUR 1bn (nearly fully invested); successor Wachstumsfonds II, target EUR 1bn, fundraising since 1 April 2026, with Bund and KfW Capital as anchor investors and KfW Capital as structurer and investment adviser
  • FOAK programme (first-of-a-kind)
    Financing of first commercial plants or projects that deploy new technologies at industrial scale

Overview

KfW Capital GmbH & Co. KG was set up in 2018 as the venture capital investment subsidiary of KfW Bankengruppe, led since then by Dr. Jörg Goschin (chair) and Alexander Thees. It invests, with support from the federal ERP-Sondervermögen and the Zukunftsfonds, as an LP in German and European VC and venture-debt funds, always on the same terms as other investors, and says it is invested in more than 150 funds backing over 2,800 start-ups. Within the VC pillar of the federal Deutschlandfonds (since December 2025) it also runs Tech-Fondsinvest, the Scale-up Direct co-investment programme and WIN 400, and structures the public-private Wachstumsfonds fund of funds. Its team has grown from 20 people in 2018 to more than 100.

Investment thesis

Commitments to German and European VC and venture-debt funds that back technology-oriented growth companies in Germany, alongside private investors on equal terms and under a sustainability policy and exclusion list; direct co-investments in later rounds of German scale-ups with portfolio fund managers.

PORTFOLIO (86)

  • Quantum Systems
    Deep Tech · since 2025
  • Proxima Fusion
    Climate & Energy · since 2026
  • Isar Aerospace
    Space · since 2026
  • 13books Capital (fund)
  • 3VC (fund)
  • 415 Capital (fund)
  • 42Cap (fund)
  • Acton Capital Partners GmbH (fund)
  • Aenu (fund)
  • Ananda Impact Ventures (fund)
  • Andera Partners (fund)
  • Apex Ventures (fund)
  • Apollo Health Ventures (fund)
  • Armira Growth (fund)
  • Astanor Ventures (fund)
  • Atlantic Labs (fund)
  • BGV (fund)
  • Biomed (fund)
  • Blackfin Capital Partners (fund)
  • Bootstrap Europe (fund)
  • Capnamic Ventures (fund)
  • Cavalry Ventures (fund)
  • Cherry Ventures Management GmbH (fund)
  • Cipio Partners (fund)
  • Claret Capital Partners (fund)
  • Contrarian Ventures (fund)
  • coparion GmbH & Co. KG (fund)
  • Cusp Capital Partners (fund)
  • Earlybird (fund)
  • eCapital AG (fund)
  • Emerge (fund)
  • EMH Partners (fund)
  • Endeit (fund)
  • ETF Partners (fund)
  • Extantia (fund)
  • Felix Capital (fund)
  • Fly Ventures (fund)
  • FoodLabs (fund)
  • Forbion (fund)
  • Gilde Healthcare (fund)
  • Green Generation Fund (fund)
  • Hadean Ventures (fund)
  • Headline (fund)
  • High-Tech Gründerfonds (fund)
  • Highland Europe (fund)
  • HPE Growth (fund)
  • HV Capital (fund)
  • Innovation Industries (fund)
  • IRIS (fund)
  • Join Capital (fund)
  • Keen Venture Partners (fund)
  • Korelya Capital (fund)
  • Kreos Capital (fund)
  • La Famiglia (fund)
  • Lauxera Capital Partners (fund)
  • LSP (fund)
  • Marondo Capital (fund)
  • Nauta Capital (fund)
  • Nextech Invest (fund)
  • Nordic Alpha Partners (fund)
  • Nordwind Growth (fund)
  • Norrsken VC (fund)
  • Notion Capital (fund)
  • Nucleus Capital (fund)
  • Oxx (fund)
  • Oyster Bay Venture Capital (fund)
  • Pact VC (fund)
  • Partech Ventures (fund)
  • Planet A Ventures (fund)
  • Project A (fund)
  • redalpine (fund)
  • Samaipata (fund)
  • SHS Capital (fund)
  • Singular (fund)
  • Sofinnova Partners (fund)
  • Speedinvest (fund)
  • TVM Capital (fund)
  • UVC Partners (fund)
  • VENTECH (fund)
  • Visionaries Club (fund)
  • Vsquared Ventures (fund)
  • Wellington Partners (fund)
  • World Fund (fund)
  • Yttrium (fund)
  • YZR Capital (fund)
  • Zintinus (fund)

People

  • Dr. Jörg Goschin
    Managing Director, Chair of the Management Board · source
  • Alexander Thees
    Managing Director · source
  • Christian Röhle
    Co-Head Investment Management · source
  • Christina Koch
    Investment Associate · source
  • Pawel Schapiro
    Senior Investment Manager · source
  • Max Wirsching
    Head of Private Capital Solutions · source
  • Stefan Wintels
    Chair of the Supervisory Board (CEO of KfW Bankengruppe) · source

Links

Frequently asked questions

KfW Capital is a government-backed fund based in Frankfurt am Main, Germany, founded in 2018.

Yes. KfW Capital invests its own capital in private companies. It also commits capital to third-party funds as an LP.

KfW Capital invests at Seed, Series A, Series B and Growth stages in Software & SaaS, Deep Tech, Biotech & Life Sciences, HealthTech, Climate & Energy, Fintech and Space.

Key people at KfW Capital include Dr. Jörg Goschin (Managing Director, Chair of the Management Board), Alexander Thees (Managing Director), Christian Röhle (Co-Head Investment Management) and Christina Koch (Investment Associate).

KfW Capital's investments include Quantum Systems, Proxima Fusion, Isar Aerospace, 13books Capital (fund), 3VC (fund), 415 Capital (fund), 42Cap (fund) and Acton Capital Partners GmbH (fund), among others.

The most recent publicly reported investment by KfW Capital is Proxima Fusion (EUR 411m round (Scale-up Direct co-investment with UVC Partners)), announced in Jul 2026.

KfW Capital states that it accepts submissions through its official contact page.

No. KfW Capital invests its own capital and does not raise money from outside investors.