Deep Tech · VC Firm

HTGF | High-Tech Gründerfonds

Germany's largest pre-seed/seed deep-tech investor with a seven-company enabling-layer quantum portfolio: HQS (quantum chemistry software), QphoX (quantum networking transduction), Kiutra (cryogenics), Pixel Photonics (single-photon detectors), Qnami (NV sensing), Aegiq (quantum comms) and Delft Circuits (cryo i/o). Writes €800k-1M initial, up to €30M via the Opportunity Fund.

Active Bonn, GermanyFounded 2005

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 more than €3B fund volume (2026, after the announced integration of the Deep Tech & Climate Fonds) across four seed funds (HTGF IV €493.8M, 2023 vintage) plus a €660M Opportunity Fund (2024) for follow-ons up to €30M. LPs: BMWE (the federal economy ministry, named BMWK at the 2023 closing), KfW Capital and exactly 45 private LPs including SAP, Bosch, Evonik and Fraunhofer. 800+ startups funded, 200+ exits.

Quantum portfolio spans seven enabling-layer companies: HQS Quantum Simulations (quantum chemistry software, KIT spin-out, since 2019), QphoX (microwave-to-optical transduction, Delft, since 2021), Kiutra (helium-free cryogenics, Munich, since 2019), Pixel Photonics (single-photon SNSPD detectors, Munster), Qnami (NV-center quantum sensing, Basel), Aegiq (single-photon quantum communications, Sheffield) and Delft Circuits (cryogenic i/o cabling).

Value-add: Germany's deepest industrial-LP network structurally channels pilot customers and strategic partnerships to portfolio founders, critical for quantum hardware companies seeking industrial adoption. Initial cheques €800k-1M.

Differentiated as the European quantum investor with unmatched German industrial-corporate syndication reach and public R&D funding access.

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. Companies without a strong German/DACH anchor: HTGF requires a German HQ or substantial German operations
  2. Pure services or consulting plays around quantum/deep tech without proprietary technology
  3. Capital-intensive hardware projects needing more than ~EUR 1M ticket at first close without a clear syndicate
  4. Founder teams without a technical co-founder owning the core IP
  5. Business models reliant on long government procurement cycles with no commercial traction plan

Notable quantum portfolio

Full portfolio
HQS Quantum SimulationsQphoXKiutraPixel PhotonicsQnamiAegiq

Frequent co-investors