{"id":5065,"date":"2025-01-31T09:23:32","date_gmt":"2025-01-31T09:23:32","guid":{"rendered":"https:\/\/capvisory.de\/?p=5065"},"modified":"2025-04-09T08:39:10","modified_gmt":"2025-04-09T08:39:10","slug":"top-36-state-backed-venture-capital-firms-in-germany-you-should-know","status":"publish","type":"post","link":"https:\/\/capvisory.de\/de\/top-36-state-backed-venture-capital-firms-in-germany-you-should-know\/","title":{"rendered":"45 state-backed venture capital firms in Germany you should know"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"5065\" class=\"elementor elementor-5065\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e2c2155 e-flex e-con-boxed e-con e-parent\" data-id=\"e2c2155\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a52f5d2 elementor-widget elementor-widget-heading\" data-id=\"a52f5d2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Capvisory Insights<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-745f064 elementor-widget elementor-widget-heading\" data-id=\"745f064\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Venture capital exclusively for German startups<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5ec2147 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"5ec2147\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span style=\"font-size: 41.6px\">Top 45 state-backed venture capital investors you should know in Germany<\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9d73c5a e-con-full e-flex e-con e-child\" data-id=\"9d73c5a\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e48ce9b elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"e48ce9b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span style=\"font-size: 17.6px\">Capvisory is an independent, founder-led advisory boutique specializing in fundraising, sell-side M&amp;A, and buy-side M&amp;A for fast-growing tech companies and their investors.\n<\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-12949ad e-con-full e-flex e-con e-child\" data-id=\"12949ad\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-925fe4c elementor-widget elementor-widget-template\" data-id=\"925fe4c\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"container\" data-elementor-id=\"3913\" class=\"elementor elementor-3913\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t<div class=\"elementor-element elementor-element-35f1dffd e-con-full e-flex e-con e-child\" data-id=\"35f1dffd\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-3a7641c9 e-con-full e-flex e-con e-child\" data-id=\"3a7641c9\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0a2bef3 elementor-widget elementor-widget-image\" data-id=\"0a2bef3\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/capvisory.de\/de\/about\/\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"501\" height=\"500\" src=\"https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/jk-500.jpg\" class=\"attachment-large size-large wp-image-3214\" alt=\"\" srcset=\"https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/jk-500.jpg 501w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/jk-500-300x300.jpg 300w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/jk-500-80x80.jpg 80w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/jk-500-36x36.jpg 36w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/jk-500-180x180.jpg 180w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/jk-500-120x120.jpg 120w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/jk-500-450x449.jpg 450w\" sizes=\"(max-width: 501px) 85vw, 501px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-344728d e-con-full e-flex e-con e-child\" data-id=\"344728d\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7e5d65f9 elementor-widget__width-auto elementor-widget elementor-widget-heading\" data-id=\"7e5d65f9\" data-element_type=\"widget\" data-settings=\"{&quot;motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"#contact\">Julius Kr\u00e4tschmer<\/a><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-413ddfd8 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"413ddfd8\" data-element_type=\"widget\" data-settings=\"{&quot;motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Gr\u00fcnder und Partner<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e357af8 e-con-full e-flex e-con e-child\" data-id=\"e357af8\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5cfac1b elementor-widget elementor-widget-image\" data-id=\"5cfac1b\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/capvisory.de\/de\/about\/\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/mw-500.jpg\" class=\"attachment-large size-large wp-image-3217\" alt=\"\" srcset=\"https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/mw-500.jpg 500w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/mw-500-300x300.jpg 300w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/mw-500-80x80.jpg 80w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/mw-500-36x36.jpg 36w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/mw-500-180x180.jpg 180w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/mw-500-120x120.jpg 120w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/mw-500-450x450.jpg 450w\" sizes=\"(max-width: 500px) 85vw, 500px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7c1763a e-con-full e-flex e-con e-child\" data-id=\"7c1763a\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-206c3f60 elementor-widget__width-auto