Bayern Kapital
Bavaria public venture-capital company (subsidiary of LfA Foerderbank Bayern) making direct minority equity investments in high-tech Bavarian startups across life sciences, deep tech, software, industrial tech and cleantech; about 700m EUR currently under management across its Seedfonds, Clusterfonds, Innovationsfonds and Wachstumsfonds programs, with 380+ investments since 1995.
Bayern Kapital is a Landshut venture capital firm with €700M AUM, 113 active companies and 40 exits.
- ·24 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 40 realized deals: 8 years.
Sector breakdown
153 companiesGeography breakdown
4 geographiesKey facts
Recent exits
Bayern Kapital sold THEVA Dünnschichttechnik GmbH to Subra in 2026 after 10 years.
Bayern Kapital sold AMW to Ren Life Sciences and Juno Capital Partners in 2026 after 10 years.
Bayern Kapital sold Testbirds to UNGUESS in 2026 after 12 years.
Bayern Kapital sold Tubulis to Gilead Sciences in 2026 after 6 years.
Coverage notes
2 funds tracked, 153 portfolio companies (113 active · 40 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Bayern Kapital has raised, with its portfolio companies. Hand-checked from public filings.
Wachstumsfonds BayernHarvestingVC200917 assets4 exitsVC2009 · 17yr–174
Unrealized
17 held| Company | Entry |
|---|---|
| 4screen Mobility · Germany | 2025 |
| DeepDrive Mobility · Germany | 2022 |
| Enmacc Energy · Germany | 2023 |
| ExB Labs AI/ML · Germany | 2018 |
| Ftapi Cybersecurity · Germany | 2014 |
| Hololight Deep Tech · Germany | 2019 |
| iATROS HealthTech · Germany | 2021 |
| Insempra Biotech · Germany | 2021 |
| IQM Quantum Computers Deep Tech · Finland | 2022 |
| Isar Aerospace Aerospace & Defence · Germany | 2023 |
| numares MedTech · Germany | 2009 |
| OroraTech ClimateTech · Germany | 2021 |
| Secfix Cybersecurity · Germany | 2025 |
| Smart Reporting HealthTech · Germany | 2024 |
| tado ClimateTech · Germany | 2023 |
| Theva Deep Tech · Germany | 2016 |
| TRiCares MedTech · Germany | 2022 |
Realized
4 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Blickfeld Deep Tech · Germany | 2023 | 2024 | Trade Sale | Dacapo 2 GmbH | – |
| GMW German Medical Engineering MedTech · Germany | 2011 | 2018 | MBO | GME founders/management (owner buy-back) | – |
| Immunic Biotech · Germany | 2016 | 2019 | IPO | – | – |
| THEVA Dünnschichttechnik GmbH Deep Tech · Germany | 2016 | 2026 | Trade Sale | Subra | – |
Seedfonds BayernHarvestingVC199696 assets36 exitsVC1996 · 30yr–9636
Unrealized
96 held| Company | Entry |
|---|---|
| abaut GmbH Construction · Germany | 2025 |
| ADVANOVA GmbH HealthTech · Germany | 2013 |
| Akhetonics Deep Tech · Germany | 2024 |
| AlfaDocs HealthTech · Germany | 2023 |
| All3dp Industrials · Germany | 2016 |
| Amplifold MedTech · Germany | 2025 |
| apaleo Hospitality · Germany | 2021 |
| AppNavi SaaS · Germany | 2021 |
| Aves Reality AI/ML · Germany | 2024 |
| Bilendo GmbH Fintech · Germany | 2016 |
| Böhner-EH GmbH Industrials · Germany | 2010 |
| BOX ID Systems Logistics · Germany | 2019 |
| Caire HealthTech · Germany | 2025 |
| casavi PropTech · Germany | 2016 |
| CatalYm Biotech · Germany | 2020 |
| Cevotec GmbH Aerospace & Defence · Germany | 2016 |
| ChargeX Mobility · Germany | 2023 |
| Cliniserve HealthTech · Germany | 2019 |
| Cobrainer HR Tech · Germany | 2017 |
| Conntac SaaS · Germany | 2018 |
| Constellr Aerospace & Defence · Germany | 2026 |
| Coredinate SaaS · Germany | 2015 |
| CPTx Biotech · Germany | 2024 |
| Crealytics AdTech · Germany | 2011 |
| deepeye Medical HealthTech · Germany | 2023 |
| Delicious Data FoodTech · Germany | 2019 |
| Drimco AI/ML · Germany | 2025 |
| driveblocks Mobility · Germany | 2023 |
| Easy-Tutor EdTech · Germany | 2020 |
| Ebenbuild HealthTech · Germany | 2022 |
| EcoG Mobility · Germany | 2025 |
| EGYM HealthTech · Germany | 2010 |
| eKidz.eu EdTech · Germany | 2018 |
| emax digital AdTech · Germany | 2021 |
| encosa ClimateTech · Germany | 2026 |
| Erium AI/ML · Germany | 2020 |
| Ewigbyte Deep Tech · Germany | 2026 |
