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Government-backed FundPuts its own capital into companiesLAST VERIFIED Oct 2026 · 12 SOURCES

MBG Mittelständische Beteiligungsgesellschaft Hamburg

Mittelständische Beteiligungsgesellschaft jointly owned by Commerzbank, Deutsche Bank, DZ Bank, Hamburger Sparkasse, Hamburger Volksbank, Handelskammer Hamburg, Sparkasse Harburg-Buxtehude, Sparkasse Holstein, UniCredit Bank and Volksbank Raiffeisenbank Hamburg banks, Sparkassen, cooperative banks and Handelskammer Hamburg

Also known as MBG Hamburg, BTG Beteiligungsgesellschaft Hamburg, BTG Hamburg, BTG Beteiligungsgesellschaft Hamburg mbH, MBG Mittelständische Beteiligungsgesellschaft Hamburg mbH

Hamburg MBG founded in 1970 (formerly BTG), owned by banks and the Handelskammer; silent participations in Hamburg SMEs, plus the HIG and micro-mezzanine programmes.

Not to be confused with IFB Innovationsstarter (Hamburg's early-stage VC arm of IFB Hamburg) or MBG Schleswig-Holstein.

HEADQUARTERS
Hamburg, Germany
FOUNDED
1970
AUM
—
OUTSIDE CAPITAL
—
TEAM LISTED
14 people

Focus

STAGES
SeedGrowthBuyout
SECTORS
Consumer & E-commerceSoftware & SaaS
ASSET MIX
Private creditDirect investments
GEOGRAPHY
Germany

Investment arms & vehicles

  • HamburgInnoGrowth (HIG)
    Programme funded 70% by the federal Zukunftsfonds (KfW RegioInnoGrowth) and 30% by the City of Hamburg, passed through IFB Hamburg; silent participations up to €2.5M in innovative, non-exit-oriented Hamburg companies
  • Mikromezzaninfonds Deutschland (Hamburg regional partner)
    ERP/ESF-funded federal programme; silent participations up to €100k (€150k for target groups) in small and young companies

Overview

MBG Mittelständische Beteiligungsgesellschaft Hamburg mbH was founded in 1970 and traded as BTG Beteiligungsgesellschaft Hamburg mbH until 1 October 2023. Supported by the federal government and the City of Hamburg, it acts as a non-profit-oriented economic development institution and provides typically silent participations to small and medium-sized Hamburg companies for start-up, growth, investment and business succession. Its own participations are up to €500k, and as operator of the HamburgInnoGrowth programme (federal Zukunftsfonds and City of Hamburg money) it can provide up to €2.5M. At the end of 2025 it held 50 participations in 49 companies with a gross volume of €6.7M, backed by guarantees from Bürgschaftsbank Hamburg.

Investment thesis

Silent participations that strengthen the equity of Hamburg SMEs (founders, young companies, successors, technology-oriented companies) without taking entrepreneurial influence; HIG adds larger silent stakes for innovative, owner-led growth companies with group revenue up to €75M.

PORTFOLIO (1)

  • Nordwandhalle
    Consumer & E-commerce

People

  • Stefanie Huppmann
    Managing Director · source
  • Christian Delfs
    Managing Director · source
  • Nicole Grube
    Chair of the Supervisory Board (Hamburger Volksbank; chair since May 2025) · source
  • Brigitte Karstens
    Investment Manager · source
  • Martina Krämer
    Investment Manager · source
  • Jan Eickhoff
    Investment Manager · source
  • Andrea Jäger
    Investment Manager · source
  • Eike Carita Tank
    Investment Manager · source
  • Katja Schütt
    Investment Manager · source
  • Astrid Schwarz
    Investment Manager · source
  • Karin Wendland
    Investment Manager · source
  • Cord Wiegels
    Investment Manager · source
  • Christian Wolff
    Investment Manager · source
  • Andrea Zimmermann
    Investment Manager · source

Links

Frequently asked questions

MBG Mittelständische Beteiligungsgesellschaft Hamburg is a government-backed fund based in Hamburg, Germany, founded in 1970.

Yes. MBG Mittelständische Beteiligungsgesellschaft Hamburg invests its own capital in private companies.

MBG Mittelständische Beteiligungsgesellschaft Hamburg invests at Seed, Growth and Buyout stages in Consumer & E-commerce and Software & SaaS.

MBG Mittelständische Beteiligungsgesellschaft Hamburg's stated ticket size is Up to €2.5M.

Key people at MBG Mittelständische Beteiligungsgesellschaft Hamburg include Stefanie Huppmann (Managing Director), Christian Delfs (Managing Director), Nicole Grube (Chair of the Supervisory Board (Hamburger Volksbank; chair since May 2025)) and Brigitte Karstens (Investment Manager).

MBG Mittelständische Beteiligungsgesellschaft Hamburg's investments include Nordwandhalle.

MBG Mittelständische Beteiligungsgesellschaft Hamburg states that it accepts submissions through its official contact page.