elementor-widget elementor-widget-heading\" data-id=\"206c3f60\" data-element_type=\"widget\" data-settings=\"{&quot;motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"#contact\">Markus Wilk<\/a><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c59b21e elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"c59b21e\" data-element_type=\"widget\" data-settings=\"{&quot;motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Gr\u00fcnder und Partner<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ffac350 e-con-full e-flex e-con e-parent\" data-id=\"ffac350\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-441957a elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"441957a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"flex-shrink-0 flex flex-col relative items-end\"><div><div class=\"pt-0\"><div class=\"gizmo-bot-avatar flex h-8 w-8 items-center justify-center overflow-hidden rounded-full\"><div class=\"relative p-1 rounded-sm flex items-center justify-center bg-token-main-surface-primary text-token-text-primary h-8 w-8\">Many founders are unaware that Germany has a range of publicly funded venture capital (VC) funds explicitly targeting German startups.<\/div><div>\u00a0<\/div><\/div><\/div><\/div><\/div><div class=\"group\/conversation-turn relative flex w-full min-w-0 flex-col agent-turn\"><div class=\"flex-col gap-1 md:gap-3\"><div class=\"flex max-w-full flex-col flex-grow\"><div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words text-start [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"296df70c-40b8-4305-bd04-a7a55cd94557\" data-message-model-slug=\"gpt-4o\"><div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\"><div class=\"markdown prose w-full break-words dark:prose-invert light\"><p>These government-backed VCs complement private investors and provide startups based in Germany with valuable opportunities to secure competitive funding.<\/p><p>At Capvisory, we have integrated these so-called &#8220;matching facilities&#8221; into several fundraising projects, collaborating with funds such as HTGF, IBB, ILB, BayernCapital, and various MBGs.<\/p><\/div><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-182d735 e-flex e-con-boxed e-con e-child\" data-id=\"182d735\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b5b6d14 elementor-widget elementor-widget-html\" data-id=\"b5b6d14\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<iframe src=\"https:\/\/docs.google.com\/presentation\/d\/e\/2PACX-1vTFtKbH4sclgVTn-WS5rB8rXVWOk4lzxUxp1knlOdo1YjZuTPzhW7goXWJnVGGfRA\/embed?start=false&loop=false&delayms=30000\" frameborder=\"0\" width=\"1080\" height=\"1109\" allowfullscreen=\"true\" mozallowfullscreen=\"true\" webkitallowfullscreen=\"true\"><\/iframe>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4cc55f3 e-con-full e-flex e-con e-parent\" data-id=\"4cc55f3\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8105614 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"8105614\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>\u00a0<\/p><p>The landscape of government-backed venture capital in Germany is complex and heavily influenced by federalism. Each state prioritizes the topic differently and maintains its own investment funds. This is where our updated\u00a0<strong>Capvisory List<\/strong>\u00a0<b>2025<\/b> comes in: As experts in fundraising and exit processes for tech startups, we provide a concise overview to help founders quickly identify the right contacts in their region.<\/p><p>State-backed venture capital can be broadly categorized into four groups:<\/p><ul><li style=\"list-style-type: none;\"><ol><li><strong>National (semi-)governmental VC funds investing directly<\/strong> (e.g., High-Tech Gr\u00fcnderfonds)<\/li><li><strong>Regional (semi-)governmental VC funds investing directly<\/strong> (e.g., IBB Ventures)<\/li><li><b>State-level SME investment companies, known as &#8216;Mittelst\u00e4ndische Beteiligungsgesellschaften&#8217; (MBGs)<\/b>\u00a0(e.g., BayBG, MBG Baden-W\u00fcrttemberg)<\/li><li><b>Private VC funds with a public institution as anchor investor <\/b>(e.g., Gr\u00fcnderfonds Ruhr)<\/li><li><strong>Fund-of-funds and institutional investors<\/strong> (e.g., KfW Capital)<\/li><\/ol><\/li><\/ul><p>This article focuses on regional and national (semi-)governmental VC funds that invest directly in startups, private VCs with a public institution as anchor investors, as well as state-level SME investment companies (MBGs). For founders, this list serves as a valuable resource to find the right investor for their next funding round.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1ee0787 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"1ee0787\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3>Why does state-backed venture capital exist?<\/h3>\n<p>The German government provides equity capital through various funds and instruments to support innovative startups and SMEs. Early-stage startups, in particular, often struggle to secure venture capital. Publicly funded VCs help bridge this funding gap\u2014especially in <b>strategically important industries such as<\/b> <b>Deep Tech, ClimateTech, Life Sciences, and Defense<\/b>. In contrast, these funds rarely invest in sectors like Consumer, Lifestyle, or Web 3.0.<\/p>\n<h3>How do state-backed VC investments work?