Funding

The funds man­aged by bm|t invest mainly in Thuringia in cor­po­ra­tions with growth poten­tial – pri­mar­ily to finance the devel­op­ment and estab­lish­ment of inno­v­a­tive prod­ucts and services.
Overview 

Funds – Purpose & Investment amounts

Funds in detail

  • € 35 mil­lion fund assets
    € 37,5 mil­lion fund assets
    € 37,5 mil­lion fund assets
  • Com­pa­nies of any size and age
  • Repay­ment or Exit via IPO, trade sale, or MBO/MBI
  • Cap­i­tal pro­vided by the ThüB (Stiftung Thüringer Beteili­gungskap­i­tal, trans­la­tion: Thuringian Invest­ment Cap­i­tal Foun­da­tion) and KfW
  • Minor­ity equity stakes, silent part­ner­ships and loans up to € 7.000,000; prefer­ably with a pri­vate co-investment
  • The focus is on Thuringian start-ups that pur­sue eco­log­i­cal, dig­i­tal or social inno­va­tions in par­tic­u­lar, as well as medium-sized com­pa­nies from Thuringia on an inno­va­tion and growth path. With this tar­get group, the Thuringian Future Fund III also sup­ports the growth and impact of social inno­va­tions and pub­lic wel­fare-ori­ented com­pa­nies and thus con­tributes to the imple­men­ta­tion of the “National Strat­egy for the Pro­mo­tion of Social Inno­va­tions and Pub­lic Wel­fare-ori­ented Companies”

TZF III Invest­ment guide­lines (in German)

  • Launched on Decem­ber 15, 2022
  • € 30 mil­lion fund assets
  • young inno­v­a­tive small com­pa­nies (max. 5 years old)
  • 5–10 years duration
  • Exit through IPO, trade sale or MBO/MBI
  • Cap­i­tal pro­vided by the ThüB (Stiftung Thüringer Beteili­gungskap­i­tal, trans­la­tion: Thuringian Invest­ment Cap­i­tal Foun­da­tion) and the EFRE (Euro­pean Regional Devel­op­ment Fund) in the start-up phase
  • Pro­por­tion­ate cor­po­rate financ­ing in the start-up phase
  • Open minor­ity invest­ments up to € 1,500,000 pos­si­ble; co-invest­ment of pri­vate investors desired
  • In addi­tion to strength­en­ing the resilience of Thuringia’s econ­omy and the nec­es­sary trans­for­ma­tion of exist­ing struc­tures, the fund also aims to con­tribute to cur­rent soci­etal chal­lenges, such as advanc­ing decar­boniza­tion and pro­mot­ing greater sustainability. 

TSF II Invest­ment Guide­lines – in Ger­man (PDF)

  • Launched on Decem­ber 15, 2022
  • € 25 mil­lion fund assets
  • inno­v­a­tive small and medium-sized com­pa­nies in growth phase (max. 8 years old)
  • 5–10 years duration
  • Exit through IPO, trade sale or MBO/MBI
  • Kapit­Cap­i­tal from the Free State of Thuringia and the ERDF fund (Euro­pean Regional Devel­op­ment Fund)
  • Open minor­ity invest­ments up to € 4,000,000 pos­si­ble; max. how­ever in the same amount as co-invest­ment of pri­vate investors
  • Pro­por­tion­ate growth financ­ing for fur­ther devel­op­ment of prod­ucts and ser­vices and for open­ing up new markets
  • In addi­tion to strength­en­ing the resilience of Thuringia’s econ­omy and the nec­es­sary trans­for­ma­tion of exist­ing struc­tures, the fund also aims to con­tribute to cur­rent soci­etal chal­lenges, such as advanc­ing decar­boniza­tion and pro­mot­ing greater sustainability.

