KfW Capital promotes prospects for innovation and growth: As 100% subsidiary of KfW Group we invest in German and European venture capital and venture debt funds, thereby strengthening their capital base. Our aim is to improve access to capital for innovative technology-oriented growth companies in Germany through financially strong funds. Our commitment is long-term oriented and focussed:
The ERP Special Fund
KfW Capital by the support of the Federal Government’s ERP Special Fund, which is based on the “Marshall Plan Aid” for the reconstruction and development of the German economy, the European Recovery Program (ERP). The subsidy programs from the ERP Special Fund include low-interest loans and investments. Today they belong to the most important instruments for the promotion of economic development in Germany.
As a responsible VC fund investor, KfW Capital complies to the Environmental Social Governance (ESG) and attaches importance to the application of these principles in its target funds.
KfW Capital already successfully built a portfolio of venture capital and venture debt funds. Examples are:
Acton Capital Partners GmbH
Acton Capital Partners is a leading European venture capital fund headquartered in Munich. The Acton team has been successfully investing growth capital in Internet companies since 1999.
Andera Partners is a leading investor in minority investments into privately owned companies with more than €2 billion under management. Its Life Sciences team of 11 professionals brings together deep experience both in the Life Science industry and in private equity and venture capital.
Blackfin Capital Partners
BlackFin is focusing on European FinTech and InsurTech opportunities, leveraging its unique sector expertise to help the best entrepreneurs achieve outstanding growth.
Capnamic Ventures, which is based in Cologne and Berlin, is one of Europe’s leading early-stage venture capital investors. Its investments are focused on technology start-ups in German-speaking countries. Capnamic brings together institutional and corporate investors, offering its portfolio companies a unique network of sparring partners and customers.
Cherry Ventures Management GmbH
Cherry Ventures is an early-stage venture capital fund based in Berlin which was founded in 2012 by a team of start-up entrepreneurs. It invests in seed and series A phases from a EUR 150 million fund, and specialises in companies with a focus on technology in the software industry. Current investments include Flixbus, Auto1, Tourradar, AMBOSS and Quandoo.
coparion GmbH & Co. KG
coparion is a venture capital investor for young innovative Startups. Operating a fund with EUR 225 million under management, coparion accelerates momentum and contributes to sustainable growth. coparion provides financing together with co-investors EUR 0.5 to 5 million per financing round and up to EUR 10 million per company.
Digital+ Partners specializes in growth capital for B2B technology companies which serve industrial/ financial clients and plays an important role in their digital transformation. Digital+ Partners contributes deep and extensive expertise to support its portfolio companies implementing their growth strategy.
Founded in 1998, e.ventures is a global VC fund with an investment focus on early and growth-stage consumer internet & software companies. The firm invests out of dedicated funds in the US, Europe, Asia & South America. e.ventures' portfolio comprises various category creators such as Acorns, AppAnnie, Blinkist, Farfetch, NGINX, Segment, and Sonos.
Münster-based eCAPITAL AG is one of the leading technology vc-companies in Germany and currently manages six funds with more than EUR 220 mio in subscription capital. The eCAPITAL IV fund (end of 2017) is the largest eCAPITAL fund to date with EUR 100 mio in assets. These are invested in software/IT, Industrial Revolution 4.0, clean tech and new materials.
EMH Partners is an investment company of entrepreneurs for entrepreneurs based in Munich. The next-generation private equity firm bridges the gap between venture capital and buyout funds by providing capital and digitization expertise to mid-sized companies.
ETF Partners supports talented entrepreneurs and management teams with investment capital and experience. Our funds come from institutional investors, global corporations and family offices. We create value by investing in technology companies that make a difference. We call it ‘sustainability through Innovation’.
Forbion is a leading venture capital firm that works closely with entrepreneurs to build life sciences companies that transform people’s lives. Forbion’s portfolio companies are developing novel drugs, medical devices and diagnostics for high and unmet medical needs.
Harbert Management Corporation
Harbert European Growth Capital provides specialty debt financing to European growth businesses, predominantly in the technology, life sciences and environmental sectors. Loan sizes range from €1-30 million.
The seed investor High-Tech Gründerfonds (HTGF) finances technology start-ups with growth potential. With a volume of EUR 316.5 million in the third round of funding along with an international partner network, HTGF has supported 500 start-ups since 2005. The team of experienced investment managers use their expertise to support young businesses.
HPE Growth Capital
HPE Growth Capital (founded in 2010, total committed capital of c. EUR 400 million) invests in and supports technology companies in Northern Europe with emphasis on Germany and the Benelux. Our vision is to accelerate growth of tomorrow's market leaders.
As the pioneer growth debt provider across the UK, Europe, Scandinavia and Israel, Kreos has a proven track record of adding value to portfolio companies and helping them grow with additional capital and flexibility throughout their business cycle. Kreos co-operates closely with both the portfolio company management team and their equity sponsors.