<\/h3>\n<p>State-backed investment firms<b> often act as co-investors, partnering with private VC funds or business angels<\/b>. In most cases, the private investor matching is structured at 30\/70 or 50\/50, meaning startups may only need to raise 30% from private investors to receive 70% in government-backed capital. However, the application, selection, and due diligence process is generally the same as with traditional venture investors.<\/p>\n<p>Many of these funds <b>focus on Seed or Series A rounds<\/b>, often with the potential for follow-on investments. An exception is the DTCF, which enters at a later stage, offering investments starting at \u20ac10 million.<\/p>\n<p>Each government-backed investment firm has <b>specific focus areas, often aligned with political priorities and economic trends<\/b>. Currently, many funds prioritize Green Tech, Climate Tech, Deep Tech, Energy, and Artificial Intelligence (AI). In recent years, Defense Tech has also gained momentum.<\/p>\n<p><strong>Mezzanine capital &amp; silent partnerships:<\/strong> Beyond traditional equity investments, some government-backed funds also offer hybrid financing structures, such as mezzanine capital or silent partnerships.<\/p>\n<h3><strong>The 5 major nationwide state-backed VC funds in Germany<\/strong><\/h3>\n<p>These state-backed VC investors operate on a <strong>nationwide level<\/strong> in Germany. Every startup seeking venture capital should be aware of these players.<\/p>\n<p><strong><a href=\"https:\/\/www.htgf.de\/de\/\" target=\"_blank\" rel=\"noopener\">1. High-Tech Gr\u00fcnderfonds (HTGF)<br><\/a><\/strong><strong>Stage:<\/strong> Pre-Seed, Seed<br><strong>Ticket Size:<\/strong> Up to \u20ac1 million in the first round, up to \u20ac30 million in follow-ons<br><strong>Industry Focus:<\/strong> Digital Tech, Industrial Tech, Life Sciences, Chemistry &amp; adjacent fields<br><strong>Geographic Focus:<\/strong> Germany (only German startups)<br><strong>Sponsor:<\/strong> Federal Ministry for Economic Affairs and Climate Action, KfW Capital &amp; private investors<\/p>\n<p><a href=\"https:\/\/www.coparion.vc\/\" target=\"_blank\" rel=\"noopener\"><strong>2. Coparion <\/strong><\/a>(in its original form)<br><strong>Stage:<\/strong> Seed, Series A, Series B<br><strong>Ticket Size:<\/strong> Co-investments up to \u20ac15 million per startup (50% of the round must come from private investors)<br><strong>Industry Focus:<\/strong> Sector-agnostic<br><strong>Geographic Focus:<\/strong> Germany (only German startups)<br><strong>Sponsor:<\/strong> KfW Capital, ERP special fund, private banks<\/p>\n<p><strong><a href=\"https:\/\/dtcf.de\/\" target=\"_blank\" rel=\"noopener\">3. DeepTech &amp; Climate Fund (DTCF)<\/a><br><\/strong><strong>Stage:<\/strong>&nbsp;Series A and beyond<br><strong>Ticket Size:<\/strong> Start at \u20ac10 million per investment (acts as an anchor investor alongside private investors)<br><strong>Industry Focus:<\/strong> Deep Tech, Industrial Tech, Computing, Climate, Life Sciences &amp; adjacent fields<br><strong>Geographic Focus:<\/strong> Germany (only German startups)<br><strong>Sponsor:<\/strong> Zukunftsfonds, ERP special fund, KfW Capital<\/p>\n<p><strong><a href=\"https:\/\/www.sprind.org\/\" target=\"_blank\" rel=\"noopener\">4. SPRIND \u2013 German Agency for Breakthrough Innovations<\/a><br><\/strong><strong>Stage:<\/strong>&nbsp;&#8220;Early-stage innovation projects&#8221;<br><strong>Ticket Size:<\/strong> Various funding instruments, often up to \u20ac1 million<br><strong>Industry Focus:<\/strong> Sector-agnostic, focused on &#8220;breakthrough innovations&#8221;<br><strong>Geographic Focus:<\/strong> Germany &amp; EFTA countries<br><strong>Sponsor:<\/strong> Federal Ministry of Education and Research (BMBF) &amp; Federal Ministry for Economic Affairs and Climate Action (BMWK)<\/p>\n<p><a href=\"https:\/\/www.lbbwvc.de\/\" target=\"_blank\" rel=\"noopener\"><strong>5. LBBW Venture Capital<\/strong><\/a><br><strong>Stage:<\/strong>&nbsp;Seed, Series A<br><strong>Ticket Size:<\/strong>&nbsp;Up to \u20ac3 million<br><strong>Industry Focus:<\/strong>&nbsp;Enterprise IT, IoT, Industry 4.0, AI\/ML, FinTech, Big Data &amp; Analytics in various industrial sectors, drug development, diagnostics, MedTech, and Healthcare IT<br><strong>Geographical Focus:<\/strong>&nbsp;DACH region<br><strong>Sponsor:<\/strong>&nbsp;Landesbank Baden-W\u00fcrttemberg (LBBW)<\/p>\n<p>Since 2023, the KfW has been offering also the &#8220;<a href=\"https:\/\/www.kfw.de\/inlandsfoerderung\/Unternehmen\/Innovation-Digitalisierung\/F%C3%B6rderprodukte\/Venture-Tech-Growth-Financing-(851)\/\" target=\"_blank\" rel=\"noopener\" style=\"font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight ); text-align: var(--text-align); background-color: rgb(250, 241, 223);\"><span style=\"font-weight: 700;\">Venture Tech Growth Financing (VTGF)<\/span><\/a><span style=\"color: var( --e-global-color-primary ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight ); text-align: var(--text-align); background-color: var( --e-global-color-b5dc28b );\">&#8221; program, a government-backed debt financing option for young, technology-driven growth companies with VC funding that receive private loans or venture debt from professional institutions.