Deep Tech · VC Firm · Active
HTGF | High-Tech Gründerfonds
HTGF is Germany's largest and most active seed investor, based in Bonn with offices in Berlin and Munich. Public-private partnership founded 2005 with €2B+ AUM across four seed funds (HTGF IV €494M,…
Investment thesis
HTGF is Germany's largest and most active seed investor, based in Bonn with offices in Berlin and Munich. Public-private partnership founded 2005 with €2B+ AUM across four seed funds (HTGF IV €494M, 2023 vintage) plus an Opportunity Fund launched 2024 for follow-ons up to €30M. LPs: German Federal Ministry (BMWE), KfW Capital, and 45 corporates including BASF, Bosch, SAP, Evonik. 800+ startups funded, 200+ exits.
Quantum portfolio includes HQS Quantum Simulations (quantum chemistry software, KIT Karlsruhe spin-out, Series A 2023) and QphoX (microwave-to-optical transduction for quantum networking, Delft spin-out, co-backed with QDNL). Additional quantum-adjacent bets across photonics and cryogenic electronics via the broader deep-tech portfolio.
Value-add: Germany's deepest industrial-LP network (BASF, Bosch, Evonik, SAP, BMWE) structurally channels pilot customers and strategic partnerships to portfolio founders — critical for quantum hardware companies seeking industrial adoption. Pre-seed sweet spot €800k+.
Differentiated as the European quantum investor with unmatched German industrial-corporate syndication reach and public-market access to national R&D funding.
Anti-thesis
The patterns that trigger a fast no with this fund.
- Companies without a strong German/DACH anchor: HTGF requires a German HQ or substantial German operations
- Pure services or consulting plays around quantum/deep tech without proprietary technology
- Capital-intensive hardware projects needing more than ~EUR 1M ticket at first close without a clear syndicate
- Founder teams without a technical co-founder owning the core IP
- Business models reliant on long government procurement cycles with no commercial traction plan
Notable quantum portfolio
Full portfolio →Reach out to HTGF | High-Tech Gründerfonds
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