LSP is Europe's largest and most experienced healthcare investment firm with offices in Amsterdam, Munich and Boston. With a track record going back more than 30 years, we have built an investment house that is dedicated to seeking, nurturing and growing healthcare investment opportunities.
Partech is a global investment platform for tech and digital companies investing at the seed, venture, and growth stages. Partech is led by ex-entrepreneurs and operators of the industry and is spread across offices in San Francisco, Paris, Berlin and Dakar.
Unternehmertum Venture Capital Partners (UVC Partners) ist eine early-stage Venture Capital-Gesellschaft, die gezielt in technologiebasierte Startups primär aus dem deutschsprachigen Raum investiert. Dabei fokussiert sich UVC Partners auf Unternehmen in den Bereichen Industrial Technologies, Enterprise Software und Mobility.
With offices in Paris, Munich and Helsinki, Ventech supports tech entrepreneurs in Europe as a close partner from series A onwards. We keep a clear focus on groundbreaking innovation fostering the digitalization of our economy.
Wellington Partners is one of Europe's leading VC companies. With life science funds of more than EUR 400 million, Wellington Partners has been financing the development of innovative medical products since 1998, with the aim of generating highly attractive returns, and actively supports companies in developing successful business models.
The Team of KfW Capital
The KfW Capital team consists of 20 VC experts. The business operations are controled by the Supervisory Board; its members can be found here.
Dr Jörg Goschin
Co-CEO and Senior Managing Director
Dr Jörg Goschin Co-CEO and Senior Managing Director
As founder and experienced investment professional, Jörg has in-depth market knowledge and a close-knit network in the venture capital community. Previous stations of his career include Metzler, The Boston Consulting Group, BNP Paribas, Cerberus, Blackstone and Alstin. Jörg holds a PhD in finance and diploma in electrical engeneering and economics. Together with Alex, he set-up and manages KfW Capital as Co-CEO.
Co-CEO and Senior Managing Director
Alexander Thees Co-CEO and Senior Managing Director
Alexander has been working in various positions at KfW group since 1996, having held senior positions since 2002. He has business policy and operational experience in SME finance as well as in structured finance activities. Since the establishment of KfW Capital, Alexander has been managing the subsidiary together with Jörg.
Richard Eisenbach CFO
As a tax administration (FH) graduate and tax consultant, Richard previously worked as a tax expert in the Corporate Tax department at KfW for 13 years, and before that, in the Corporate Tax department at Commerzbank AG for several years. After completing his studies, he started his career as auditor for large banks with the German fiscal authorities
Thilo Sommer COO
Before joining KfW Capital, the business management expert and qualified banker headed a team of specialists for procurement, credit and contract management for the regions of eastern and southern Africa at KfW Development Bank. In 2005 he joined KfW’s internal consulting team, where he was responsible for the management and implementation of many organisational projects. Before KfW, Thilo was a management consultant at CSC Ploenzke and Thales Information Systems.
Organisation and Compliance Manager
René Berger Organisation and Compliance Manager
From questions about data protection to the company's compliance organization, the graduate in business administration and banking is the right person to contact; René Berger was already involved in the formation of KfW Capital. Previously, he worked at KfW for many years in the field of equity finance and has extensive knowledge of the VC market. Prior to joining KfW in 2010, he worked as banker at Sal. Oppenheim jr. & Cie. in Luxembourg and at Sparkasse KölnBonn.
Thorsten Billing Investment Manager
Thorsten studied law at the University of Heidelberg and has extensive experience in equity finance. He joined KfW Capital from the German-French private bank ODDO BHF where he was primarily responsible for ECM transactions focusing on the tech and biotech sector. Thorsten previously held positions at KfW, KfW IPEX-Bank, Commerzbank and LBBW (formerly BW-Bank).
Ivan A. Dyachok
Ivan A. Dyachok Investment Manager
Ivan already brings more than ten years of professional experience when he joined KfW Capital from HQ Capital Private Equity where he was an analyst for private equity fund investments. He previously held similar positions at Golding Capital Partners, Allianz Global Investors, HypoVereinsbank/Unicredit and Deloitte. Mr Dyachok completed his academic studies at universities in Kiev (Ukraine), Basel (Switzerland) and Freiburg (Germany).
Felix Herr Risk Manager
After completing a trainee programme, Felix previously worked as a Junior Analyst in the Financial Institutions, Equity and Mezzanine department at KfW IPEX-Bank GmbH. He graduated in business administration (M.Sc.) at the universities of Bayreuth, Kalmar (Sweden) and at the University of Nebraska–Lincoln (USA).
