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One-Billion-Euro German VC Growth Fund Closes

A central element of the German government’s plans to support innovative young companies has reached its ten-digit target.

Germany’s Ministry for Economic Affairs and Climate Action says that the public-private “Wachstumsfonds Deutschland” (Growth Fund Germany) has attained its billion-euro goal.

The fund is a pillar of the government’s plans to improve financing for start-ups and technologically innovative firms. It’s one of the largest venture capital funds ever in Europe. It’s backed by the national government, the state economic bank KfW and more than twenty institutional investors, including insurance and wealth management companies.

“With significant participation of many private institutional investors, we were able to swift reach our goal of one billion euros,” said Minister for Economic Affairs and Climate Action Robert Habeck in a statement. “It speaks to Germany’s strength as a business location that the Growth Fund Germany has reached that goal in a difficult macro-economic environment. The first investments have been made so that part of the fund is already having an effect on the venture capital market.”

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