Jörn "Joe" Menninger
speaker
1,749 appearances
8 recordings
1 series
first heard May 2026
last heard 13 Aug
Jörn "Joe" Menninger’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 8 in all, peaking in Jun 2026 with 3.
Appearances
And the second half of 25 alone counted only 318 deals, the weakest second half since 2018.
At the same time, average deal size is up.
KFW's data shows the median round volume rising again in its first quarter of 26.
The number of large rounds above 100 million euros is up.
The capital is not spreading, it's bundling.
This matters for founders far more than the headline numbers.
If you are founder raising in Germany in 26, the market for you is not the same as the market for Helsing or Quantum Systems or Tubulus.
It is a tighter
more discriminating market where investors expect stronger milestones, cleaner unit economics, and a clear path to the next round before they sign a term sheet at all.
And here's the part nobody wants to say out loud.
The structure of the German venture capital market is shifting away from breadth towards selectivity.
That is great news if you are one of the few selected.
This is bad news if you are one of the 700 or so companies that can get into the top 18 rounds, because the market is no longer pretending that everyone gets a shot.
Strategic sectors are now the center of gravity.
This is where the data turns from predictive to strategic.
EY's sector breakdown for 2025 shows software and analytics at almost 2.7 billion euros, energy at 1.2 billion, health at 1.07 billion,
climate tech, green tech, and clean tech combined at 514 million, hardware at 514 million, and newly broken out for the first time, defense tech at 449 million euros.
Then inside software and analytics, here's the line that should change how we talk about German venture capital.
artificial intelligence received 1.708 billion euros across 70 rounds in 25 this is 64 of the entire software and analytics investment volume kfw's first quarter 26 number is even more striking germany ai startups
raised 967 million euros in 71 rounds in a single quarter.
Showing 1281–1300 of 1,749 · page 65 of 88
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