MBG Mittelständische Beteiligungsgesellschaft Sachsen
Private investment company with public support, owned by LBBW, DZ BANK, Commerzbank, Deutsche Bank, UniCredit, Sächsische Aufbaubank (SAB), regional Volksbanken, the Saxon IHKs and Handwerkskammern, Sparkassen-Versicherung Sachsen, Münchener Verein and Bürgschaftsbank Sachsen Saxony banks, chambers, insurers and Sächsische Aufbaubank
Also known as MBG Sachsen, Mittelständische Beteiligungsgesellschaft Sachsen mbH
Dresden MBG owned by Saxon banks, SAB, chambers and insurers; silent and direct participations in Saxon SMEs and start-ups, 88 deals worth €16.7m in 2025.
Saxony's MBG (Dresden), sister of Bürgschaftsbank Sachsen; not to be confused with CFH Management (TGFS fund manager) or the MBGs of other Länder.
- HEADQUARTERS
- Dresden, Germany
- FOUNDED
- 1992
- AUM
- —
- OUTSIDE CAPITAL
- —
- TEAM LISTED
- 11 people
Focus
- STAGES
- Pre-SeedSeedSeries AGrowthBuyout
- SECTORS
- Biotech & Life SciencesHealthTechIndustrial & ManufacturingSoftware & SaaSArtificial IntelligenceClimate & EnergyDeep Tech
- ASSET MIX
- Private creditVenture capitalDirect investments
- GEOGRAPHY
- Germany
Investment arms & vehicles
- Since spring 2024, mezzanine of up to €100k matching business-angel money in Saxon start-ups; 16 companies financed by December 2025
- Specialised VC fund through which MBG invests in Saxon tech start-ups (28 investments, €8.1m in 2025); MBG is management partner of TGFS
Overview
Mittelständische Beteiligungsgesellschaft Sachsen mbH describes itself as a private investment company with public support, embedded in the economic development of the Free State of Saxony. It takes silent participations (generally €25,000 to €1.5m) and direct minority stakes (up to 49%, max €750,000) in start-ups, growth companies and successions based or investing in Saxony. A 12-strong start-up investments team covers digital tech, life science, clean tech and industrial tech, investing through TGFS Basic and the Saxony Angel Venture Fund. In 2025 it made 88 participations worth €16.7m.
Investment thesis
Strengthen the equity base of Saxon companies of all sizes and sectors; in start-ups, focus on digital tech, life science, clean tech and industrial tech.
PORTFOLIO (20)
- CancilicoHealthTech · since 2026
- Zalewa TecIndustrial & Manufacturing
- Captain T CellBiotech & Life Sciences
- CORTEXHealthTech
- Medical Decision AllianceHealthTech
- SweepMe!Software & SaaS
- Last Mile SemiconductorDeep Tech
- BIONCaRTBiotech & Life Sciences
- AltavoHealthTech
- HolyPolyClimate & Energy
- Increase Your SkillsSoftware & SaaS · Acquired
- Katana LabsArtificial Intelligence
- mecoradIndustrial & Manufacturing
- medicruiterHealthTech
- PeeroxArtificial Intelligence
- HINT.COClimate & Energy
- Fusion BionicDeep Tech
- CommunisystemsSoftware & SaaS
- JUNGHOLZConsumer & E-commerce
- PMGIndustrial & Manufacturing
People
- Markus H. MichalowManaging Director · source
- Arne LaßManaging Director · source
- Oliver FernChair of the Supervisory Board (LBBW) · source
- Martin LiebschHead of Start-up Investments (since 1 July 2026) · source
- Caroline WilischGroup Head, Participations · source
- Vincent KretzschmarGroup Head, Industrial Tech · source
- Oliver LatzGroup Head, Life Science and Clean Tech · source
- Christian MordowiczSenior Investment Manager, Industrial Tech · source
- Paul EppingerInvestment Manager, Digital Tech · source
- Katharina GomesInvestment Manager · source
- Marie UngerJunior Investment Manager, Life Sciences · source
Links
Frequently asked questions
MBG Mittelständische Beteiligungsgesellschaft Sachsen is a government-backed fund based in Dresden, Germany, founded in 1992.
Yes. MBG Mittelständische Beteiligungsgesellschaft Sachsen invests its own capital in private companies.
MBG Mittelständische Beteiligungsgesellschaft Sachsen invests at Pre-Seed, Seed, Series A, Growth and Buyout stages in Biotech & Life Sciences, HealthTech, Industrial & Manufacturing, Software & SaaS, Artificial Intelligence, Climate & Energy and Deep Tech.
MBG Mittelständische Beteiligungsgesellschaft Sachsen's stated ticket size is €25K–€1.5M.
Key people at MBG Mittelständische Beteiligungsgesellschaft Sachsen include Markus H. Michalow (Managing Director), Arne Laß (Managing Director), Oliver Fern (Chair of the Supervisory Board (LBBW)) and Martin Liebsch (Head of Start-up Investments (since 1 July 2026)).
MBG Mittelständische Beteiligungsgesellschaft Sachsen's investments include Cancilico, Zalewa Tec, Captain T Cell, CORTEX, Medical Decision Alliance, SweepMe!, Last Mile Semiconductor and BIONCaRT, among others.
The most recent publicly reported investment by MBG Mittelständische Beteiligungsgesellschaft Sachsen is Cancilico (€2.5m seed round with HTGF and others; MBG side via TGFS, handled by Oliver Latz (Life Science)), announced in Mar 2026.
MBG Mittelständische Beteiligungsgesellschaft Sachsen states that it accepts submissions through its official contact page.