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8058603 elementor-widget__width-initial advice elementor-widget elementor-widget-text-editor\" data-id=\"8058603\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3>Insights from our experience with state-backed VCs<\/h3><p>At Capvisory, we have supported multiple fundraising rounds involving state-backed investment funds and have had the opportunity to connect with many fund managers. Naturally, we are particularly active in Berlin with IBB Ventures, but we have also collaborated with others such as IFB Innovationsstarter GmbH in Hamburg, HTGF or NBank Capital.<\/p><p>Key takeaways from working with state-backed VCs:<\/p><p><strong>Great opportunity for local startups:<\/strong> State-backed VCs often have a strong regional focus, specifically supporting startups from their respective areas. This provides local startups with funding opportunities they might not receive from nationwide or purely private VCs.<\/p><p><strong>Co-investments with private investors:<\/strong> State-backed VCs rarely invest alone\u2014they typically match private investments or act as co-investors. This can be highly beneficial if your startup has already secured commitments from private investors. Additionally, the ability to double the invested capital is a strong argument when convincing private investors to participate. Most regions have well-known and respected private investors, and their commitment signals credibility to the state-backed VC.<\/p><p><strong>Slower processes compared to private VCs:<\/strong> Unlike fully private investors, state-backed funds are bound by bureaucratic approval processes. This can lead to longer due diligence and delayed investment decisions, making the funding process slower than with private VCs.<\/p><p><strong>Capital availability even in downturns:<\/strong> Since these funds are publicly financed, their investment decisions are less dependent on market cycles compared to private VCs. Even in challenging years, when private investors become more cautious, state-backed VCs can continue investing within their pre-allocated budgets.<\/p><p><strong>Tip for Founders:<\/strong>\u00a0Start by reaching out to your regional state-backed VC, development bank, or mid-sized investment company (Mittelst\u00e4ndische Beteiligungsgesellschaft). These institutions oversee most funding programs and offer the fastest and most tailored advice. Taking this step early makes sense\u2014first, because their due diligence process can take time, and second, because a soft commitment from them can serve as a catalyst for converting private investors.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-49c373a elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"49c373a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3>The 19 most important regional state-backed venture capital firms in Germany (2025)<\/h3>\n<p>Most state-backed regional investment firms\u2014aside from MBGs\u2014are funded by federal states or are subsidiaries of regional development banks. These development banks are state-owned or semi-public financial institutions, primarily financed through federal or state funds. They pursue economic policy objectives and are not profit-oriented.<\/p>\n<p>Below is a list of the most important regional players, including their stage focus, ticket sizes, and industry specializations.<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li><strong>IBB Ventures (Berlin)<\/strong><br><strong>Stage:<\/strong> Seed and Series A<br><strong>Ticket Size:<\/strong> Up to \u20ac1 million initially, follow-up investments up to \u20ac5 million<br><strong>Industry Focus:<\/strong> Software &amp; IT, Healthcare, Industrial Technologies, Consumer &amp; Digital, Impact<br><strong>Geographical Focus:<\/strong> Berlin<br><strong>Sponsor:<\/strong> Investitionsbank Berlin (IBB)<\/li>\n<li><strong>Bayern Kapital (Bavaria)<\/strong><br><strong>Stage:<\/strong> Seed and growth financing<br><strong>Ticket Size:<\/strong> \u20ac250,000 to \u20ac25 million<br><strong>Industry Focus:<\/strong> Biotechnology, Life Sciences, Medical Technology, Software &amp; IT, Environmental Technology, Nanotechnology, Materials &amp; New Materials<br><strong>Geographical Focus:<\/strong> Bavaria<br><strong>Sponsor:<\/strong> LfA F\u00f6rderbank Bayern<\/li>\n<li><strong>NRW.BANK Venture Fonds (North Rhine-Westphalia)<\/strong><br><strong>Stage:<\/strong> Seed to growth financing<br><strong>Ticket Size:<\/strong> Up to \u20ac15 million (initial investment up to \u20ac5 million)<br><strong>Industry Focus:<\/strong> Climate Tech, Information and Communication Technologies (ICT), Artificial Intelligence (AI), Enterprise Software, SaaS, IT Security, Life Sciences (Diagnostics, Pharmaceuticals, Medical Technology), Robotics, Photonics, New Materials, Digitalization of Industry, Economy, and Administration, Digital Business, as well as innovative business models<br><strong>Geographical Focus:<\/strong> North Rhine-Westphalia<br><strong>Sponsor:<\/strong> NRW.BANK<\/li>\n<li><span style=\"font-weight: bold;\">Gr\u00fcnderfonds Ruhr<\/span> <strong>(North Rhine-Westphalia)<\/strong><br><span style=\"font-weight: bold;\">Stage:<\/span>&nbsp;Seed<br><span style=\"font-weight: bold;\">Ticket Size:<\/span> undisclosed<br><strong>Industry Focus:<\/strong> Sector-agnostic, with a particular interest in B2B tech in Life Sciences, Cybersecurity, and Industry 4.0<br><strong>Geographic Focus:<\/strong> Nationwide in Germany, with a special focus on the Ruhr region<br><strong>Sponsor:<\/strong> Private investors and NRW.BANK as anchor investor.