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 program

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

2025: VC investments remained strong in a demanding market environment

With new investment commitments totalling EUR 748 million in 2025, KfW Capital has once again sent a strong signal to the European venture capital ecosystem. Despite a challenging market environment, it continued to invest in funds that finance innovative start-ups in key future-oriented areas such as AI, climate tech and life sciences, and also mobilise private capital.

Here you will find the press release for the year 2025.

The Germany Fund

On 18 December, the Germany Fund was presented at a press conference in Berlin by the Federal Minister of Finance, Lars Klingbeil; the Federal Minister for Economic Affairs, Katherina Reiche; and Stefan Wintels, the Chairman of the Board of Managing Directors and the Supervisory Board of KfW Capital. This includes the venture capital pillar.

Find out more about the Germany Fund and the venture capital pillar here.

KfW Capital VC Academy: The annual programme for 2026

The venture capital (VC) ecosystem in Germany and Europe is constantly evolving. With the KfW Capital VC Academy event series, we address current developments and relevant topics in a compact format. Four times a year, we invite renowned experts to share their in-depth knowledge and experience.

The 2026 annual programme is available here.

KfW Capital in a nutshell

Who is KfW Capital? What do we do?
As one of Europe's largest venture capital (VC) investors, KfW Capital enhances the German and European VC ecosystem by investing in over 150 funds and enabling support for more than 2,800 start-ups and forward-thinking technology companies.
Intrigued? So, start the movie!

KfW Capital in a nutshell - Corporate video