Bm-T Beteiligungsmanagement Thüringen GmbH

What Bm-T Beteiligungsmanagement Thüringen GmbH does

Bm-T Beteiligungsmanagement Thüringen GmbH (bm|t) is the venture capital and private equity investment company of the Free State of Thuringia, operating as a wholly-owned subsidiary of Thüringer Aufbaubank (TAB), the state's development bank. Founded in 2003 and headquartered in Erfurt, Germany, bm|t manages 12 investment funds totaling approximately €445 million in fund assets and holds active positions in 57 portfolio companies. The firm invests in innovative, growth-oriented companies headquartered in or operating within Thuringia, providing equity and mezzanine capital across all stages of the corporate lifecycle — from seed rounds for university and research-institute spin-offs (DeepEn from Leibniz Institute, Dynamic42 from University Hospital Jena) to Series A and growth financings for scaling companies (siOPTICA, PreciPoint, Enginsight). bm|t's portfolio spans biotech and healthcare (InflaRx, HAPILA, Laxxon, SmartDyeLivery), photonics and optics (Jenoptik, siOPTICA, FBGS Technologies), IT and software (JenID Solutions, Peeriot, rooom, ifesca, plazz), and industrial and mobility businesses (mi2-factory, Innovative Mobility, Lean Plastics).

bm|t generates revenue through three streams: recurring management fees on €445 million of fund assets, performance-based carried interest from successful exits, and returns on direct equity investments. The firm typically operates as lead investor or co-investor alongside regional partners (MBG Thüringen, Sparkasse Jena-Saale-Holzland, STIFT) and external funds (Capital-E, TGFS, APEX Ventures, HDI Group). Notable realized exits include the NASDAQ IPO of biotech InflaRx in 2017 (raising approximately $100 million) and the sale of fayteq AG to Facebook, with €15 million realized from two exits in 2022. In 2024, bm|t committed €21.9 million of own capital and mobilized €54.6 million from co-investors, with 30 portfolio companies receiving investment across 47 rounds.

In 2023 the firm launched two successor funds — TSF II (Thuringian Start-up Fund II) and WBF II (Growth Participation Fund II) — extending deployment capacity for the next vintage. Leadership transitioned in 2024 from CEO Kevin Reeder (in role since September 2017) to Katja Butzmann, who now leads the firm as CEO under the oversight of Chairman Matthias Wierlacher. bm|t does not develop or license technology products; its output is capital deployment and active portfolio support including advisory services, financing structuring, and board participation.

Name

Bm-T Beteiligungsmanagement Thüringen GmbH

Legal name

bm|t beteiligungsmanagement thüringen gmbh

Website

https://bm-t.com

Company type

Private

Founded year

2003

Operating status

Operating

Short description

bm|t is the state-backed venture capital arm of the Free State of Thuringia, managing 12 funds with approximately €445 million in assets across 57 active portfolio companies. It provides equity and mezzanine capital to innovative seed-stage and growth-stage companies in Thuringia, Germany.

Ownership category

akta.pro rank

Product category

Venture Capital and Private Equity

NAICS

Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

akta.pro primary industry

Business Services (B2B) Growth Equity (FSANACAD)

akta.pro secondary industries

Early-Stage Venture Capital (Series A/B) (FSANAAAB), Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE)

Keywords

• Venture capital funding
• Private equity investment
• Growth equity financing
• Mezzanine capital
• Startup investment

Headquarters

HQ city

Erfurt

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Fund Management Fees: Management fees collected from the funds under management (12 funds managing 445M EUR in fund assets)
2. Carried Interest: Performance-based carried interest from successful portfolio company exits
3. Investment Returns: Returns on equity investments in portfolio companies through exits, IPOs, and trade sales

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

bm|t provides equity and mezzanine capital investments to innovative and growth-oriented companies headquartered in or operating in Thuringia, Germany. The firm manages 12 investment funds with approximately €445 million in total fund assets, investing across seed, Series A, growth, and later-stage rounds. It also offers active portfolio support through advisory services, financing structuring, and board participation, often co-investing alongside MBG Thüringen, Sparkasse Jena-Saale-Holzland, STIFT, and international partners such as Capital-E.