<\/li>\n<li><strong>Brandenburg Kapital (Brandenburg)<\/strong><br><strong>Stage:<\/strong> Seed to Series B<br><strong>Ticket Size:<\/strong> Up to \u20ac7.5 million<br><strong>Industry Focus:<\/strong> Industry, Information and Communication Technology (ICT), Healthcare, Life Sciences<br><strong>Geographical Focus:<\/strong> Brandenburg<br><strong>Sponsor:<\/strong> Investitionsbank des Landes Brandenburg (ILB)<\/li>\n<li><strong>IFB Innovationsstarter GmbH (Hamburg)<\/strong><br><strong>Stage:<\/strong> Seed, Series A<br><strong>Ticket Size:<\/strong> Up to \u20ac7 million<br><strong>Industry Focus:<\/strong> Industry-agnostic<br><strong>Geographical Focus:<\/strong> Hamburg<br><strong>Sponsor:<\/strong> Investitions- und F\u00f6rderbank Hamburg (IFB Hamburg)<\/li>\n<li><strong>Saarl\u00e4ndische Wagnisfinanzierungsgesellschaft (SWG) (Saarland)<\/strong><br><strong>Stage:<\/strong> Seed, Series A<br><strong>Ticket Size:<\/strong> Up to \u20ac2 million<br><strong>Industry Focus:<\/strong> Industry-agnostic<br><strong>Geographical Focus:<\/strong> Saarland<br><strong>Sponsor:<\/strong> Saarl\u00e4ndische Investitionskreditbank AG (SIKB)<\/li>\n<li><strong>Technologiegr\u00fcnderfonds Sachsen (TGFS) (Saxony)<\/strong><br><strong>Stage:<\/strong> Seed, Series A<br><strong>Ticket Size:<\/strong> Up to \u20ac5 million<br><strong>Industry Focus:<\/strong> ICT (Software\/Industry 4.0\/IoT\/Big Data Analysis), Semiconductor and Microsystem Technology, Medical Technology\/Health Sciences, Electronics, Sensors, New Materials, New Media, Cleantech<br><strong>Geographical Focus:<\/strong> Saxony<br><strong>Sponsor:<\/strong> Free State of Saxony, S\u00e4chsische Aufbaubank<\/li>\n<li><strong>IBG Beteiligungsgesellschaft Sachsen-Anhalt (Saxony-Anhalt)<\/strong><br><strong>Stage:<\/strong> Seed, Series A, Series B<br><strong>Ticket Size:<\/strong> Up to \u20ac10 million per investment<br><strong>Industry Focus:<\/strong> Energy, Mechanical and Plant Engineering, Resource Efficiency, Healthcare and Medicine, Mobility and Logistics, Chemistry and Bioeconomy, Nutrition and Agriculture<br><strong>Geographical Focus:<\/strong> Saxony-Anhalt<br><strong>Sponsor:<\/strong> State of Saxony-Anhalt<br><strong>Management:<\/strong> bmp Ventures<\/li>\n<li><strong>GENIUS Venture Capital GmbH (Mecklenburg-Western Pomerania)<\/strong><br><strong>Stage:<\/strong> Pre-Seed, Seed, Series A<br><strong>Ticket Size:<\/strong> Up to \u20ac1.5 million per investment<br><strong>Industry Focus:<\/strong> Industry-agnostic, but focused on ICT, Life Sciences, Environmental and Energy Technology, Mechanical Engineering<br><strong>Geographical Focus:<\/strong> Mecklenburg-Western Pomerania<br><strong>Sponsor:<\/strong> Technologie- und Gewerbezentrum e.V. Schwerin\/Wismar<\/li>\n<li><strong>Innovationsfonds Schleswig-Holstein (Schleswig-Holstein)<\/strong><br><strong>Stage:<\/strong> Not specified<br><strong>Ticket Size:<\/strong> Up to \u20ac1 million per investment<br><strong>Industry Focus:<\/strong> Industry-agnostic<br><strong>Geographical Focus:<\/strong> Schleswig-Holstein<br><strong>Sponsor:<\/strong> Investitionsbank Schleswig-Holstein (IB.SH), MBG Schleswig-Holstein mbH<\/li>\n<li><strong>NBank Capital (Lower Saxony)<\/strong><br><strong>Stage:<\/strong> Seed to mid-sized companies<br><strong>Ticket Size:<\/strong> Not specified<br><strong>Industry Focus:<\/strong> Industry-agnostic<br><strong>Geographical Focus:<\/strong> Lower Saxony<br><strong>Sponsor:<\/strong> Investitions- und F\u00f6rderbank Niedersachsen (NBank)<\/li>\n<li><strong data-start=\"0\" data-end=\"74\" data-is-only-node=\"\">BBM (BAB Beteiligungs- und Managementgesellschaft Bremen mbH) (Bremen)<\/strong><br data-start=\"74\" data-end=\"77\"><strong data-start=\"77\" data-end=\"87\">Stage:<\/strong> Seed, Series A<br data-start=\"102\" data-end=\"105\"><strong data-start=\"105\" data-end=\"121\">Ticket Size:<\/strong> Up to \u20ac1.5 million per investment<br data-start=\"155\" data-end=\"158\"><strong data-start=\"158\" data-end=\"177\">Industry Focus:<\/strong> Industry-agnostic<br data-start=\"193\" data-end=\"196\"><strong data-start=\"196\" data-end=\"217\">Geographic Focus:<\/strong> Bremen<br data-start=\"224\" data-end=\"227\"><strong data-start=\"227\" data-end=\"238\">Sponsor:<\/strong> Bremer Aufbau-Bank (BAB)<\/li>\n<li><strong>Capnamic Specialty Fund Bremen (Bremen)<\/strong><br><strong>Stage:<\/strong> Seed, Series A<br><strong>Ticket Size:<\/strong> Up to \u20ac2 million per investment<br><strong>Industry Focus:<\/strong> Aerospace, Logistics, Nutrition, AI, or relevant key industries<br><strong>Geographical Focus:<\/strong> Bremen<br><strong>Sponsor:<\/strong> Capnamic, Sparkasse Bremen, Bremer Aufbau-Bank (BAB)<br><strong>Management:<\/strong> Capnamic<\/li>\n<li><strong>Hessen Kapital III (Hesse)<\/strong><br><strong>Stage:<\/strong> Seed, Series A<br><strong>Ticket Size:<\/strong> \u20ac0.1 to \u20ac1.5 million<br><strong>Industry Focus:<\/strong> Industry-agnostic<br><strong>Geographical Focus:<\/strong> Hesse<br><strong>Sponsor:<\/strong> BMH Beteiligungs-Managementgesellschaft Hessen mbH<\/li>\n<li><strong>Technologiefonds Hessen (TFH) (Hesse)<\/strong><br><strong>Stage:<\/strong> Late Seed, Series A<br><strong>Ticket Size:<\/strong> Up to \u20ac2 million<br><strong>Industry Focus:<\/strong> IT, Fintech, Insurtech, Life Sciences, Deep Tech, IoT, Cleantech, with a specific focus on sustainable models<br><strong>Geographical Focus:<\/strong> Hesse<br><strong>Sponsor:<\/strong> BMH