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.
AUM
€700M
Funds
2
vintages 1996–2009
Portfolio
113
Exits
40
Key facts
Recent exits
THEVA Dünnschichttechnik GmbH
Deep Tech2026 · 10yr hold
AMW
Pharma2026 · 10yr hold
Testbirds
SaaS2026 · 12yr hold
Tubulis
Biotech2026 · 6yr hold
Coverage notes
2 funds tracked, 153 portfolio companies (113 active · 40 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
153 companiesBiotech
20 · 13%
SaaS
19 · 12%
Deep Tech
17 · 11%
MedTech
13 · 8%
HealthTech
13 · 8%
AI/ML
8 · 5%
Mobility
7 · 5%
Industrials
7 · 5%
Funds & portfolio
Every fund Bayern Kapital has raised, with its portfolio companies. Hand-checked from public filings.
2 funds
Wachstumsfonds BayernVCHarvesting2009 · 17yr17 active · 4 realized
Unrealized
17 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Mobility |  Germany | 2025 | |
| Mobility | Germany | 2022 | |
| Energy | Germany | 2023 | |
| AI/ML | Germany | 2018 | |
| Cybersecurity | Germany | 2014 | |
| Deep Tech | Germany | 2019 | |
| HealthTech | Germany | 2021 | |
| Biotech | Germany | 2021 | |
| Deep Tech |  Finland | 2022 | |
| Aerospace & Defence | Germany | 2023 | |
| MedTech | Germany | 2009 | |
| ClimateTech | Germany | 2021 | |
| Cybersecurity | Germany | 2025 | |
| HealthTech | Germany | 2024 | |
| ClimateTech | Germany | 2023 | |
| Deep Tech | Germany | 2016 | |
| MedTech | Germany | 2022 |
4screenActive
MobilityGermany· Entry 2025
Germany· Entry 2025DeepDriveActive
MobilityGermany· Entry 2022
Germany· Entry 2022EnmaccActive
EnergyGermany· Entry 2023
Germany· Entry 2023ExB LabsActive
AI/MLGermany· Entry 2018
Germany· Entry 2018FtapiActive
CybersecurityGermany· Entry 2014
Germany· Entry 2014HololightActive
Deep TechGermany· Entry 2019
Germany· Entry 2019iATROSActive
HealthTechGermany· Entry 2021
Germany· Entry 2021InsempraActive
BiotechGermany· Entry 2021
Germany· Entry 2021IQM Quantum ComputersActive
Deep TechFinland· Entry 2022
Finland· Entry 2022Isar AerospaceActive
Aerospace & DefenceGermany· Entry 2023
Germany· Entry 2023numaresActive
MedTechGermany· Entry 2009
Germany· Entry 2009OroraTechActive
ClimateTechGermany· Entry 2021
Germany· Entry 2021SecfixActive
CybersecurityGermany· Entry 2025
Germany· Entry 2025Smart ReportingActive
HealthTechGermany· Entry 2024
Germany· Entry 2024tadoActive
ClimateTechGermany· Entry 2023
Germany· Entry 2023ThevaActive
Deep TechGermany· Entry 2016
Germany· Entry 2016TRiCaresActive
MedTechGermany· Entry 2022
Germany· Entry 2022Realized
4 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Deep Tech | Germany | 2023 | 2024 | – | – | ||
| MedTech | Germany | 2011 | 2018 | MBO | – | ||
| Biotech | Germany | 2016 | 2019 | IPO | – | – | |
| Deep Tech | Germany | 2016 | 2026 | Trade Sale | – |
Seedfonds BayernVCHarvesting1996 · 30yr96 active · 36 realized
Unrealized
96 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Construction | Germany | 2025 | |