Product overview

Bm-T Beteiligungsmanagement Thüringen GmbH (bm|t) is a venture capital and private equity investment company operating as a subsidiary of Thüringer Aufbaubank. The firm does not offer technology products or services; instead, it provides investment capital and management services to innovative and growth-oriented companies in Thuringia. bm|t manages multiple investment funds including TSF II, WBF II, and MFT II, with approximately €445 million in fund assets and 57 investee partner companies across various sectors and stages of corporate development.

Differentiator

Problem solved

Functional benefit

Brands

• TSF II (Thuringian Start-up Fund II): Venture capital fund for start-up financing in Thuringia
• WBF II (Wachstums-Beteiligungs-Fonds II)

Products and services

• Equity Investments (Seed, Series A, Growth)

Quantifiable outcome

• EUR 76.5 million raised by portfolio companies in 2024
• +3 more outcomes

Named customers56 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• STIFT (Stiftung für Technologie, Innovation und Forschung Thüringen)flagshipStrategic or Co-development PartnerCo-organizer of Investor Days Thuringia, the premier annual event connecting startups with investors. Partnership dates back over 15 years.

Scale indicators14 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Bayern Kapital: Bayern Kapital is the Bavarian state-backed venture capital arm, structurally analogous to bm|t as the regional VC fund of a German state development bank, investing across seed to growth stages with a similar multi-fund structure and sector-agnostic mandate.
• Coparion: Coparion is a Cologne-based German growth-stage VC backed by KfW Capital and ERP/EIF funds, providing growth equity to German SMEs with a similar public-private funding structure and regional German investment focus as bm|t.
• NRW.BANK Venture Center: NRW.BANK's venture activities serve as the investment arm of North Rhine-Westphalia's state development bank, operating multi-fund VC vehicles targeting innovative companies in the region with structurally similar government-backed mandates to bm|t.
• High-Tech Gründerfonds (HTGF): HTGF is Germany's leading government-backed seed and early-stage technology investor with public funding from BMWK, KfW, and top corporates, providing early-stage capital to German deep-tech startups in a comparable institutional structure to bm|t's TSF.
• MBG Thüringen (Mittelständische Beteiligungsgesellschaft): MBG Thüringen is a Thuringian SME investment company co-investing with bm|t in dozens of portfolio companies (DeepEn, Pflegeplatzmanager, Revincus, rooom), operating the same regional development mandate with a focus on mezzanine and minority equity in Thuringian SMEs.
• LBBW Venture Capital: LBBW Venture is the venture capital arm of Landesbank Baden-Württemberg, a German state-owned bank providing growth and venture capital to regional companies. It shares bm|t's model of a state-bank-owned VC subsidiary targeting regional innovation with public mandate.
• IBB Beteiligungsgesellschaft: IBB Beteiligungsgesellschaft is Berlin's state-backed VC and growth investor, a subsidiary of Investitionsbank Berlin, providing equity capital across all growth stages to Berlin-based companies in a structurally identical model to bm|t in Thuringia.
• TGFS (Technologiegründerfonds Sachsen): TGFS is the Saxon state-backed technology start-up fund managed by SFG, the Saxon development bank subsidiary. It co-invests regularly with bm|t (e.g., Peeriot) and serves as the closest geographic peer as the eastern German state counterpart.

Broad incumbents

• KfW Capital: KfW Capital is the federal German investment vehicle investing in German and European VC funds as an LP-of-funds, providing patient public capital that ultimately supports VC firms like bm|t. It is structurally related as a public capital allocator but operates one layer up the stack.

Emerging players

• Capnamic Ventures: Capnamic is a Cologne-based early-stage VC firm investing in German and European technology startups with a regional European focus, representing a privately-backed alternative to state-backed regional VCs like bm|t serving similar German SME ecosystems.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/beier

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bm-T Beteiligungsmanagement Thüringen GmbH