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bm|t man­ages sev­eral funds that invest in both young and estab­lished high-growth com­pa­nies in the State of Thuringia. The equity cap­i­tal financ­ing pro­vided by bm|t is pri­mar­ily designed to finance the devel­op­ment and com­mer­cial­iza­tion of inno­v­a­tive prod­ucts.

Forms of Investment

Invest­ment Type
Amount
Dura­tion
Con­di­tions
Com­pany
Equity financ­ing
€100.000 — €10.000.000
Exit after 3–7 years
Indus­try stan­dard val­u­a­tions
(max. 49.9%)
High-growth com­pa­nies
Silent part­ner­ship

(Mez­za­nine)

€100.000 — €5.000.000
Up to 10 years
Mar­ket stan­dard inter­est rate
Estab­lished com­pa­nies with sta­ble cash-flows

Investment Criteria

Location

The com­pany head­quar­ters or at least sub­stan­tial activ­i­ties must be based in the State of Thuringia.

Industry Focus

bm|t gen­er­ally invests in all high growth and high mar­gin mar­kets, espe­cially in life sci­ences, optics, micro-elec­tron­ics, and IT-Media-Inter­net, as well as in the Ger­man Mit­tel­stand.

We do not invest in real estate, con­struc­tion, small trade or agri­cul­ture busi­nesses.

Legal Form

Incor­po­rated Ger­man com­pany (GmbH, AG)

Management

Vision­ary team with com­ple­men­tary com­pe­ten­cies and supe­rior indus­try know-how.

Exit Capability

  • High growth poten­tial as a pre­req­ui­site for a sub­se­quent sale of stake
  • Will­ing­ness of the founders to sell their shares or to accept new share­hold­ers

Product

  • Tech­no­log­i­cal advan­tage
  • Inno­v­a­tive prod­uct
  • Unique sell­ing propo­si­tion and clear cus­tomer value
  • Strong IP-posi­tion (patent)
  • Short time to mar­ket and low devel­op­ment risk

Market

  • Large mar­ket with strong growth poten­tial and cal­cu­la­ble reg­u­la­tory bar­ri­ers
  • Exist­ing first mover advan­tage and poten­tial for mar­ket lead­er­ship posi­tion

Investment Process

  1. Gen­er­ally, the entire invest­ment process, from the first con­tact with bm|t to sign­ing the invest­ment con­tract, takes approx­i­mately 3–6 months.
  2. 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.
    A detailed busi­ness plan hand­book was pub­lished by ›Grün­der­preis Thürin­gen‹ (in Ger­man only): see Busi­ness­plan-Hand­buch.
  3. 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.
  4. 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.
  5. 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.
  6. If the due dili­gence process has a pos­i­tive out­come, we will then pre­pare and nego­ti­ate an Invest­ment Agree­ment.
  7. Before sign­ing the Invest­ment Agree­ment, bm|t’s invest­ment com­mit­tee, which includes exter­nal experts, will make a final deci­sion con­cern­ing the invest­ment.
  8. After sign­ing the invest­ment agree­ment, the invest­ment will be paid out accord­ing to nego­ti­ated mile­stones.

Funds Managed by bm|t

Thuringia Start-up-Fund (TSF)

TSF_bm-t_Fond_Signet_en
Launched on Novem­ber 9, 2015
€18.75 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 Free State of Thuringia, 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

Thuringia Growth Fund (WBF)

WBF_bm-t_Fond_Signet_en
Launched on Novem­ber 9, 2015
€37.5 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

MFT Mittelstands Fund Thuringia (MFT)

MFT_bm-t_Fond_Signet_en
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

Thuringia Founder Fund (ThGF)

ThGF_bm-t_Fond_Signet_en
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

Thuringia Innovation Fund (TI)

TI_bm-t_Fond_Signet_en
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

Thuringia Industry Investments GmbH & Co. KG (TIB)

TIB_bm-t_Fond_Signet_en
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

Private Equity Thuringia GmbH & Co. KG (PET)

PET_bm-t_Fond_Signet_en
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
Financ­ing in the start-up and growth phases
Fully invested, no new invest­ments

Private Equity Thuringia GmbH & Co. Zweite Beteiligungen KG (PET II)

PET_II_bm-t_Fond_Signet
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

Know-how for founders

A detailed busi­ness plan hand­book was pub­lished by ›Grün­der­preis Thürin­gen‹ (in Ger­man only).
PDF-Datei, 1,3 MB

Other financing partners in Thuringia

Specif­i­cally for silent part­ner­ships up to €1.0 mil­lion
www.mbg-thueringen.de

Co-Investor: High-Tech Grün­der­fonds
www.htgf.de

For Busi­ness Angel Invest­ments:
www.thueban.de

Stiftung für Tech­nolo­gie, Inno­va­tion und Forschung Thürin­gen (STIFT)
www.stift-thueringen.de

For loan pro­grams of the Free State of Thuringia
www.aufbaubank.de

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