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German Investment Corporation

Other · Founded 1962 · Cologne, Germany

#511 LP Ranking #39 of 2,413 LPs

DEG is the development finance branch of Germany's state-owned Development Bank, KfW. Offers financing, advice and support to private sector companies investing in developing and emerging-market countries

151 VC firms backed
$11B AUM
01 · Background

Who German Investment Corporation is.

Historical Background
The German Investment Corporation (DEG) was established in September 1962 in Cologne as a federally owned entity. It operates as a subsidiary of the KfW Group, Germany's state-owned development bank. Since its inception, DEG's headquarters have been in Cologne. In 2008, the corporation relocated to a new, energy-efficient office building. By 2023, its investment portfolio surpassed the EUR 10 billion mark for the first time.
Source of Capital
As a subsidiary of the KfW Group, DEG's underlying capital structure is backed by the Federal Republic of Germany and the German federal states. DEG primarily finances investments from its own funds, operating on a self-sustaining basis with a risk-oriented approach to its lending and investment activities.
Allocation Strategy
DEG functions as a development finance institution, providing long-term capital in the form of debt, mezzanine financing, and equity to private sector companies. It also makes commitments to private equity funds. The firm's geographic mandate is exclusively focused on developing and emerging-market countries across Africa, Asia, Latin America, and Eastern Europe. It invests across various sectors, with a significant portion of its portfolio in financial institutions and corporates. DEG's strategy aims to support private sector development as a means to achieve sustainable growth and improve living conditions. In 2022, the firm implemented a new objectives system that gives equal weight to financial performance and development impact, measured by its "Development Effectiveness Rating" (DERa).
02 · Fund commitments

The funds German Investment Corporation backs.

German Investment Corporation is a limited partner in 151 funds. 5 of them place in the Power Law Investor Ranking; those lead, best-ranked first.

Partech
France
#72 Power Law
OrbiMed
United States
#98 Power Law
East Ventures
Singapore
#193 Power Law
Vertex Holdings
Singapore
#214 Power Law
CDH Investments
Hong Kong
#320 Power Law
Aavishkaar Capital
India
Abraaj Group
United Arab Emirates
Accession Capital Partners
Austria
ACON Investments
United States
Actera Group
Türkiye
Actis
United Kingdom
Activa Alternative Assets
Chile
03 · Allocation

How German Investment Corporation’s fund book is spread.

The 151 funds German Investment Corporation backs, by where the manager is headquartered and how many funds that manager has raised.

Where those managers are based

By fund headquarters, across the 149 of 151 with a location on record.

  • Rest of world 9564%
  • North America 2718%
  • Europe 2718%

United States 27 · Singapore 20 · India 11 · United Kingdom 10

How established those managers are

Managers grouped by how many funds they have raised — across the 62 of 151 with a fund history on record.

Emerging funds · 34
Established funds · 28
11 1
9 2
14 3
6 4
8 5-6
7 7-9
4 10-14
3 15+
Funds raised by the manager
05 · Exits

German Investment Corporation’s biggest exits.

Portfolio companies that IPO’d or were acquired at $1B+, with the valuation recorded at exit and — for those still public — their value today. Exit events come from each company’s funding-round history; entry stage from German Investment Corporation’s transaction record.

Gulf Energy Development
IPO · 2017
Now $44BEnergy
BUA Cement
IPO · 2020
Now $27BEnergy
Muangthai Capital
IPO · 2014
Now $7.2BHome Living
ContourGlobal plc
$2.1B IPO · 2017
Now $6.5BEnergy
$14M IPO · 2016
Now $1.7BEnergy
06 · Direct investments

The companies German Investment Corporation backs directly.

German Investment Corporation holds 62 companies directly, separate from the funds it commits to as a limited partner. Broken down by headquarters country, sector, entry stage and current growth stage. "Stage entered" is the first priced round the investor joined, derived from the investor’s transaction history.

