
Sächsische Aufbaubank as a further investor in TGFS Technologiegründerfonds Sachsen
TGFS
07 September 2023
TGFS Technologiegründerfonds Sachsen closed its third fund generation this year. It provides founders with venture capital. In its first closing, an initial amount of M€ 83.5 was collected. Sächsische Aufbaubank -Förderbank – (SAB) has now decided to invest in the fund and has subscribed to € 10 million. This means that € 93.5 million of capital is currently available to the Saxon start-up scene via TGFS. „With the investment in TGFS, we are consistently continuing our commitment to start-ups and young companies in Saxony. 100 per cent of the funds of Technologiegründerfonds flow into exciting projects in the Free State. As a regional development bank, we support founders in their first steps with various instruments. To this end, we offer programmes funded by both the Free State of Saxony and the EU, such as the InnoStartBonus, the microloan for start-ups and young companies or the SAB Sachsenkredit ‚Gründen und Wachsen’ (Founding and Growing),“ emphasises Dr Katrin Leonhardt, Chairwoman of the SAB Board of Directors. „With our contribution, we are helping the TGFS to further expand its clout and reach in the market as an established player in the Saxon start-up ecosystem.“
The fund was first initiated in 2008 by the Free State of Saxony (including ERDF funds) and Saxon financial institutions. In a nationwide comparison, the special importance of venture capital for the economic development of a region was thus recognised early on. The TGFS has accompanied more than 100 companies from the seed or start-up phase onwards and is thus an essential building block in Saxony’s VC scene, which has experienced a strong increase in perception in recent years. Today, founders find a well-functioning ecosystem here with the innovation platform futureSax, co-working spaces, incubators, universities, non-university research institutions and capital providers.
The fund is once again managed by CFH Management GmbH, the investment companies of Sparkasse Chemnitz, Dresden and Leipzig as well as Mittelständische Beteiligungsgesellschaft Sachsen mbH (MBG). The circle of investors also includes a tried and tested group with the Free State of Saxony, which invests via ERDF funds, MBG Saxony and the savings banks from Chemnitz, Dresden, Leipzig and Central Saxony — supplemented by the new investor, SAB. „We are pleased to add Sächsische Aufbaubank to the existing group of investors. In the sister fund of the TGFS, the WMS Wachstumsfonds Mittelstand Sachsen, we have already been working together with SAB on the investor side in a spirit of trust since 2019,“ emphasises TGFS Managing Director Sören Schuster.
The plan is to deploy the funds in for approximately 40 participants ranging from € 0.2 m to € 5 m per company. The focus remains on knowledge-based and technology-oriented start-ups with headquarters or operations in Saxony. The TGFS invests across all sectors, but the Free State’s innovation strategy serves as a guide for the relevant technology fields. In addition to mere capital provison, the fund accompanies the start-ups with know-how on their often challenging journey from inception to market maturity. In this process, the young companies can leverage the network and experience of the TGFS team.
Your contact
Sören Schuster | Managing Director TGFS
+49 341 256963 30
soeren.schuster@cfh.de