Germany Lands 13 Spots on Growth50 Europe
Europe's top investors name promising start-ups each year in the Growth50 Europe list. This time, thirteen of the 50 are German, a sure sign the country attracts top talent.Europe's top investors name promising start-ups each year in the Growth50 Europe list. This time, thirteen of the 50 are German, a sure sign the country attracts top talent.
Germany has the most dynamic start-up scene in Europe right now – as the new "Growth50 Europe" list clearly illustrates. Of the 50 companies featured (selected for their potential to become unicorns with a valuation of USD 1bn or more), no less than 13 are based in Germany – more than any other European country. The featured companies have all raised EUR 135.4m on average, show rapid growth and are leaders in their respective fields in terms of technological innovation.
Read this article to find out:
1. Why Germany is ahead of the innovation growth curve in Europe.
2. Which tech segments are investment hotspots.
3. Which outstanding German start-ups made the grade.
International investors eye Europe
“This year's Tech Tour Growth50 list impressively shows that international investors are also looking very specifically at Europe and its often-global category leaders,” says Falk Mueller-Veerse, partner at the U.S. investment bank Stifel and President of Tech Tour.
Tech Tour, which connects companies and investors, has been publishing the list for two decades. The 2026 list was chosen by a
panel of more than seventy growth investors who selected a slate of German start-ups – including Almaz Capital, Earlybird, and Silverpeak – in the digital, health, and sustainability sectors.
Germany rises to the top
France took first place with 13 of the 50 start-ups on last year’s list, followed by Germany with nine companies. However, in 2024, German start-ups were raising significantly more capital than their competitors from other European countries. And in 2025, more than 30 percent of the total capital of all "Growth50" companies (some EUR 2.2bn of EUR 6.8bn in total) flowed into German firms.
Sustainability at the forefront
Last year’s German hopefuls were primarily digital start-ups, but the 2026 list is dominated by companies with a sustainability focus (8 out of 13) in areas including battery recycling, fusion energy and deep tech. This shift reflects a broader transformation underway in the German economy, as businesses increasingly align with the demands of a greener, more resource-efficient future.
A dynamic economic transformation
“The country is transforming, and this transformation is taking effect step by step," says Thomas Knüwer, digital economy expert and marketing director of the digital conference Republica. Knüwer believes the foundation of Germany’s success is that the country puts substantial efforts into fostering favorable conditions for start-ups.
Strong networks drive success
One big locational advantage Germany has is that it enables start-up founders to network with venture capitalists and established companies. Regional innovation hubs such as those within the de:hub initiative help to facilitate networking and collaboration. Meanwhile, the German government’s Startup Factories initiative actively supports university spin-offs. The connections made in these hubs often give rise to successful start-ups and, in the best-case scenarios, a future unicorn.
Germany’s rise to the top of the ranking is no coincidence. It’s the result of many years’ investment in a thriving ecosystem; a strategic
shift toward enabling future-focused technologies and industries; and, of course, investor confidence – which is growing every year.
“This year’s Tech Tour Growth50 list impressively shows that international investors are also looking very specifically at Europe and its often-global category leaders.”
Four Successful German Start-Ups from the Current “Growth50” List
Black Semiconductor: Data transmission via light signals
Industry: Semiconductor technology
Location: Aachen
Year founded: 2020
This start-up relies on a novel high-performance semiconductor technology and was founded by brothers Daniel and Sebastian Schall as a spin-off from RWTH Aachen University. An extremely thin layer of carbon made from the material graphene makes it possible to convert electrical signals into optical signals. This allows microchips to communicate with each other much faster. The Aachen-based start-up can help make Germany and Europe less dependent on a semiconductor market dominated by Asia and the United States. Pilot production is scheduled to begin in 2027.
Marvel Fusion: Energy from fusion power plants
Industry: Clean Energy
Location: Munich
Year Founded: 2019
This Munich-based start-up is working on an inexhaustible and completely carbon neutral energy source made possible through nuclear fusion. The four founders – Moritz von der Linden, Georg Korn, Karl-Georg Schlesinger, and Pasha Shabalin – plan to trigger this process using high-intensity, ultrashort-pulse lasers. The benefits for the economy would be immense: electricity could be produced in a
clean, safe, and affordable way, and the base load would be guaranteed even when wind and solar energy are unavailable. Marvel Fusion reports having successfully demonstrated significant fusion reactions.
Cylib: Circular economy with batteries
Industry: Recycling
Location: Aachen
Year Founded: 2022
The Aachen-based start-up Cylib specializes in recycling lithium-ion batteries like those used in electric vehicles. Lilian Schwich, Paul Sabarny and Gideon Schwich have set themselves the goal of extracting as much lithium, graphite, nickel, cobalt, and manganese as possible from used batteries – around 90 percent of the total amount. Their patented method is also more efficient and environmentally friendly than conventional processes. The start-up is currently building a recycling plant designed to process 60,000 tons of used batteries annually. For the economy this means greater sustainability and less dependence upon raw material imports.
Orora Tech: Real-time data to help contain wildfires
Industry: Climate Tech
Location: Munich
Year founded: 2018
The core product of Orora Tech is an AI-powered SaaS platform capable of monitoring more than 160m hectares of forest across six continents. The start-up develops nanosatellites equipped with infrared camera systems and AI to gather real-time data on wind, temperature, humidity, and vegetation that is then analyzed on the platform. Government agencies, insurance companies and the forestry industry are already using this technology to help prevent
costly damage caused by climate change and to protect natural ecosystems.
Germany, unpacked
Germany is home to many global corporate leaders (such as Siemens, SAP and Volkswagen) as well as numerous less well-known SMEs, many of which are global market leaders in their respective niches. As a result, the country offers excellent conditions for new business ventures: start-ups benefit from close proximity to SMEs and large corporations (their potential customers and collaboration partners). Early-stage investors are increasingly turning to Germany as a location – start-ups raised nearly EUR 8.4bn in venture capital last year.
FDI Insight
Customers, Funding, and Venture Capital: What Makes Germany Attractive to Start-ups?
By GTAI start-up expert Frederike Thöne
Proximity to established companies: Germany is home to both globally leading corporations and “hidden champions” in the SME sector – potential customers and collaboration partners for start-ups.
Government funding landscape: There are many funding programs that support start-ups, ranging from start-up grants to subsidies from development banks.
Federal government’s start-up and scale-up strategy: The federal government aims to improve the framework conditions for start-ups by simplifying the process of getting started and promoting collaborations with established companies.
Growing access to venture capital: Investors view Germany as a top business location – a fact demonstrated not only by the current “Growth50” list but also the fact that start-ups in Germany raised nearly EUR 8.4bn in venture capital last year.
Find out more about Germany’s start-up scene
Frederike Thöne
GTAI’s startup expert