Deep tech venture capital
Deep tech venture capital is equity investment in companies whose products depend on scientific research or difficult engineering work. A quantum computer, a semiconductor or a fusion technology can require years of development before commercial sales. Investors provide funding for that development in return for a share in the company.
Deep tech venture capital helps finance the period between a research result and a product that customers can use. These projects often need patient capital because testing and production require further work before revenue arrives. In Germany, public investment through the Zukunftsfonds operates alongside private funds, and the WIN initiative brings commitments from financial institutions.
Why deep tech needs a different kind of fund
A classic venture fund runs about ten years and expects its companies to sell or list within that time. A deep tech company may spend half of that in the lab. The DeepTech & Climate Fonds answers with a fund life of at least 25 years and tickets of up to 50 million euros per company, sizes few private funds in Germany can write alone.
The European Deep Tech Report of Lakestar, Walden Catalyst and Dealroom counts 20.3 billion dollars of venture capital for European deep tech in 2025, 32 percent of all European venture capital and more than double the share of a decade earlier. Germany ranks third behind the UK and France, and the report finds that a significant share of late-stage money comes from investors outside Europe.
Public money next to private investors
The federal government's Zukunftsfonds holds 10 billion euros, and KfW adds more than 2 billion of its own. According to KfW, its subsidiary KfW Capital in Frankfurt coordinates the building blocks: about 2.5 billion euros more for venture capital, growth and venture debt funds, a growth facility of up to 3.5 billion euros with the European Investment Fund, and a deep tech fund of up to 1 billion euros that invests directly in companies. Every block invests on the same terms as the private co-investors.
KfW Capital has committed to more than 150 venture capital and venture debt funds, which back over 2,800 startups and technology companies. Since February 2026 the DeepTech & Climate Fonds and the High-Tech Gründerfonds work as one platform that finances tech companies from seed to growth, in fields such as energy, quantum, semiconductors and AI.
Banks, insurers and the WIN initiative
The WIN initiative, Wachstums- und Innovationskapital für Deutschland, is the private side of the same effort. The signatories of the WIN initiative include Allianz, BlackRock and Deutsche Börse, along with large German banks and insurers, according to Morgan Lewis (in German), and they planned to put about 12 billion euros into young companies by 2030. The ten measures include stronger fund-of-funds structures and better conditions for listings and exits.
KfW coordinates WIN for the federal government; in its two-year review it reports 2.64 billion euros invested by the end of 2025 and six of the ten measures in place, and it wants WIN investments in venture capital to grow to 25 billion euros. The next phase targets family offices, foundations, insurers, pension funds and corporate venture investors.
Deep tech investors in Frankfurt and Berlin
Frankfurt is where the public fund-of-funds money is steered: KfW Capital works from the city, and venture capital funds in Frankfurt are subject to KAGB rules. Futury Capital, the early-stage investor that works with the Frankfurt startup factory Futury, took part in the Series A of the laser fusion company Focused Energy together with SPRIND, RWE and the European Innovation Council Fund, according to PwC Legal (in German).
In Berlin the DeepTech & Climate Fonds and HTGF have offices, and Deep Tech Momentum brings venture funds, family offices and institutional LPs to Wilhelm Studios every May; deep tech conferences offer events with investor programs.
Upcoming Finance Loop events
What is deep tech venture capital?
Deep tech venture capital is equity investment in companies built on a scientific or engineering result, such as quantum computing, semiconductors or fusion. Rounds are larger and holding periods longer than in software, so these funds often run longer than ten years.
Which public funds invest in deep tech in Germany?
The DeepTech & Climate Fonds and the High-Tech Gründerfonds invest directly, KfW Capital invests through venture funds, and SPRIND can take stakes in companies working on breakthrough innovations. The money comes from the Zukunftsfonds, the ERP Special Fund and the federal budget.
What is the European Deep Tech Report?
The European Deep Tech Report is a yearly report by Lakestar, Walden Catalyst and Dealroom on venture capital for European deep tech: how much was invested, in which countries and in which fields. The latest edition of the European Deep Tech Report counts 20.3 billion dollars for 2025.
What is the WIN initiative?
WIN stands for Wachstums- und Innovationskapital für Deutschland, growth and innovation capital for Germany. Companies, banks, insurers and associations signed it to put more private money into startups, and KfW coordinates it for the federal government.
Deep tech venture capital and Finance Loop
Finance Loop connects the private markets teams of banks and insurers with founders who raise deep tech rounds, at its events in Frankfurt, Munich, Berlin and Hamburg. Finance Loop was a partner of the FinTech Founder & Investor Evening in Frankfurt, an evening for founders raising a round and the investors who write the checks.
You can apply for Finance Loop membership through the membership page. A fund or bank can host an event for its portfolio, and partners reach this audience by sponsoring a meetup or through the partner program.
Finance Loop is a professional network supporting the institutional use of emerging technologies in finance, such as AI, digital payments, cloud and blockchain solutions. Finance Loop helps its members build skills and personal networks in these fields: Investment & Digital Assets, Payments & Digital Money, Digital Infrastructure & Sovereignty, and Risk & Compliance.