Beteiligungs-Managementgesellschaft Hessen mbH<\/li>\n<li><strong>bm|t Beteiligungsmanagement Th\u00fcringen GmbH (Thuringia)<\/strong><br><strong>Stage:<\/strong> Seed to mid-sized companies (Revenue &lt;\u20ac75 million)<br><strong>Ticket Size:<\/strong> Up to \u20ac10 million<br><strong>Industry Focus:<\/strong> Industry-agnostic (including Life Sciences, IT, Optoelectronics)<br><strong>Geographical Focus:<\/strong> Thuringia<br><strong>Sponsor:<\/strong> Th\u00fcringer Aufbaubank<\/li>\n<li><strong>Innovationsfonds Rheinland-Pfalz III (Rhineland-Palatinate)<\/strong><br><strong>Stage:<\/strong> Seed to mid-sized companies (Revenue &lt;\u20ac75 million)<br><strong>Ticket Size:<\/strong> Up to \u20ac10 million<br><strong>Industry Focus:<\/strong> Industry-agnostic (including Life Sciences, IT, Optoelectronics)<br><strong>Geographical Focus:<\/strong> Rhineland-Palatinate<br><strong>Sponsor:<\/strong> Investitions- und Strukturbank Rheinland-Pfalz (ISB)<\/li>\n<li><strong data-start=\"0\" data-end=\"49\" data-is-only-node=\"\">L-Bank Investment Program (Baden-W\u00fcrttemberg)<\/strong><br data-start=\"49\" data-end=\"52\"><strong data-start=\"52\" data-end=\"62\">Stage:<\/strong> Startups and mid-sized companies<br data-start=\"95\" data-end=\"98\"><strong data-start=\"98\" data-end=\"114\">Ticket Size:<\/strong> Up to \u20ac7.5 million<br data-start=\"133\" data-end=\"136\"><strong data-start=\"136\" data-end=\"155\">Industry Focus:<\/strong> Industry-agnostic<br data-start=\"171\" data-end=\"174\"><strong data-start=\"174\" data-end=\"195\">Geographic Focus:<\/strong> DACH region<br data-start=\"207\" data-end=\"210\"><strong data-start=\"210\" data-end=\"221\">Backer:<\/strong> L-Bank \u2013 State Bank of Baden-W\u00fcrttemberg<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<h2><span style=\"font-size: 23px;\">List of the 13 regional investment companies (Mittelst\u00e4ndische Beteiligungsgesellschaften (MBG)) from which we know they work with starups<\/span><\/h2>\n<p><\/p>\n<p>The MBGs are typically private institutions with close ties to SMEs, often backed by chambers of commerce, banks, or industry associations. They are funded through returns from previous investments, public funds, and private investors.<\/p>\n<p>Below are the MBGs that we know work with startups:<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li><strong>MBG Baden-W\u00fcrttemberg<\/strong> (Baden-W\u00fcrttemberg)<br><strong>Stage<\/strong>: Seed to Series A financing, SMEs<br><strong>Ticket Size:<\/strong> \u20ac0.2 to \u20ac3.0 million<br><strong>Industry Focus:<\/strong> Innovative and technology-oriented startups<br><strong>Geographical Focus:<\/strong> Baden-W\u00fcrttemberg<br><strong>Website:<\/strong> www.mbg.de\/venture-capital\/<\/li>\n<li><strong>BayBG Bayerische Beteiligungsgesellschaft mbH<\/strong> (Bavaria)<br><strong>Stage<\/strong>: Pre-Series A to Series B, SMEs<br><strong>Ticket Size:<\/strong> Up to \u20ac5 million initial investment<br><strong>Industry Focus:<\/strong> Industry-agnostic<br><strong>Geographical Focus:<\/strong> Bavaria<br><strong>Website:<\/strong> www.baybg-vc.de<\/li>\n<li><strong>MBG Berlin-Brandenburg<\/strong> (Berlin and Brandenburg)<br><strong>Stage<\/strong>: Startup founders and SMEs<br><strong>Ticket Size<\/strong>: Individual, depending on the chosen program<br><strong>Industry Focus:<\/strong> Industry-agnostic<br><strong>Geographical Focus<\/strong>: Berlin and Brandenburg<br><strong>Website:<\/strong> www.mbg-bb.de<\/li>\n<li><strong>MBG Schleswig-Holstein<\/strong> (Schleswig-Holstein)<br><strong>Stage:<\/strong> Seed to growth financing, SMEs<br><strong>Ticket Size:<\/strong> Up to \u20ac1 million<br><strong>Industry Focus:<\/strong> Industry-agnostic<br><strong>Geographical Focus:<\/strong> Schleswig-Holstein<br><strong>Website<\/strong>: www.mbg-sh.de<\/li>\n<li><strong>MBG Hamburg<\/strong> (Hamburg)<br><strong>Stage<\/strong>: Startup foundation, Seed, Series A, SMEs<br><strong>Ticket Size<\/strong>: Up to \u20ac2.5 million<br><strong>Industry Focus<\/strong>: Industry-agnostic<br><strong>Geographical Focus:<\/strong> Hamburg<br><strong>Website:<\/strong> www.mbg-hh.de<\/li>\n<li><strong>MBG Hessen<\/strong> (Hesse)<br><strong>Stage:<\/strong> Early stage, growth, SMEs<br><strong>Ticket Size<\/strong>: Up to \u20ac10 million, depending on the specific fund<br><strong>Industry Focus:<\/strong> Industry-agnostic; support for technology-oriented ventures<br><strong>Geographical Focus<\/strong>: Hesse<br><strong>Website<\/strong>: www.bmh-hessen.de<\/li>\n<li><strong>MBG Mecklenburg-Vorpommern<\/strong> (Mecklenburg-Western Pomerania)<br><strong>Stage:<\/strong> R&amp;D phase to market launch, SMEs<br><strong>Ticket Size<\/strong>: Up to \u20ac1.5 million<br><strong>Industry Focus:<\/strong> Industry-agnostic<br><strong>Geographical Focus:<\/strong> Mecklenburg-Western Pomerania<br><strong>Website<\/strong>: www.mbg-mv.de\/programme\/mv-innostartvc<\/li>\n<li><strong>MBG Niedersachsen<\/strong> (Lower Saxony)<br><strong>Stage<\/strong>: Startup foundation, SMEs<br><strong>Ticket Size:<\/strong> Up to \u20ac0.2 million<br><strong>Industry Focus<\/strong>: Industry-agnostic<br><strong>Geographical Focus<\/strong>: Lower Saxony<br><strong>Website<\/strong>: www.mbg-hannover.de<\/li>\n<li><strong>MBG Rheinland-Pfalz<\/strong> (Rhineland-Palatinate)<br><strong>Stage<\/strong>: Startup foundation, growth, succession, SMEs<br><strong>Ticket