WBF II Invest­ment Guide­lines (PDF)

  • Launched on Decem­ber 4, 1993
  • €102.0 mil­lion fund assets
  • Indus­trial com­pa­nies with above aver­age growth poten­tial; not lim­ited to SMEs
  • 3–7 year invest­ment horizon
  • Exit through IPO, trade sale or MBO/MBI
  • Cap­i­tal pro­vided by the Free State of Thuringia, ThüB (Stiftung Thüringer Beteili­gungskap­i­tal, trans­la­tion: Thuringian Invest­ment Cap­i­tal Foundation)
  • Growth financ­ing and invest­ments around man­age­ment suc­ces­sion (MBO/MBI)
  • Buy-out of minor­ity stakes for invest­ments over €5.0 mil­lion; can act as sole investor or as the lead of a con­sor­tium of co-investors> 

  • €20 mil­lion fund assets
  • Com­pa­nies of any size with future poten­tial that are neg­a­tively affected by the Covid19 pandemic
  • Repay­ment or Exit via IPO, trade sale, or MBO/MBI
  • Cap­i­tal pro­vided by the Free State of Thuringia, ThüB (Stiftung Thüringer Beteili­gungskap­i­tal, trans­la­tion: Thuringian Invest­ment Cap­i­tal Foundation)
  • Minor­ity equity stakes, silent part­ner­ships and loans up to € 5.000,000; prefer­ably with a pri­vate co-investment
  • Financ­ing for com­pa­nies in the State of Thu­ri­gia that are neg­a­tively effected by the Covid19 cri­sis but show poten­tial for future growth

  • €16 mil­lion fund assets
    € 37,5 mil­lion fund assets
    € 37,5 mil­lion fund assets
  • Com­pa­nies of any size with future poten­tial that are neg­a­tively affected by the Covid19 pandemic
  • Repay­ment or Exit via IPO, trade sale, or MBO/MBI
  • Cap­i­tal pro­vided by the Free State of Thuringia, ThüB (Stiftung Thüringer Beteili­gungskap­i­tal, trans­la­tion: Thuringian Invest­ment Cap­i­tal Foundation)
  • Minor­ity equity stakes, silent part­ner­ships and loans up to € 1.800,000; prefer­ably with a pri­vate co-investment
  • Financ­ing for com­pa­nies in the State of Thu­ri­gia that are neg­a­tively effected by the Covid19 cri­sis but show poten­tial for future growth

  • Launched on Novem­ber 9, 2015
  • €28.75 mil­lion fund assets
  • Young, inno­v­a­tive com­pa­nies (max. 5 years old)
  • 5–10 years duration
  • Exit through IPO, trade sale or MBO/MBI
  • Cap­i­tal pro­vided by the ThüB (Stiftung Thüringer Beteili­gungskap­i­tal, trans­la­tion: Thuringian Invest­ment Cap­i­tal Foun­da­tion) and the EFRE (Euro­pean Regional Devel­op­ment Fund) in the start-up phase
  • Pro­por­tion­ate cor­po­rate financ­ing in the start-up phase
  • Minor­ity equity stakes up to €1.2 mil­lion; prefer­ably with a pri­vate co-investment.
  • The aim of the fund is to achieve two out­put indi­ca­tors from the “Oper­a­tional Pro­gram Thuringia ERDF 2014 — 2020”. As part of invest­ment pri­or­ity 3a (pro­mot­ing entre­pre­neur­ship), it is planned for the TSF to sup­port 30 com­pa­nies in the start-up phase by 2023 and — together with the “Thuringian Growth Par­tic­i­pa­tion Fund” (WBF) — to cre­ate 250 full-time equiv­a­lent jobs in Thuringia by 2023.

  • Launched on Novem­ber 9, 2015
  • €27.5 mil­lion fund assets
  • Inno­v­a­tive growth com­pa­nies (max. 8 years old)
  • 5–10 years duration
  • Exit through IPO, trade sale or MBO/MBI
  • Kapit­Cap­i­tal from the Free State of Thuringia and the ERDF fund (Euro­pean Regional Devel­op­ment Fund)
  • Open minor­ity invest­ments up to € 4,000,000 pos­si­ble; max. how­ever in the same amount as co-invest­ment of pri­vate investors
  • Pro­por­tion­ate growth financ­ing for fur­ther devel­op­ment of prod­ucts and ser­vices and for open­ing up new markets
  • The aim of the fund is to achieve two out­put indi­ca­tors from the “Oper­a­tional Pro­gram Thuringia ERDF 2014 — 2020”. As part of invest­ment pri­or­ity 3a (pro­mot­ing entre­pre­neur­ship), the WBF plans to sup­port 20 com­pa­nies in the growth phase by 2023 and — together with the “Thuringian Start-up Fund” (TSF) — to cre­ate 250 full-time equiv­a­lent jobs in Thuringia by 2023.