| HealthTech | Germany | 2013 | |
| Deep Tech | Germany | 2024 | |
| HealthTech | Germany | 2023 | |
| Industrials | Germany | 2016 | |
| Biotech | Germany | 2025 | |
| Hospitality | Germany | 2021 | |
| SaaS | Germany | 2021 | |
| AI/ML | Germany | 2024 | |
| Fintech | Germany | 2016 | |
| Industrials | Germany | 2010 | |
| Logistics | Germany | 2019 | |
| HealthTech | Germany | 2025 | |
| PropTech | Germany | 2016 | |
| Biotech | Germany | 2020 | |
| Industrials | Germany | 2016 | |
| ClimateTech | Germany | 2023 | |
| HealthTech | Germany | 2019 | |
| HR Tech | Germany | 2017 | |
| Software | Germany | 2018 | |
| Aerospace & Defence | Germany | 2026 | |
| SaaS | Germany | 2015 | |
| Biotech | Germany | 2024 | |
| AdTech | Germany | 2011 | |
| HealthTech | Germany | 2023 | |
| FoodTech | Germany | 2019 | |
| AI/ML | Germany | 2025 | |
| Mobility | Germany | 2023 | |
| EdTech | Germany | 2020 | |
| HealthTech | Germany | 2022 | |
| Mobility | Germany | 2025 | |
| HealthTech | Germany | 2010 | |
| EdTech | Germany | 2018 | |
| AdTech | Germany | 2021 | |
| Energy | Germany | 2026 | |
| AI/ML | Germany | 2020 | |
| Deep Tech | Germany | 2026 | |
| ClimateTech |  UK | 2026 | |
| Deep Tech | Germany | 2024 | |
| HR Tech | Germany | 2011 | |
| Logistics | Germany | 2025 | |
| AI/ML | Germany | 2024 | |
| SaaS | Germany | 2016 | |
| MedTech | Germany | 2019 | |
| HealthTech | Germany | 2022 | |
| MedTech | Germany | 2022 | |
| SaaS | Germany | 2022 | |
| SaaS | Germany | 2017 | |
| Industrials | Germany | 2010 | |
| Deep Tech | Germany | 2024 | |
| Biotech | Germany | 2023 | |
| SaaS | Germany | 2023 | |
| SaaS | Germany | 2021 | |
| MedTech | Germany | 2022 | |
| Deep Tech | Germany | 2025 | |
| Deep Tech | Germany | 2026 | |
| AgTech | Germany | 2026 | |
| HealthTech | Germany | 2021 | |
| Cybersecurity | Germany | 2026 | |
| MedTech | Germany | 2026 | |
| Pharma |  Switzerland | 2025 | |
| MedTech | Germany | 2016 | |
| ClimateTech | Germany | 2025 | |
| Construction | Germany | 2022 | |
| SaaS | Germany | 2016 | |
| AI/ML | Germany | 2025 | |
| FoodTech | Germany | 2024 | |
| Deep Tech | Germany | 2024 | |
| SaaS | Germany | 2009 | |
| Deep Tech | Germany | 2024 | |
| Aerospace & Defence | Germany | 2022 | |
| Aerospace & Defence | Germany | 2023 | |
| Biotech | Germany | 2024 | |
| SaaS | Germany | 2020 | |
| Deep Tech | Germany | 2021 | |
| SaaS | Germany | 2014 | |
| AI/ML | Germany | 2025 | |
| Biotech | Germany | 2025 | |
| ClimateTech | Germany | 2024 | |
| AI/ML | Germany | 2024 | |
| MedTech | Germany | 2024 | |
| Biotech | Germany | 2025 | |
| Mobility | UK | 2024 | |
| Aerospace & Defence | Germany | 2024 | |
| Biotech | Germany | 2016 | |
| Fintech | Germany | 2023 | |
| Logistics | Germany | 2011 | |
| AgTech | Germany | 2023 | |
| Biotech | Germany | 2026 | |
| EdTech | Germany | 2025 | |
| Industrials | Germany | 2023 | |
