Kreissparkasse Köln – How We Invest in Startups as a Regional Player Through KSK-Wagniskapital GmbH

Who We Are

KSK-Wagniskapital GmbH is a regional venture capital firm based in Cologne. Its shareholders are Kreissparkasse Köln and Sparkasse Gummersbach.

Since its establishment in 1996, the company has invested specifically in innovative startups across the region and has supported them through multiple stages of development. Unlike traditional VC funds, which often operate on a global scale, Kreissparkasse Köln pursues a regionally focused investment approach with a clear emphasis on sustainable economic development, network building and long-term client relationships.

Our Investment Strategy

“For us, regionally rooted venture capital creates sustainable enterprise value and, in turn, resilient business models through proximity, strong networks, regional value creation and long-term partnerships—not primarily through pressure to scale,” says Adriano Calabrese, Managing Director of KSK-Wagniskapital GmbH.

KSK-Wagniskapital GmbH makes equity investments in companies with viable business models and supports them in building sustainable, successful businesses. Investments are focused on the business areas served by the two shareholder savings banks and are not restricted to specific industries.

In practical terms, this means:

• We benefit from our local presence, which gives us an information advantage, and we regard our regional focus as a strategic strength.

• We are an active part of the regional startup ecosystem and see ourselves as both a driving force and a financing partner.

• We promote entrepreneurial culture as well as the transfer of knowledge and technology from universities and the wider region into sustainable startups.

• We look beyond the next funding round and focus instead on the next five to eight years of a company's development.

• Our stage-spanning investment approach enables us to support startups all the way through their growth phase.

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When evaluating potential business models, the personality of the founder and their entrepreneurial capabilities play a decisive role. Our focus is on startups, established SMEs with growth potential, succession situations, and sustainably scalable business models with strong market relevance. One guiding principle is particularly important:

“A business model must be capable of generating profits—not just growth,” says Adriano Calabrese.

Our Investment Approach

Typical investment tickets range from €250,000 to €1.5 million. Investments are made exclusively through minority shareholdings, without assuming any operational management responsibility. KSK-Wagniskapital GmbH sees itself as a partner for a defined period, with a clear exit perspective after five to eight years.

Our investment approach places a strong emphasis on preserving the entrepreneurial independence of startups. At the same time, startups are encouraged to make use of the wider network of portfolio companies and partners within KSK-Wagniskapital GmbH whenever needed.

In addition to traditional equity investments, KSK-Wagniskapital GmbH also offers financing through mezzanine capital (e.g. silent partnerships and subordinated loans). The financing mix is tailored to the specific requirements of each company. As a result, every financing solution is customised and complemented by continuous coaching and strategic dialogue as an equal partner.

The selection of startups follows clearly defined economic and strategic criteria. The following checklist serves as a practical guide when preparing an investor pitch:

1. Problem & Solution (clear and concise)

• Can you explain the problem simply and clearly?

• Is it a genuine, relevant problem or merely a “nice to have”?

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2. Product (more than just a concept)

• Do you already have an MVP, prototype or finished product?

• Do you have any initial users or customer feedback?

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3. Market & Potential (realistic)

• How large is the market in realistic terms (not just theoretically)?

• Who is your specific target audience?

• Why is now the right time?

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4. Business Model (how will it generate revenue?)

• Who pays?

• What exactly are they paying for?

• Is the model scalable or at least profitable?

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5. Traction (evidence rather than vision)

• Revenue?

• User growth?

• Pilot customers?

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6. Team (the decisive factor!)

• Why are you the right team for this?

• What relevant experience do you bring?

• Do you cover the key areas (technology, sales and business)?

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7. Competition (please be realistic)

• Who are your direct competitors?

• What do you do better?

• Why is your position defensible?

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8. Financial Planning (credible, not perfect)

• How are revenue and costs developing?

• How long will the available capital last (runway)?

• What are the main cost drivers?

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9. Funding Requirements (clear and specific)

• How much capital is required?

• What exactly will it be used for?

• Which milestones will it enable you to achieve?

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10. ‍Exit Perspective (relevant from an early stage)

• Who could potentially acquire your company in the future?

• Or: How will long-term value be created?

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“For clients of KSK-Wagniskapital GmbH, the close relationship with Kreissparkasse Köln represents significant added value,” says Oliver Engelbertz, Director of Corporate and Commercial Real Estate Clients at Kreissparkasse Köln.

At the start of a company's journey, this includes the close collaboration between KSK-Wagniskapital GmbH and the Start-up and Specialised Financing division at Kreissparkasse Köln, through which a wide range of public funding programmes can be structured and integrated where appropriate. At a later stage, mature portfolio companies can access traditional debt financing provided directly by Kreissparkasse Köln. This creates a seamless financing solution from a single source throughout the entire lifecycle of a business. It is a successful model that has been offered sustainably for more than 30 years and continues to be in strong demand.

Demand for regional financing solutions remains strong, driven not least by the structural transformation taking place across the region (AI Village, Blockchain Real-World Laboratory, KI-Schmiede, etc.) as well as developments within the higher education landscape (Gateway Factory).

“Kreissparkasse Köln, both directly and through KSK-Wagniskapital GmbH, sees itself in this context as a strategic financing partner and a catalyst for cooperation within one of Germany's key regional economic areas,” says Oliver Engelbertz.

In Summary

KSK-Wagniskapital GmbH represents a regional, sustainable venture capital approach that deliberately sets itself apart from traditional VC models. Its investment strategy is built on three pillars:

• Thesis: Regional proximity leads to better investment outcomes.

• Criteria: Robust, growth-oriented business models with a clear exit perspective.

• Added Value: Networks, support and long-term partnerships.

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This makes KSK-Wagniskapital GmbH less of a “traditional VC” in the Anglo-American sense and more of a hybrid investment partner operating at the intersection of venture capital, SME financing and regional economic development. Together with its principal shareholder, Kreissparkasse Köln, it delivers an integrated financing offering that supports companies throughout their entire lifecycle while creating a lasting positive impact across the wider regional economy.

Interested in learning more?

Get in touch with Adriano Calabrese, Managing Director of KSK-Wagniskapital GmbH and, together with Felix Nonnenmacher, responsible for shaping the company's investment strategy within the regional startup ecosystem in and around Cologne or Oliver Engelbertz, Director and Head of the Central Corporate and Commercial Real Estate Clients Division at Kreissparkasse Köln, responsible for the bank's corporate and commercial real estate business.

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