By countryCount
  1. Kenya17
  2. India14
  3. Tanzania11
  4. Indonesia8
  5. South Africa8
  6. Nigeria6
  7. UK5
  8. USA5
  9. Bangladesh3
  10. Brazil3
  11. Germany3
  12. Ghana3
By sectorCount
  1. Fintech39
  2. Energy21
  3. Food19
  4. Health9
  5. Enterprise Software8
  6. Telecom5
  7. Transportation5
  8. Home Living3
  9. Marketing2
  10. Chemicals1
  11. Education1
  12. Fashion1
By stage enteredCount
  1. Series B+21
  2. Series A12
  3. Seed5
By growth stageCount
  1. Early Growth42
  2. Breakout Stage31
  3. Late Growth30
  4. Mature15
07 · Portfolio market map

Inside German Investment Corporation’s portfolio.

The 60 highest-funded portfolio companies, of 62 tracked.

Neon
Fintech · Unicorn
$1.6B
Liquid Intelligent Technologies
Telecom
$780M
Fourth Partner Energy
Energy
$280M
Sicepat Express
Transportation
$680M
Ecobank Transnational
Fintech
$867M
KELIX bio
Health
$800M
ContourGlobal plc
Energy · Unicorn
$6.5B
Waresix
Transportation
$420M
Copia Global
Food
Annapurna Finance
Fintech
$347M
DataArt
Enterprise Software
$2.6M
Suryoday Small Finance Bank
Fintech
$251M
Husk Power Systems
Energy
$172M
Naked Insurance
Fintech
$152M
CrossBoundary Energy
Energy
$160M
Hazelcast
Enterprise Software
$114M
Bike Bazaar
Fintech
$85M
Azure Power
Energy · Unicorn
$1.7B
PT Etana Biotechnologies Indonesia
Health
$120M
CreditAccess Grameen
Fintech
NxtWave
Education
$165M
LulaLend
Fintech
$140M
Dastgyr
Transportation
$148M
An Cuong
Home Living
$120M
Massive Bio
Health
$66M
C88 Financial Technologies
Fintech
$112M
SUN Energy
Energy
$100M
Roam Electric
Energy
$70M
Surfline Communications
Telecom
TurnKey Lender
Fintech
$31M
Monkey Exchange
Enterprise Software
$48M
Liwwa
Fintech
$18M
Flow
Fintech
$24M
CRDB Bank
Fintech
$48M
BIO-LUTIONS
Energy
$37M
Torrecom Partners
Telecom
$40M
LivFin
Fintech
$25M
Lupiya
Fintech
$33M
Farmerline
Food
$33M
Sky.Garden
Marketing
$16M
Pezesha
Fintech
$24M
Rent 2 Own(Myanmar)
Fintech
$24M
Maltento
Food
$17M
PasarMikro
Fintech
$10M
Hindusthan National Glass & Industries
India
$60M
DrugStoc
Health
$18M
Oze
Fintech
$12M
ARTH
Fintech
$10M
SolarworX
Energy
$4.4M
Farm to Feed
Food
$5.1M
Zuri Health
Health
$5.2M
ETG
Food
Briisk
Fintech
Flow Global
Fintech
HelloDuty
Fintech
Medbook Kenya
Health
Novek
Home Living
$1.2M
Smile API
Fintech
$1.8M
inalipa
Food
Goldenpot
Food
08 · Portfolio founders

Where German Investment Corporation’s portfolio founders come from.

113 founders across the 100 highest-funded portfolio companies — by current location, university attended, and the companies they worked at before founding. Sourced from the founder records the API links to each portfolio company.

LocationCount
  1. Kenya27
  2. India15
  3. Tanzania12
  4. United States10
  5. South Africa9
  6. United Kingdom7
  7. Brazil4
  8. Germany4
  9. France3
  10. Ghana3
UniversityCount
  1. INSEAD Business School5
  2. Harvard Business School4
  3. Linköping University4
  4. Mines Paris - PSL University4
  5. Tsinghua University4
  6. Centrale Nantes3
  7. Technical University of Denmark3
  8. University of Cambridge3
  9. University of Cape Town3
  10. University of Nairobi3
Previous companyCount
  1. French Alternative Energies and Atomic Energy Commission - CEA4
  2. Boston Consulting Group3
  3. EDF3
  4. IB Hubs3
  5. KPMG3
  6. LiveMentor3
  7. Ørsted3
  8. ABN AMRO2
  9. Airlift Technologies2
  10. Anadolu Agency2