| HealthTech | Germany | 2010 | |
| MedTech | Germany | 2021 | |
| SaaS | Germany | 2022 | |
| HR Tech | Germany | 2024 | |
| HealthTech | Germany | 2024 |
abaut GmbHActive
ConstructionGermany· Entry 2025
Germany· Entry 2025ADVANOVA GmbHActive
HealthTechGermany· Entry 2013
Germany· Entry 2013AkhetonicsActive
Deep TechGermany· Entry 2024
Germany· Entry 2024AlfaDocsActive
HealthTechGermany· Entry 2023
Germany· Entry 2023All3dpActive
IndustrialsGermany· Entry 2016
Germany· Entry 2016AmplifoldActive
BiotechGermany· Entry 2025
Germany· Entry 2025apaleoActive
HospitalityGermany· Entry 2021
Germany· Entry 2021AppNaviActive
SaaSGermany· Entry 2021
Germany· Entry 2021Aves RealityActive
AI/MLGermany· Entry 2024
Germany· Entry 2024Bilendo GmbHActive
FintechGermany· Entry 2016
Germany· Entry 2016Böhner-EH GmbHActive
IndustrialsGermany· Entry 2010
Germany· Entry 2010BOX ID SystemsActive
LogisticsGermany· Entry 2019
Germany· Entry 2019CaireActive
HealthTechGermany· Entry 2025
Germany· Entry 2025casaviActive
PropTechGermany· Entry 2016
Germany· Entry 2016CatalYmActive
BiotechGermany· Entry 2020
Germany· Entry 2020Cevotec GmbHActive
IndustrialsGermany· Entry 2016
Germany· Entry 2016ChargeXActive
ClimateTechGermany· Entry 2023
Germany· Entry 2023CliniserveActive
HealthTechGermany· Entry 2019
Germany· Entry 2019CobrainerActive
HR TechGermany· Entry 2017
Germany· Entry 2017ConntacActive
SoftwareGermany· Entry 2018
Germany· Entry 2018ConstellrActive
Aerospace & DefenceGermany· Entry 2026
Germany· Entry 2026CoredinateActive
SaaSGermany· Entry 2015
Germany· Entry 2015CPTxActive
BiotechGermany· Entry 2024
Germany· Entry 2024CrealyticsActive
AdTechGermany· Entry 2011
Germany· Entry 2011deepeye MedicalActive
HealthTechGermany· Entry 2023
Germany· Entry 2023Delicious DataActive
FoodTechGermany· Entry 2019
Germany· Entry 2019DrimcoActive
AI/MLGermany· Entry 2025
Germany· Entry 2025driveblocksActive
MobilityGermany· Entry 2023
Germany· Entry 2023Easy-TutorActive
EdTechGermany· Entry 2020
Germany· Entry 2020EbenbuildActive
HealthTechGermany· Entry 2022
Germany· Entry 2022EcoGActive
MobilityGermany· Entry 2025
Germany· Entry 2025EGYMActive
HealthTechGermany· Entry 2010
Germany· Entry 2010eKidz.euActive
EdTechGermany· Entry 2018
Germany· Entry 2018emax digitalActive
AdTechGermany· Entry 2021
Germany· Entry 2021encosaActive
EnergyGermany· Entry 2026
Germany· Entry 2026EriumActive
AI/MLGermany· Entry 2020
Germany· Entry 2020EwigbyteActive
Deep TechGermany· Entry 2026
Germany· Entry 2026Exergy3Active
ClimateTechUK· Entry 2026
UK· Entry 2026ExoMatterActive
Deep TechGermany· Entry 2024
Germany· Entry 2024famPLUSActive
HR TechGermany· Entry 2011
Germany· Entry 2011FilicsActive
LogisticsGermany· Entry 2025
Germany· Entry 2025FlowsightActive
AI/MLGermany· Entry 2024
Germany· Entry 2024GastfreundActive
SaaSGermany· Entry 2016
Germany· Entry 2016GNA BiosolutionsActive
MedTechGermany· Entry 2019
