Venture Capital Dashboard Q1 2026 (KfW)

Summary

• Funding across stages in Germany was evenly split, with the start-up segment raising EUR 726 million and the scale-up segment raising EUR 714 million.p.3
• International investors provided over three quarters of all funds invested in German start-ups in Q1 2026, with US investors representing the largest source of capital.p.4
• German start-ups with AI-based applications raised around EUR 967 million across 71 funding rounds, representing 58% of total German VC volume.p.8
• Exit activity among German VC-funded start-ups remained solid with 32 exits recorded in Q1 2026 (31 acquisitions and 1 buyout), though IPO activity remained at zero.p.10

Key insights

1. The German VC market recorded a low-key start to 2026 with EUR 1.7 billion raised, heavily reliant on broad market investments due to only one confirmed mega-round over EUR 100 million.p.3
2. Health start-ups generated the largest share of VC deal count in Germany in Q1 2026 at 18%, followed by Fintech start-ups at over 15%.p.7
3. German start-up exit transactions totalled 32 in Q1 2026, remaining slightly above the historical level of 110 to 120 annual transactions.p.10
4. German venture debt activity logged 20 deals in Q1 2026, continuing its momentum from 2025 despite redemptions and stress in broader US private credit markets.p.11