Size:<\/strong> Up to \u20ac1.5 million<br><strong>Industry Focus:<\/strong> Industry-agnostic<br><strong>Geographical Focus<\/strong>: Rhineland-Palatinate<br><strong>Website<\/strong>: www.bb-rlp.de<\/li>\n<li><strong>KBG Saarland<\/strong> (Saarland)<br><strong>Stage:<\/strong> Growth, succession, investments<br><strong>Ticket Size:<\/strong> Individual<br><strong>Industry Focus:<\/strong> Industry-agnostic<br><strong>Geographical Focus:<\/strong> Saarland<br><strong>Website<\/strong>: www.sikb.de<\/li>\n<li><strong>MBG Sachsen<\/strong> (Saxony)<br><strong>Stage:<\/strong> Financing for small and medium-sized businesses<br><strong>Ticket Size:<\/strong> Individual<br><strong>Industry Focus:<\/strong> Industry-agnostic<br><strong>Geographical Focus:<\/strong> Saxony<br><strong>Website:<\/strong> www.mbg-sachsen.de<\/li>\n<li><strong>MBG Sachsen-Anhalt<\/strong> (Saxony-Anhalt)<br><strong>Stage:<\/strong> Equity investments for mid-sized companies<br><strong>Ticket Size:<\/strong> Individual<br><strong>Industry Focus:<\/strong> Industry-agnostic<br><strong>Geographical Focus:<\/strong> Saxony-Anhalt<br><strong>Website:<\/strong> www.mbg-sachsen-anhalt.de<\/li>\n<li><strong>MBG Th\u00fcringen<\/strong> (Thuringia)<br><strong>Stage:<\/strong> Support through silent and open participations<br><strong>Ticket Size:<\/strong> Individual<br><strong>Industry Focus:<\/strong> Industry-agnostic<br><strong>Geographical Focus<\/strong>: Thuringia<br><strong>Website:<\/strong> www.mbg-thueringen.de<\/li>\n<\/ol>\n<\/li>\n<\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-132179c elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"132179c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3>Conclusion on state-backed venture capital investors<\/h3><p>State-backed venture capital firms are sometimes overlooked by founders, yet they can be a valuable funding source for German startups. They not only provide consistent capital\u2014even during economically uncertain times\u2014but also act as co-investors, facilitating access to private venture capital.<\/p><p>For regional startups in particular, these investors offer significant opportunities by specifically supporting local businesses. Despite occasionally bureaucratic processes, they serve as a viable alternative or complement to purely private VCs. The list above provides founders with a clear overview of the most important state-backed investors, making it easier to connect with the right funding partners.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-bbaee0c e-con-full e-flex e-con e-parent\" data-id=\"bbaee0c\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-eae244a elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"eae244a\" data-element_type=\"widget\" id=\"contact\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Capvisory is an independent, founder-led advisory boutique specializing in fundraising rounds, sell-side M&amp;A, and buy-side M&amp;A for fast-growing tech companies and their investors.\n\n\n\n\n\n\n\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a1d4d37 e-con-full e-flex e-con e-child\" data-id=\"a1d4d37\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a9a9163 elementor-widget elementor-widget-template\" data-id=\"a9a9163\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"container\" data-elementor-id=\"3712\" class=\"elementor elementor-3712\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t<div class=\"elementor-element elementor-element-35f1dffd e-con-full e-flex e-con e-child\" data-id=\"35f1dffd\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-3a7641c9 e-con-full e-flex e-con e-child\" data-id=\"3a7641c9\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0a2bef3 elementor-widget elementor-widget-image\" data-id=\"0a2bef3\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/capvisory.de\/de\/about\/\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"501\" height=\"500\" src=\"https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/jk-500.jpg\" class=\"attachment-large size-large wp-image-3214\" alt=\"\" srcset=\"https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/jk-500.jpg 501w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/jk-500-300x300.jpg 300w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/jk-500-80x80.jpg 80w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/jk-500-36x36.jpg 36w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/jk-500-180x180.jpg 180w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/jk-500-120x120.jpg 120w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/jk-500-450x449.jpg 450w\" sizes=\"(max-width: 501px) 85vw, 501px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-344728d e-con-full e-flex e-con e-child\" data-id=\"344728d\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7e5d65f9 elementor-widget__width-auto elementor-widget elementor-widget-heading\" data-id=\"7e5d65f9\" data-element_type=\"widget\" data-settings=\"{&quot;motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/capvisory.de\/de\/about\/#experts\">Julius Kr\u00e4tschmer<\/a><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-413ddfd8 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"413ddfd8\" data-element_type=\"widget\" data-settings=\"{&quot;motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Gr\u00fcnder und Partner<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-641247f4 