Germany· Entry 2019hema.toActive
HealthTechGermany· Entry 2022
Germany· Entry 2022inContAlertActive
MedTechGermany· Entry 2022
Germany· Entry 2022knowis AGActive
SaaSGermany· Entry 2022
Germany· Entry 2022leadtributorActive
SaaSGermany· Entry 2017
Germany· Entry 2017LimataActive
IndustrialsGermany· Entry 2010
Germany· Entry 2010Marvel FusionActive
Deep TechGermany· Entry 2024
Germany· Entry 2024mbiomicsActive
BiotechGermany· Entry 2023
Germany· Entry 2023memtimeActive
SaaSGermany· Entry 2023
Germany· Entry 2023mozaikActive
SaaSGermany· Entry 2021
Germany· Entry 2021munevoActive
MedTechGermany· Entry 2022
Germany· Entry 2022Deep TechGermany· Entry 2025
Germany· Entry 2025NanoStructActive
Deep TechGermany· Entry 2026
Germany· Entry 2026Nature RobotsActive
AgTechGermany· Entry 2026
Germany· Entry 2026NeoPredics AGActive
HealthTechGermany· Entry 2021
Germany· Entry 2021Neuramancer AIActive
CybersecurityGermany· Entry 2026
Germany· Entry 2026NoxonActive
MedTechGermany· Entry 2026
Germany· Entry 2026Nuclidium AGActive
PharmaSwitzerland· Entry 2025
Switzerland· Entry 2025Numares HEALTHActive
MedTechGermany· Entry 2016
Germany· Entry 2016OcellActive
ClimateTechGermany· Entry 2025
Germany· Entry 2025oculaiActive
ConstructionGermany· Entry 2022
Germany· Entry 2022parcelLabActive
SaaSGermany· Entry 2016
Germany· Entry 2016PartSpaceActive
AI/MLGermany· Entry 2025
Germany· Entry 2025Planet A FoodsActive
FoodTechGermany· Entry 2024
Germany· Entry 2024PlanqcActive
Deep TechGermany· Entry 2024
Germany· Entry 2024PlixosActive
SaaSGermany· Entry 2009
Germany· Entry 2009Proxima FusionActive
Deep TechGermany· Entry 2024
Germany· Entry 2024Quantum SystemsActive
Aerospace & DefenceGermany· Entry 2022
Germany· Entry 2022Reflex AerospaceActive
Aerospace & DefenceGermany· Entry 2023
Germany· Entry 2023SciRhomActive
BiotechGermany· Entry 2024
Germany· Entry 2024Scompler TechnologiesActive
SaaSGermany· Entry 2020
Germany· Entry 2020sewtsActive
Deep TechGermany· Entry 2021
Germany· Entry 2021SimScaleActive
SaaSGermany· Entry 2014
Germany· Entry 2014SmartAIsActive
AI/MLGermany· Entry 2025
Germany· Entry 2025smartbaxActive
BiotechGermany· Entry 2025
Germany· Entry 2025SPiNEActive
ClimateTechGermany· Entry 2024
Germany· Entry 2024StrategyBridgeAIActive
AI/MLGermany· Entry 2024
Germany· Entry 2024SympheraActive
MedTechGermany· Entry 2024
Germany· Entry 2024T-CurxActive
BiotechGermany· Entry 2025
Germany· Entry 2025The Electric Car SchemeActive
MobilityUK· Entry 2024
UK· Entry 2024The Exploration CompanyActive
Aerospace & DefenceGermany· Entry 2024
Germany· Entry 2024Thermosome GmbHActive
BiotechGermany· Entry 2016
Germany· Entry 2016TidelyActive
FintechGermany· Entry 2023
Germany· Entry 2023tiramizooActive
LogisticsGermany· Entry 2011
Germany· Entry 2011traplinked GmbHActive
AgTechGermany· Entry 2023
Germany· Entry 2023Twogee BiotechActive
BiotechGermany· Entry 2026
Germany· Entry 2026ubiMasterActive
