KfW Capital

KfW Capital promotes prospects for innovation and growth: As 100% subsidiary of KfW Group we invest in German and European venture capital (VC) 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:

Our investment focus

The ERP Special Fund

KfW Capital invests with the support of the ERP Special Fund of the German Federal Government, which was created from funds of the 'Marshall Plan Aid' for the reconstruction and development of the German economy, the European Recovery Programme (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.

More about ERP Special Fund (in German)

Latest news

Venture Education to strengthen the VC ecosystem

A strong venture capital ecosystem thrives not only on capital, but also on knowledge, diversity and sustainable practices. KfW Capital plays a key role in strengthening Germany's position as a leading VC hub through various venture education initiatives aimed at professionalising and advancing the sector. Investors, fund managers and other market players are thus qualified as investors for the venture capital asset class, which, in turn, improves the financing landscape for startups.

Coming soon: Boost for start-ups through co-investments

KfW Capital is expected to start investing in exceptional technology start-ups from key innovation and transformation areas together with VC funds from its portfolio in the first half of the year. The programme is aimed at venture capital funds from the KfW Capital portfolio. These funds propose their portfolio companies for co-investments. A total of EUR 850 million from the Future Fund and the ERP Special Fund will be allocated. More details of the program can be found here once finalized.

Wanted: Investors for KfW Capital Award

The KfW Capital Award will be presented for the fourth time this year. Investors will be able to apply in the categories “Best Female Investor” and “Best Impact Investor” from today to 1 July 2025. As last year, there will also be a special prize – this year in the category “VC Game Changer”. The awards will be presented at an awards ceremony in Berlin on 6 November 2025.

The 2025 annual programme of the KfW Capital VC Academy

The venture capital ecosystem in Germany and Europe is constantly evolving. KfW Capital would like to support you, dear players in the VC market, in obtaining interesting information on new topics and trends. That is why we have launched the "KfW Capital VC Academy": We regularly invite proven experts who will present news worth knowing from their respective fields and provide insights into new and exciting topics.

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