Germany's Federal Ministry of Finance, jointly with the Federal Ministry for Economic Affairs and Energy and KfW, has published the first annual report on the WIN initiative for growth and innovation capital. The report shows that EUR 2.64 billion had been invested by the end of the previous year since the initiative was launched in September 2024, with the available data indicating a strong concentration on Germany and on companies in more advanced growth phases. According to the report, 61% of committed investment went to Germany and 37% to Europe. Around 67% of the total went to scale-ups in advanced growth stages, compared with 10% for start-ups and 18% as seed capital for the youngest companies. By instrument, 51% was invested through traditional venture capital funds, 8% through direct company investments and 6% through venture capital fund of funds structures, while 36% was deployed through other instruments, primarily venture debt. KfW Research's venture capital dashboard points to artificial intelligence, climate technologies, and security and defence technologies as the main thematic areas. The initiative's stated target is to reach EUR 12 billion of investment by 2030. Of the ten structural measures agreed by participants and policymakers, six have been implemented, two are in progress as planned and two remain under review. KfW coordinates the initiative on behalf of the federal government, and work is under way on a continuation aimed at raising mobilised capital to more than EUR 25 billion.

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