EdTechGermany· Entry 2025
Germany· Entry 2025VectoflowActive
IndustrialsGermany· Entry 2023
Germany· Entry 2023VerbaVoiceActive
HealthTechGermany· Entry 2010
Germany· Entry 2010virtonomy.ioActive
MedTechGermany· Entry 2021
Germany· Entry 2021workerbaseActive
SaaSGermany· Entry 2022
Germany· Entry 2022WorkerheroActive
HR TechGermany· Entry 2024
Germany· Entry 2024XO LifeActive
HealthTechGermany· Entry 2024
Germany· Entry 2024Realized
36 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| AdTech | Germany | 2015 | 2024 | Trade Sale | – | ||
| Pharma | Germany | 2016 | 2026 | Secondary | – | ||
| Biotech | Germany | 2010 | 2020 | Trade Sale | – | ||
| E-commerce | Germany | 2006 | 2014 | Trade Sale | – | ||
| Software | Germany | 2014 | 2020 | Trade Sale | – | ||
| Biotech | Germany | 2017 | 2024 | Trade Sale | – | ||
| Industrials | Germany | 2012 | 2023 | Trade Sale | – | ||
| Mobility | Germany | 2014 | 2022 | Trade Sale | – | ||
| Mobility | Germany | 2023 | 2025 | Trade Sale | – | ||
| Deep Tech | Germany | 2012 | 2020 | Trade Sale | – | ||
| Biotech | Germany | 2016 | 2019 | IPO | – | – | |
| MedTech | Germany | 2016 | 2023 | Trade Sale | – | ||
| MedTech | Germany | 2014 | 2019 | Trade Sale | – | ||
| Data & Analytics | Germany | 2013 | 2020 | Trade Sale | – | ||
| Biotech | Germany | 1996 | 2024 | Trade Sale | – | ||
| Deep Tech | Germany | 2015 | 2021 | Trade Sale | – | ||
| Deep Tech | Germany | 2006 | 2011 | Trade Sale | – | ||
| Biotech | Germany | 2001 | 2015 | IPO | – | – | |
| Industrials | Germany | 2016 | 2022 | Secondary | – | ||
| PropTech | Germany | 2010 | 2017 | Trade Sale | – | ||
| SaaS | Germany | 2022 | 2023 | Trade Sale | – | ||
| InsurTech | Germany | 2018 | 2022 | Trade Sale | – | ||
| SaaS | Germany | 2013 | 2022 | Trade Sale | – | ||
| SaaS | Germany | 2021 | 2024 | Trade Sale | – | ||
| SaaS | Germany | 2016 | 2024 | Trade Sale | – | ||
| Biotech | Germany | 2006 | 2021 | Trade Sale | – | ||
| Biotech | Germany | 2007 | 2021 | Trade Sale | – | ||
| Fintech | Germany | 2010 | 2015 | Trade Sale | – | ||
| Biotech | Germany | 2006 | 2015 | Trade Sale | – | ||
| SaaS | Germany | 2014 | 2026 | Trade Sale | – | ||
| SaaS | Germany | 2009 | 2022 | Trade Sale | – | ||
| SaaS | Germany | 2009 | 2022 | Trade Sale | – | ||
| MedTech | Germany | 2018 | 2020 | Trade Sale | – | ||
| Biotech | Germany | 2020 | 2026 | Trade Sale | – | ||
| Data & Analytics | Germany | 2018 | 2026 | Trade Sale | – | ||
| Software | Germany | 2012 | 2020 | – | – | – |
VoycerExited 2020
SoftwareGermany· Entry 2012
Germany· Entry 2012Track Bayern Kapital
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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. Detailed buyer names and multiple data available on Pro at €29/month.
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Last updated March 2026 · Sourced from public filings · Report an issue