Spokeswoman and Communications Manager
Sonja Höpfner Spokeswoman and Communications Manager
The German language and literature specialist and trained editor initially worked as a freelance journalist for major newspapers, including the Frankfurter Allgemeine Zeitung, before joining KfW in 2001. Since 2003, Sonja was deputy press officer at the promotional bank; in addition to general business issues, she was responsible for communications on the topics of municipal and start-up finance.
Dr Stefan Kick
Dr Stefan Kick Risk Manager
The risk manager at KfW Capital joined from KfW IPEX-Bank, where he worked as a credit analyst. Before, Stefan worked at Berenberg Bank, Sylvia Quandt Research / Koch Bank and BHF-Bank AG/ING Financial Markets. Stefan graduated as PhD in economic an politics at the university of Augsburg/Germany.
Product and Stakeholder Manager
Felix Koehn Product and Stakeholder Manager
Felix Koehn previously worked as an investment manager at Commerzbank after joining the bank from the Federal Association of German Banks (BdB), where he was responsible for corporate finance and financial markets. Felix Koehn studied at the Universities of Tübingen, Turin, the Free University of Berlin and at the Open University Business School in England.
Karina Lindenbaum Assistant
Karina Lindenbaum joined KfW Capital as the assistant of Jörg Goschin in January 2019. Previously, she worked in the project management of TMS Personal. She completed her training as a bank clerk at Frankfurter Sparkasse. Part time, Karina studies Business Administration and Business Psychology at the University of Applied Sciences for Economics and Management.
Product and Stakeholder Manager
Klaus Müller Product and Stakeholder Manager
In his more than 20 years with KfW, the economist headed, among other things, the “Product development/management Start-ups and Equity Investment” team. As head of the “KfW Investment subsidiary setup” project, Klaus was involved in the development of KfW Capital from the very outset.
Martin Neumann Investment Manager
Martin has extensive industry experience in private equity thanks to many years working in venture capital and in private equity for SMEs (MBO/LBO, growth and mezzanine finance). Among other things, he worked as CFO and partner for a technology and life science VC fund. Before joining KfW Capital at the time of its foundation, Martin had worked at KfW for three years as a senior investment manager in ERP-VC fund investment, which he helped to build up from the start of the programme.
Christina Petri Assistant
Christina Petri has already worked with Alexander Thees – she managed his office in KfW's Individual Finance department and was also the department assistant. Her responsibilities there included support in handling the promotional bank's special programmes. Christina fast-tracked her training as an administrative assistant for office communications at KfW, completing the programme in just two years.
Investment and Product Manager
Christian Röhle Investment and Product Manager
Prior to taking the position, Christian was advisor to Dr Günther Bräunig, CEO of KfW. After graduating from the Frankfurt School of Finance & Management in Development Finance in 2012, Christian worked at the promotional bank as a project manager in the area of renewable energy. During his combined vocational training and degree programme, work placements took him to New Delhi for KfW, New York for Merrill Lynch and Hamburg for Roland Berger Strategy Consultants.
Dominik Schliemann Portfolio Manager
Prior to holding the position at KfW Capital, Dominik had already worked at KfW Group for around ten years – always in risk controlling, and most recently as senior risk controller in market price risk methodology. Before joining KfW, the business graduate and qualified banker worked at Commerzbank.
Product and Stakeholder Manager
Julia Seehausen Product and Stakeholder Manager
The graduate in economics previously worked as a senior consultant in group development at the parent company KfW, after spending five years in the field of Financial Cooperation with developing countries. Julia gained experience in the realm of politics through her work as a specialist in the Ministry of Science, Research and Cultural Affairs of the state of Brandenburg.
Cenk Sömnez Investment Manager
Cenk is an investment manager at KfW Capital. Cenk previously worked as an investment manager at KfW and managed several investments in European VC and growth funds. Cenk holds a degree in business administration and also completed further training as a Certified Private Equity Analyst (TUM).
Christian Stiebner Investment Manager
Christian gained his professional experience in private equity at DEG, in financial supervision at the Federal Financial Supervisory Authority (BaFin) and the German Central bank, as well as start-up experience within the team of a Berlin based Fintech. Christian completed his academic education at the University of the German Central Bank in Hachenburg and the University of California in Santa Barbara. He holds an MBA from IESE Business School in Barcelona.
Sebastian Wandtke Investment Manager
As a senior investment manager, the graduate in business management was previously responsible for the Supervisory Board mandates of Deutsche Post AG and Deutsche Telekom AG for the Chief Executive Officer of KfW. Before joining KfW in 2009, Sebastian worked as a fund manager and analyst at Cominvest Asset Management.
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KfW Capital is headquartered in Frankfurt’s Westend district – only two underground stations away from the central train station. We look forward to meeting with you in person! You can find our contact information here:
60323 Frankfurt am Main
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