e-con-full e-flex e-con e-child\" data-id=\"641247f4\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-57bf262d elementor-widget__width-auto elementor-widget elementor-widget-heading\" data-id=\"57bf262d\" data-element_type=\"widget\" data-settings=\"{&quot;motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"mailto:julius@capvisory.de\">julius@capvisory.de<\/a><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5e32a09b elementor-widget__width-auto elementor-widget elementor-widget-heading\" data-id=\"5e32a09b\" data-element_type=\"widget\" data-settings=\"{&quot;motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/www.linkedin.com\/in\/julius-kraetschmer\/\" target=\"_blank\">linkedin\n<\/a><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d519a35 elementor-widget__width-inherit elementor-widget elementor-widget-heading\" data-id=\"3d519a35\" data-element_type=\"widget\" data-settings=\"{&quot;motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/calendly.com\/julius-capvisory\/30min\" target=\"_blank\">30 min intro call<\/a><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e357af8 e-con-full e-flex e-con e-child\" data-id=\"e357af8\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5cfac1b elementor-widget elementor-widget-image\" data-id=\"5cfac1b\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/capvisory.de\/de\/about\/\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/mw-500.jpg\" class=\"attachment-large size-large wp-image-3217\" alt=\"\" srcset=\"https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/mw-500.jpg 500w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/mw-500-300x300.jpg 300w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/mw-500-80x80.jpg 80w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/mw-500-36x36.jpg 36w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/mw-500-180x180.jpg 180w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/mw-500-120x120.jpg 120w, https:\/\/capvisory.de\/wp-content\/uploads\/2024\/01\/mw-500-450x450.jpg 450w\" sizes=\"(max-width: 500px) 85vw, 500px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7c1763a e-con-full e-flex e-con e-child\" data-id=\"7c1763a\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-206c3f60 elementor-widget__width-auto elementor-widget elementor-widget-heading\" data-id=\"206c3f60\" data-element_type=\"widget\" data-settings=\"{&quot;motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/capvisory.de\/de\/about\/#experts\">Markus Wilk<\/a><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c59b21e elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"c59b21e\" data-element_type=\"widget\" data-settings=\"{&quot;motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Gr\u00fcnder und Partner<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a2bcfe5 e-con-full e-flex e-con e-child\" data-id=\"a2bcfe5\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f883270 elementor-widget__width-auto elementor-widget elementor-widget-heading\" data-id=\"f883270\" data-element_type=\"widget\" data-settings=\"{&quot;motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"mailto:markus@capvisory.de\">markus@capvisory.de<\/a><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-09da2ec elementor-widget__width-auto elementor-widget elementor-widget-heading\" data-id=\"09da2ec\" data-element_type=\"widget\" data-settings=\"{&quot;motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/www.linkedin.com\/in\/markus-wilk\/\" target=\"_blank\">linkedin\n<\/a><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fc390fa elementor-widget__width-inherit elementor-widget elementor-widget-heading\" data-id=\"fc390fa\" data-element_type=\"widget\" data-settings=\"{&quot;motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/calendly.com\/markus-capvisory\/30min\" target=\"_blank\">30 min intro call<\/a><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>State-backed venture capital firms play a crucial role in fostering innovation by funding startups in strategic industries. This article highlights 45 key state-affiliated VC firms in Germany.<\/p>","protected":false},"author":1,"featured_media":7279,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[48],"tags":[51],"class_list":["post-5065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english","tag-series-a-fundraising-english"],"_links":{"self":[{"href":"https:\/\/capvisory.de\/de\/wp-json\/wp\/v2\/posts\/5065"}],"collection":[{"href":"https:\/\/capvisory.de\/de\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/capvisory.de\/de\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/capvisory.de\/de\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/capvisory.de\/de\/wp-json\/wp\/v2\/comments?post=5065"}],"version-history":[{"count":10,"href":"https:\/\/capvisory.de\/de\/wp-json\/wp\/v2\/posts\/5065\/revisions"}],"predecessor-version":[{"id":7285,"href":"https:\/\/capvisory.de\/de\/wp-json\/wp\/v2\/posts\/5065\/revisions\/7285"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/capvisory.de\/de\/wp-json\/wp\/v2\/media\/7279"}],"wp:attachment":[{"href":"https:\/\/capvisory.de\/de\/wp-json\/wp\/v2\/media?parent=5065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/capvisory.de\/de\/wp-json\/wp\/v2\/categories?post=5065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/capvisory.de\/de\/wp-json\/wp\/v2\/tags?post=5065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}