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

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.

Find out more here.

2024: KfW Capital continued to strengthen the VC ecosystem

KfW's subsidiary KfW Capital committed some EUR 1.6 billion last year. In total, KfW Capital has already committed investments around EUR 2.5 billion to 132 VC funds and the portfolio is broadly diversified. More than 2,400 start-ups and innovative technology companies in total received funding from VC funds in the portfolio of KfW Capital up until 31 December 2024.

More details can be found in the press release.

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.

Here you will find the annual programme for 2025 as well as further information on the VC Academy.