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Government-backed FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 14 SOURCES

MBG Mittelständische Beteiligungsgesellschaft Baden-Württemberg

MBG owned by chambers, business associations and banks (incl. Bürgschaftsbank BW, L-Bank, LBBW, DZ Bank, Sparkassenverband BW); run jointly with Bürgschaftsbank Baden-Württemberg Bürgschaftsbank Baden-Württemberg and Baden-Württemberg chambers, associations and banks

Also known as MBG Baden-Württemberg, MBG BW, MBG Mittelständische Beteiligungsgesellschaft Baden-Württemberg GmbH, MBG BW Venture Capital, Start-up BW Innovation Fonds

Stuttgart MBG providing silent and open participations to Baden-Württemberg SMEs and start-ups; 738 holdings worth €268.4m at end-2025; manages the Start-up BW VC funds.

One of the 15 regional MBGs in Germany; not to be confused with the MBGs of other Länder (e.g. MBG H Hessen, MBG Sachsen) or with MBB SE.

HEADQUARTERS
Stuttgart, Germany
FOUNDED
1971
AUM
€268.4M (2025)
OUTSIDE CAPITAL
Yes
TEAM LISTED
17 people

Focus

STAGES
Pre-SeedSeedSeries AGrowthBuyout
SECTORS
Industrial & ManufacturingSoftware & SaaSArtificial IntelligenceHealthTechClimate & EnergySpaceFintechDeep Tech
ASSET MIX
Private creditVenture capitalDirect investments
GEOGRAPHY
Germany

Investment arms & vehicles

  • Start-up BW Innovation Fonds GmbH & Co. KG
    Series A VC fund (since 2021) for B2B tech start-ups; LPs Land Baden-Württemberg, banks, insurers and foundations; c. €45m incl. MBG parallel investment
  • Start-up BW Seed Fonds GmbH & Co. KG
    €12.5m seed fund (founded 2022, started end-2023) whose sole investor is the Land Baden-Württemberg
  • Start-up BW Innovation Fonds II GmbH & Co. KG
    Follow-on Series A fund in preparation

Overview

MBG Mittelständische Beteiligungsgesellschaft Baden-Württemberg GmbH is the publicly supported SME investment company of Baden-Württemberg, owned by chambers, business associations and banks and run alongside Bürgschaftsbank Baden-Württemberg. Its core business is mezzanine capital as typical silent participations (up to €1.5m) for growth, innovation, succession and start-ups, plus open participations in start-ups. Under the Start-up BW brand it manages VC funds for the Land, banks, insurers and foundations, investing at seed and Series A in B2B tech. At end-2025 it held 738 participations worth about €268.4m; its VC unit reports €71m AuM and 31 active holdings.

Investment thesis

Long-term silent participations for Baden-Württemberg SMEs; in VC, seed and Series A B2B tech in Germany with a Baden-Württemberg focus: industrial tech, digital tech (AI/ML, B2B software, cyber security, fintech), medtech and life science, and defence and space.

PORTFOLIO (30)

People

  • Dirk Buddensiek
    Managing Director (also Management Board, Bürgschaftsbank Baden-Württemberg) · source
  • Guy Selbherr
    Managing Director (also Management Board, Bürgschaftsbank Baden-Württemberg) · source
  • Claus Paal
    Chair of the Supervisory Board (President, IHK Region Stuttgart) · source
  • Prof. Dr. Michael Auer
    Deputy Chair of the Supervisory Board · source
  • Oliver Trautmann
    Head of Participations · source
  • Mattias Götz
    Head of Venture Capital · source
  • Frank Kraheberger
    Head of Venture Capital · source
  • Annette Haag
    Head of Fund Management and Business Operations · source
  • Cornelius Baral
    Investment Manager · source
  • Frank Hummler
    Investment Manager · source
  • Sven Schatz
    Investment Manager · source
  • Andreas Stadie
    Investment Manager · source
  • Dr. Josef Walek
    Investment Manager · source
  • Kerstin Baumann
    Fund Manager · source
  • Mahmut Kara Sahgül
    Fund Manager · source
  • Marc Kehrer
    Investment Analyst · source
  • Michael Flach
    Investment Manager · source

Links

Frequently asked questions

MBG Mittelständische Beteiligungsgesellschaft Baden-Württemberg is a government-backed fund based in Stuttgart, Germany, founded in 1971.

Yes. MBG Mittelständische Beteiligungsgesellschaft Baden-Württemberg invests its own capital in private companies.

MBG Mittelständische Beteiligungsgesellschaft Baden-Württemberg invests at Pre-Seed, Seed, Series A, Growth and Buyout stages in Industrial & Manufacturing, Software & SaaS, Artificial Intelligence, HealthTech, Climate & Energy, Space, Fintech and Deep Tech.

MBG Mittelständische Beteiligungsgesellschaft Baden-Württemberg's stated ticket size is €250K–€3M.

Key people at MBG Mittelständische Beteiligungsgesellschaft Baden-Württemberg include Dirk Buddensiek (Managing Director (also Management Board, Bürgschaftsbank Baden-Württemberg)), Guy Selbherr (Managing Director (also Management Board, Bürgschaftsbank Baden-Württemberg)), Claus Paal (Chair of the Supervisory Board (President, IHK Region Stuttgart)) and Prof. Dr. Michael Auer (Deputy Chair of the Supervisory Board).

MBG Mittelständische Beteiligungsgesellschaft Baden-Württemberg's investments include HyImpulse Technologies, Naturenergie Rotachtal, Build.One, Atmos Space Cargo, Azowo, become1, CorTec and DearEmployee, among others.

The most recent publicly reported investment by MBG Mittelständische Beteiligungsgesellschaft Baden-Württemberg is Naturenergie Rotachtal (€1m participation (biomethane project)), announced in Jul 2026.

MBG Mittelständische Beteiligungsgesellschaft Baden-Württemberg states that it accepts submissions through its official contact page.

Yes. MBG Mittelständische Beteiligungsgesellschaft Baden-Württemberg manages capital from outside investors.