  • Launched on Decem­ber 1, 2015
  • €40.0 mil­lion fund assets
  • Estab­lished and prof­itable small- and medium-sized com­pa­nies (min. rev­enue €2.0 million)
  • 5–10 years duration
  • Exit through IPO, trade sale or MBO/MBI
  • Cap­i­tal pro­vided by the Free State of Thuringia and pri­vate insti­tu­tional investors
  • Financ­ing of com­pany growth, expan­sion to new mar­kets and com­pany suc­ces­sion plans (MBO/MBI)
  • Equity stakes and silent part­ner­ships up to €5.0 million

Inter­nal report­ing office acc. HinSchG

  • Launched on March 29, 2011
  • ~ €10.0 mil­lion fund assets
  • Young, inno­v­a­tive companies
  • Cap­i­tal pro­vided by the Free State of Thuringia, ThüB (Stiftung Thüringer Beteili­gungskap­i­tal, trans­la­tion: Thuringian Invest­ment Cap­i­tal Foundation)
  • Pro­por­tion­ate cor­po­rate financ­ing in the start-up phase
  • fully financed; no new investments

  • Launched on June 30, 2005
  • €70.85 mil­lion fund size
  • Indus­trial com­pa­nies with above-aver­age growth poten­tial, SMEs
    Cap­i­tal from the Free State of Thuringia and pri­vate and pub­lic insti­tu­tional investors
  • Pro­por­tion­ate cor­po­rate financ­ing in the start-up and growth phases
  • fully financed, no new investments

  • Launched on May 26, 2010
  • €40.0 mil­lion fund size
  • Young tech­nol­ogy-focused com­pa­nies, SMEs
  • Cap­i­tal pro­vided by the Free State of Thuringia and pri­vate insti­tu­tional investors
  • Financ­ing in the start-up and growth phases, includ­ing in con­junc­tion with man­age­ment succession
  • fully financed, no new investments

Inter­nal report­ing office acc. HinSchG

Funds & volumes

Open participation

  • Amount: 100,000 €-10,000,000 €
  • Exit after 3–7 years
  • Stan­dard indus­try val­u­a­tion (max. 49.9%)
  • Young and already estab­lished, fast-grow­ing
    com­pa­nies

Silent partnership (mezzanine)

  • Amount: 100,000 €-5,000,000 €
  • up to 10 years
  • Inter­est in line with the market
  • Estab­lished com­pa­nies with sta­ble cash flows

Investment Process

Time scope

Gen­er­ally, the entire invest­ment process, from the first con­tact with bm|t to sign­ing the invest­ment con­tract, takes approx­i­mately 3–6 months.

Business Plan

In order to assess whether a ven­ture fits our invest­ment cri­te­ria and invest­ment focus, we need an invest­ment sum­mary or detailed busi­ness plan accom­pa­ny­ing an invest­ment inquiry.

Funding Strategy

If the ven­ture passes our first assess­ment, we will invite the man­age­ment team to present their busi­ness model and strat­egy to bm|t. In the sub­se­quent dis­cus­sions, the gen­eral con­di­tions of a poten­tial financ­ing round and bm|t invest­ment are reviewed with the entrepreneurs..

Term Sheet or Letter of Intent

If the invest­ment team decides a poten­tial invest­ment is worth pur­su­ing fur­ther, we will pro­vide a Term Sheet or Let­ter of Intent that out­lines the terms of a poten­tial bm|t investment.

Due Diligence

In the sub­se­quent due dili­gence process, we deter­mine the legal, eco­nomic, finan­cial and tech­ni­cal cir­cum­stances of your com­pany in detail.

Investment Agreement

If the due dili­gence process has a pos­i­tive out­come, we will then pre­pare and nego­ti­ate an Invest­ment Agreement.

Investment Committee

Before sign­ing the Invest­ment Agree­ment, bm|t’s invest­ment com­mit­tee, which includes exter­nal experts, will make a final deci­sion con­cern­ing the investment.

Contract Conclusion

Payout

After sign­ing the invest­ment agree­ment, the invest­ment will be paid out accord­ing to nego­ti­ated milestones.