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Funding

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

Funds – Purpose & Investment amounts

Invest­ment vol­ume from 100.000 — 10.000.000 €

Overview

Funds in detail

  • €20 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)
  • Financ­ing for com­pa­nies in the State of Thu­ri­gia that are neg­a­tively effected by the Covid19 cri­sis but show poten­tial for future growth
  • Minor­ity equity stakes, silent part­ner­ships and loans up to €5.0 mil­lion; prefer­ably with a pri­vate co-investment

TZF Invest­ment Guide­lines — in Ger­man (PDF, 1 MB)

  • €16 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)
  • Financ­ing for com­pa­nies in the State of Thu­ri­gia that are neg­a­tively effected by the Covid19 cri­sis but show poten­tial for future growth
  • Minor­ity equity stakes, silent part­ner­ships and loans up to € 800,000; prefer­ably with a pri­vate co-investment

TZF II Invest­ment Guide­lines — in Ger­man (PDF, 1 MB)

  • Launched on Novem­ber 9, 2015
  • €28.75 mil­lion fund assets
  • Young, inno­v­a­tive com­pa­nies (max. 5 years old)
  • 5–10 year duration
  • Exit via IPO, trade sale, or MBO/MBI
  • Cap­i­tal pro­vided by the ThüB (Stiftung Thüringer Beteili­gungskap­i­tal, trans­la­tion: Thuringian Invest­ment Cap­i­tal Foun­da­tion) and EFRE (Euro­pean Regional Devel­op­ment Fund)
  • Financ­ing for the found­ing phase of a company
  • Minor­ity equity stakes up to €1.2 mil­lion; prefer­ably with a pri­vate co-investment.

TSF Invest­ment Guide­lines – in Ger­man (PDF, 95kB)

  • Launched on Novem­ber 9, 2015
  • €27.5 mil­lion fund assets
  • Inno­v­a­tive growth com­pa­nies (max. 8 years old)
  • 5–10 year duration
  • Exit via IPO, trade sale, or MBO/MBI
  • Cap­i­tal pro­vided by the Free State of Thuringia and EFRE (Euro­pean Regional Devel­op­ment Fund)
  • Financ­ing of fur­ther devel­op­ment of prod­ucts or ser­vices and expan­sion to new markets
  • Minor­ity equity stakes up to €4.0 mil­lion; min. half of invest­ment must be pro­vided by a pri­vate co-investor.

WBF Invest­ment Guide­lines – in Ger­man (PDF, 95kB)

  • Launched on Decem­ber 14, 1993
  • €102.0 mil­lion fund assets
  • Indus­trial com­pa­nies with above aver­age growth poten­tial; not lim­ited to SMEs
  • 3–7 year invest­ment horizon
  • 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)
  • 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

  • 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 year duration
  • Exit via 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

MFT Invest­ment Guide­lines – in Ger­man (PDF, 1 MB)

  • Launched on March 29, 2011
  • €10.0 mil­lion fund assets
  • Young, inno­v­a­tive companies
  • Cap­i­tal pro­vided by StUWT (Stiftung für Unternehmens­beteili­gun­gen und ‑förderun­gen der gewerblichen Wirtschaft Thürin­gens, trans­la­tion: Foun­da­tion for Busi­ness Invest­ment and Com­mer­cial Devel­op­ment in Thuringia)
  • Financ­ing for the found­ing phase of a company
  • Fully invested; no new investments

  • Launched on April 26, 1994
  • €13.5 mil­lion fund assets
  • Young, inno­v­a­tive companies
  • Cap­i­tal pro­vided by the Free State of Thuringia
  • Financ­ing of R&D and mar­ket entry phases
  • Fully invested, no new investments

  • Launched on June 30, 2005
  • €70.85 mil­lion fund size
  • Indus­trial com­pa­nies with above aver­age growth poten­tial, SMEs
  • Cap­i­tal pro­vided by the Free State of Thuringia as well as pri­vate and pub­lic insti­tu­tional investors

 

  • 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 invested, no new investments

Funds & volumes

* fully invested

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

Once the Term Sheet is signed, the due dili­gence process begins. Dur­ing this process we try to gain a deeper under­stand­ing of the com­pany and research the legal, com­mer­cial, and tech­ni­cal aspects of the company.

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.

Investment Type

Equity financing 

  • 100.000 – 10.000.000
  • exit after 3–7 years 
  • indus­try stan­dard val­u­a­tions (minor­ity shareholder) 

high-growth com­pa­nies

silent partnership 

  • 100.000 – 5.000.000
  • up to 10 years 
  • mar­ket stan­dard inter­est rate 

Estab­lished com­pa­nies
with sta­ble cash-flows