The German government's billion-euro Future Fund to promote the country's start-up scene is taking shape. On Wednesday, Federal Finance Minister Olaf Scholz and Federal Economics Minister Peter Altmaier commissioned the state development bank KfW to implement and manage the Future Fund, which had already been announced some time ago, according to both ministries. Start-ups in the growth phase with high capital requirements are to benefit most. The first part of the financing package is to start in mid-April.
The federal government alone is contributing 10 billion euros to the fund, Altmaier said. "Together with other private and public partners, we will thus mobilize at least 30 billion euros in venture capital for start-ups in Germany."
Scholz stressed that Germany was taking a leading position in innovation and investment. "With the framework for the Future Fund set out today, we have created the basis for strengthening the German venture capital market and, with it, an increasingly important pillar of our prosperity."
The Future Fund will bundle various instruments to promote future-orientated technologies. Compared to other countries such as the United States, one of the main problems facing many start-ups in Germany so far has been a lack of venture capital. Technologies of the future include artificial intelligence, medical technology, and the development of air taxis and drones.
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