| Exergy3 ClimateTech · UK | 2026 |
| ExoMatter Deep Tech · Germany | 2024 |
| famPLUS HR Tech · Germany | 2011 |
| Filics Logistics · Germany | 2025 |
| Flowsight AI/ML · Germany | 2024 |
| Gastfreund SaaS · Germany | 2016 |
| GNA Biosolutions MedTech · Germany | 2019 |
| hema.to MedTech · Germany | 2022 |
| inContAlert MedTech · Germany | 2022 |
| knowis AG SaaS · Germany | 2022 |
| leadtributor SaaS · Germany | 2017 |
| Limata Industrials · Germany | 2010 |
| Marvel Fusion Deep Tech · Germany | 2024 |
| mbiomics Biotech · Germany | 2023 |
| memtime SaaS · Germany | 2023 |
| mozaik SaaS · Germany | 2021 |
| munevo MedTech · Germany | 2022 |
| Munich Quantum Instruments Deep Tech · Germany | 2025 |
| NanoStruct Deep Tech · Germany | 2026 |
| Nature Robots AgTech · Germany | 2026 |
| NeoPredics AG HealthTech · Germany | 2021 |
| Neuramancer AI Cybersecurity · Germany | 2026 |
| Noxon MedTech · Germany | 2026 |
| Nuclidium AG Pharma · Switzerland | 2025 |
| Numares HEALTH MedTech · Germany | 2016 |
| Ocell ClimateTech · Germany | 2025 |
| oculai Construction · Germany | 2022 |
| parcelLab SaaS · Germany | 2016 |
| PartSpace AI/ML · Germany | 2025 |
| Planet A Foods FoodTech · Germany | 2024 |
| Planqc Deep Tech · Germany | 2024 |
| Plixos SaaS · Germany | 2009 |
| Proxima Fusion Deep Tech · Germany | 2024 |
| Quantum Systems Aerospace & Defence · Germany | 2022 |
| Reflex Aerospace Aerospace & Defence · Germany | 2023 |
| SciRhom Biotech · Germany | 2024 |
| Scompler Technologies SaaS · Germany | 2020 |
| sewts Deep Tech · Germany | 2021 |
| SimScale SaaS · Germany | 2014 |
| SmartAIs AI/ML · Germany | 2025 |
| smartbax Biotech · Germany | 2025 |
| SPiNE ClimateTech · Germany | 2024 |
| StrategyBridgeAI AI/ML · Germany | 2024 |
| Symphera MedTech · Germany | 2024 |
| T-Curx Biotech · Germany | 2025 |
| The Electric Car Scheme Mobility · UK | 2024 |
| The Exploration Company Aerospace & Defence · Germany | 2024 |
| Thermosome GmbH Biotech · Germany | 2016 |
| Tidely Fintech · Germany | 2023 |
| tiramizoo Logistics · Germany | 2011 |
| traplinked GmbH AgTech · Germany | 2023 |
| Twogee Biotech Biotech · Germany | 2026 |
| ubiMaster EdTech · Germany | 2025 |
| Vectoflow Aerospace & Defence · Germany | 2023 |
| VerbaVoice HealthTech · Germany | 2010 |
| virtonomy.io MedTech · Germany | 2021 |
| workerbase SaaS · Germany | 2022 |
| Workerhero HR Tech · Germany | 2024 |
| XO Life HealthTech · Germany | 2024 |
Realized
36 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| adnymics GmbH AdTech · Germany | 2015 | 2024 | Trade Sale | Linehub | – |
| AMW Pharma · Germany | 2016 | 2026 | Secondary | Ren Life Sciences and Juno Capital Partners | – |
| ChromoTek Biotech · Germany | 2010 | 2020 | Trade Sale | Proteintech Group | – |
| commercetools E-commerce · Germany | 2006 | 2014 | Trade Sale | REWE Group | – |
| Cunesoft GmbH SaaS · Germany | 2014 | 2020 | Trade Sale | Phlexglobal | – |
| Dynamic Biosensors Biotech · Germany | 2017 | 2024 | Trade Sale | Bruker | – |
| Extend3d Industrials · Germany | 2012 | 2023 | Trade Sale | Atlas Copco | – |
| Fazua Mobility · Germany | 2014 | 2022 | Trade Sale | Porsche | – |
| Fernride Mobility · Germany | 2023 | 2025 | Trade Sale | Quantum Systems | – |
| fos4X Deep Tech · Germany | 2012 | 2020 | Trade Sale | Polytec | – |
| Immunic Therapeutics Biotech · Germany | 2016 | 2019 | IPO | – | – |
| Mecuris MedTech · Germany | 2016 | 2023 | Trade Sale | Ottobock SE & Co. KGaA | – |
| Medineering GmbH MedTech · Germany | 2014 | 2019 | Trade Sale | Brainlab | – |
| Metoda Data & Analytics · Germany | 2013 | 2020 | Trade Sale | Maxburg Capital Partners | – |
| Morphosys Biotech · Germany | 1996 | 2024 | Trade Sale | Novartis | – |
| Multiphoton Optics Deep Tech · Germany | 2015 | 2021 | Trade Sale | Heidelberg Instruments | – |
| Nanda Technologies Deep Tech · Germany | 2006 | 2011 | Trade Sale | Nanometrics | – |
| Pieris Pharmaceuticals Biotech · Germany | 2001 | 2015 | IPO | – | – |
