L-Bank (Landeskreditbank Baden-Württemberg – Förderbank)
State development bank (Förderbank) of Land Baden-Württemberg
Also known as L-Bank, L‑Bank, Landeskreditbank Baden-Württemberg, BW-Capital
Karlsruhe-based state development bank of Baden-Württemberg; anchor LP in regional VC funds, runs Start-up BW Pre-Seed and InnoGrowth BW, and operates the Land's new risk capital company BW-Capital.
State development bank of Baden-Württemberg (Karlsruhe and Stuttgart); not to be confused with LBBW (Landesbank Baden-Württemberg) or with MBG Baden-Württemberg.
- HEADQUARTERS
- Karlsruhe, Germany
- FOUNDED
- —
- AUM
- —
- OUTSIDE CAPITAL
- No — own capital only
- TEAM LISTED
- 3 people
Focus
- STAGES
- Pre-SeedSeedSeries AGrowth
- ASSET MIX
- Funds (as LP)Venture capital
- GEOGRAPHY
- Germany
Investment arms & vehicles
- Risk capital company 100% owned by the Land, created in 2025; L-Bank is mandated as operator (Betriebsführerin) and will gradually transfer its own risk capital activity, with a first EUR 50m distribution planned as start capital; operational since July 2026
- State programme financing young innovative Baden-Württemberg start-ups (up to five years old) with convertible loans alongside co-investors
- Refinancing of accredited intermediaries (VCs, business angels, family offices) that give start-ups and Mittelstand firms equity or mezzanine finance; EUR 400k to about EUR 10m per company, KfW Zukunftsfonds money plus 10% Land money
Overview
L-Bank is the Förderbank of the Land Baden-Württemberg, an Anstalt des öffentlichen Rechts created by state law, seated in Karlsruhe and also present in Stuttgart. Alongside promotional loans and grants for SMEs, founders, housing and families, it has for several years built up equity finance together with the state economics ministry, mainly as seed and anchor investor in funds active in Baden-Württemberg, such as Mätch VC (2023). It runs the Start-up BW Pre-Seed programme and InnoGrowth BW, which refinances private investors that back start-ups and Mittelstand firms. Because large-scale risk capital business hits regulatory limits inside a bank, the Land founded BW-Capital GmbH in December 2025; L-Bank operates it and will wind down its own risk capital activity step by step.
Investment thesis
Anchor commitments to VC funds active in Baden-Württemberg and risk-sharing with private intermediaries, to finance innovative start-ups, scale-ups and Mittelstand companies with a seat or most staff in the state, including follow-on rounds after the Pre-Seed programme.
PORTFOLIO (3)
- Mätch VC (fund, anchor LP)since 2023
- LEA platform (fund manager; first BW-Capital investment, operated by L-Bank)since 2026
- HyImpulse Technologies (BW-Capital, Series A extension)Space · since 2026
People
Links
Frequently asked questions
L-Bank (Landeskreditbank Baden-Württemberg – Förderbank) is a government-backed fund based in Karlsruhe, Germany.
L-Bank (Landeskreditbank Baden-Württemberg – Förderbank) does not primarily put its own money into private companies. It also commits capital to third-party funds as an LP.
L-Bank (Landeskreditbank Baden-Württemberg – Förderbank) invests at Pre-Seed, Seed, Series A and Growth stages in Industrial & Manufacturing, Software & SaaS, Deep Tech and Climate & Energy.
Key people at L-Bank (Landeskreditbank Baden-Württemberg – Förderbank) include Edith Weymayr (Chair of the Management Board), Dr. Iris Reinelt (Member of the Management Board) and Johannes Heinloth (Member of the Management Board (markets; responsible for risk capital; BW-Capital supervisory board)).
L-Bank (Landeskreditbank Baden-Württemberg – Förderbank)'s investments include Mätch VC (fund, anchor LP), LEA platform (fund manager; first BW-Capital investment, operated by L-Bank) and HyImpulse Technologies (BW-Capital, Series A extension).
The most recent publicly reported investment by L-Bank (Landeskreditbank Baden-Württemberg – Förderbank) is Mätch VC (fund) (Anchor LP commitment), announced in Jun 2023.
No. L-Bank (Landeskreditbank Baden-Württemberg – Förderbank) invests its own capital and does not raise money from outside investors.