KfW Capital and Bpifrance Strengthen Venture Capital Cooperation

KfW Capital, the venture capital subsidiary of Germany's KfW, and France's national investment bank Bpifrance, have formalized their partnership with a memorandum of understanding (MoU) for joint investments in venture capital funds.

The agreement, signed at the VivaTech innovation show in Paris, commits EUR 400 million from both institutions over a six-year period. These funds will be channeled into German and French venture capital funds that focus on cross-border investments, with the aim of mobilizing up to EUR 1.6 billion for startups.

Under the agreement, the funds invested by KfW Capital in German companies and by Bpifrance in French companies will be matched by the respective venture capital funds. This initiative is designed to bolster Europe's economic relevance and technological sovereignty by supporting innovative companies.

This new protocol builds on a previous cooperation agreement signed in 2019, which expired in 2025. To date, KfW Capital's exposure in France and Bpifrance's exposure in Germany collectively amount to over EUR 500 million across 27 venture capital funds.

The strengthened partnership reflects the long-standing Franco-German relationship and aims to enhance financing opportunities for high-growth enterprises in both countries.