German venture capital has stabilised after a multi-year correction — but stable is not the same as strong. In this analysis, Jörn "Joe" Menninger unpacks a market that has stopped falling yet remains highly concentrated, with AI, defence technology, biotech, energy infrastructure, and robotics absorbing a growing share of the capital that still flows.

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Why this episode matters: Germany continues to invest far less venture capital as a share of GDP than the United Kingdom or the United States. That gap is not abstract — it shapes which technologies can scale on home soil and how dependent the economy becomes on foreign capital in its most strategic sectors.

In this episode, we cover:

• Why "stabilised" is not the same as "recovered" for German VC
• The sectors pulling ahead: AI, defence tech, biotech, energy infrastructure, and robotics
• How Germany's VC-to-GDP ratio compares with the UK and the US
• What concentrated capital means for founders outside the favoured sectors
• The strategic scaling constraint hiding inside a "stable" market

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