The evolution of the ERDF Technology start-up fund Saxony (TGFS), Germany

This fi-compass case study update explores the evolution of the Technology Start-up Fund Saxony (TGFS), a regional venture capital (VC) instrument co-financed by the European Regional Development Fund (ERDF) to support innovative start-ups and technology-driven SMEs in Saxony, Germany. Currently in its third generation, TGFS has contributed to strengthening Saxony’s start-up ecosystem, supported innovation and ensured the revolving use of public resources.

The case study update reviews the results of the first generation of TGFS and describes in detail its second generation, TGFS+, implemented with 2014‑2020 ERDF resources, including its two sub-funds: TGFS Plus for scalable high-growth ventures and TGFS Basic for smaller regional innovators. It also provides an outlook on TGFS III, co-financed with 2021‑2027 ERDF resources as well as reflows from TGFS I.

This case study is an update on the 2015 fi-compass case study focussing on TGFS I.

The original case study: