New German state firm to give startups €2 billion funding boost: report

TheLocal.de ^ | 12 June 2017 12:38 CEST+02:00

[Olog-hai]

The German government will set up a new state-owned company which will provide startups with the money they need to transform a great idea into a successful business, Spiegel reports.

As of 2018, startups will be able to apply to a new state-owned fund for the venture capital needed to accelerate the growth of their businesses, according to a government report seen by Spiegel.

The company will be a subsidiary of the Kreditanstalt für Wiederaufbau (KfW), the state-owned development bank, and is set to fill part of an estimated annual hole of €500 million to €600 million in venture capital funding.

Germany’s government has long promised to increase funding for startups, but was finally called out over its inaction by the Bundestag (German parliament) in March, when parliamentarians demanded clearly increased investment in the KfW’s startup coffers. …

[DUMBGRUNT]

Two billion, about the same as the state of Illinois for three years.

” Of the $140 billion disbursed by VCs in the U.S. during the past three years, $78.4 billion went to the Golden State, with the vast majority of that going to Silicon Valley (including San Francisco). To be precise, 47 percent of all U.S. VC investment from 2013 through 2015 went to the Bay area.”

https://www.bloomberg.com/view/articles/2016-01-19/california-is-the-place-to-be-for-venture-capital

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