| ProGlove Logistics · Germany | 2016 | 2022 | Secondary | Nordic Capital | – |
| Propertybase PropTech · Germany | 2010 | 2017 | Trade Sale | Boston Logic | – |
| Qbilon SaaS · Germany | 2022 | 2023 | Trade Sale | Paessler AG | – |
| reINVENT PropTech · Germany | 2018 | 2022 | Trade Sale | GC Group | – |
| riskmethods SaaS · Germany | 2013 | 2022 | Trade Sale | Sphera | – |
| Ryte SaaS · Germany | 2021 | 2024 | Trade Sale | Semrush | – |
| Shore GmbH SaaS · Germany | 2016 | 2024 | Trade Sale | group.one | – |
| Sirion Biotech · Germany | 2006 | 2021 | Trade Sale | PerkinElmer | – |
| SIRION Biotech Biotech · Germany | 2007 | 2021 | Trade Sale | PerkinElmer (Revvity) | – |
| Sunhill technologies GmbH Fintech · Germany | 2010 | 2015 | Trade Sale | Volkswagen Financial Services | – |
| SuppreMol GmbH Biotech · Germany | 2006 | 2015 | Trade Sale | Baxter | – |
| Testbirds SaaS · Germany | 2014 | 2026 | Trade Sale | UNGUESS | – |
| TM3 SaaS · Germany | 2009 | 2022 | Trade Sale | proLogistik | – |
| TM3 Software SaaS · Germany | 2009 | 2022 | Trade Sale | proLogistik | – |
| TNI Medical MedTech · Germany | 2018 | 2020 | Trade Sale | Masimo | – |
| Tubulis Biotech · Germany | 2020 | 2026 | Trade Sale | Gilead Sciences | – |
| Veact Data & Analytics · Germany | 2018 | 2026 | Trade Sale | Infomedia | – |
| Voycer SaaS · Germany | 2012 | 2020 | – | – | – |
About Bayern Kapital
Bayern Kapital is Bavaria's most active state-backed venture capital firm with €1.3 billion of participation volume (€340 million directly managed funds) as of December 2024, headquartered in Landshut (Bavaria). The firm was founded in 1995 as the state-backed VC arm of the Free State of Bavaria via LfA Förderbank Bayern, operating as a public VC company fully owned by LfA Förderbank Bayern. Bayern Kapital has built a 30-year track record with 320 plus investments and 3 unicorns (IQM, Quantum Systems, EGYM).
Investment thesis
Bayern Kapital deploys capital through approximately 10 active funds including Bayern Kapital Innovationsfonds, Bayerischer Wachstumsfonds I and II, ScaleUp-Fonds Bayern and Bayern Kapital Innovativ, targeting multi-stage anchor investments from pre-seed through scale-up with ticket sizes of €250k-50 million per company and long-term multi-round commitment. Sector focus spans deep tech, life sciences, AI, climate tech, SaaS, new space and quantum technology. Geographic deployment is anchored in Bavaria with broader Germany expansion.
Recent activity
Recent realised exits include fitness tech (2026), quantum computing hardware (2025), biopharma (2024) and defense and aerospace tech (2024). Recent acquisitions include aerospace and earth observation (February 2026), aerospace and simulation (January 2026) and quantum computing follow-on (September 2025). The platform continues active deployment across the Bavarian and broader German deep-tech ecosystem.
Frequently asked questions
- What investment strategy does Bayern Kapital focus on?
- Bayern Kapital focuses on VC strategies in the private equity space.
- How many portfolio companies does Bayern Kapital have?
- Bayern Kapital has 113 active portfolio companies and 40 completed exits and 2 funds tracked on GP Intel.
- Where is Bayern Kapital headquartered?
- Bayern Kapital is headquartered in Landshut, Germany.
- What is Bayern Kapital's assets under management?
- Bayern Kapital manages approximately €700M in assets under management.
- When was Bayern Kapital founded?
- Bayern Kapital was founded in 1995.
- What sectors does Bayern Kapital invest in?
- Bayern Kapital invests across Healthcare, TMT, Industrials.
- What are Bayern Kapital's recent exits?
- Recent realized exits by Bayern Kapital include: THEVA Dünnschichttechnik GmbH (2026) to Subra; AMW (2026) to Ren Life Sciences and Juno Capital Partners; Testbirds (2026) to UNGUESS; Tubulis (2026) to Gilead Sciences; VEACT (2026) to Infomedia; Fernride (2025) to Quantum Systems; Blickfeld (2024) to Dacapo 2 GmbH; adnymics GmbH (2024) to Linehub.
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