WIN initiative invested EUR 2.64 billion in growth capital

KfW, the German development bank, has reported that its "Initiative for Growth and Innovation Capital for Germany" (WIN) has invested EUR 2.64 billion in growth capital for companies by the end of last year. Launched in September 2024 in cooperation with the federal government, the initiative seeks to improve access to private capital for young and innovative companies.

Of the total investments, 61 percent were directed to Germany. The capital was channeled through direct investments, venture capital funds, or funds of funds. Further financing included debt capital, known as venture debt. The initiative primarily targets companies in advanced growth phases, with approximately 67 percent of investments going to these businesses. Start-ups and companies receiving seed funding accounted for 10 and 18 percent, respectively.

The majority of funds, 51 percent, were invested in traditional venture capital funds. Direct investments in companies represented eight percent. Key investment areas, according to KfW Research data, included artificial intelligence, as well as climate, security, and defense technologies.

The WIN initiative is part of a broader effort to enhance Germany's competitiveness as a business and innovation hub. It includes ten measures designed to strengthen the start-up ecosystem in Germany and Europe, six of which have already been implemented. The government is committed to continuing the initiative, aiming to more than double the mobilized capital to over EUR 25 billion.