DACH venture capital has completed a structural rotation: out of pure SaaS, into companies that build physical things governments and enterprises can’t do without — defense, space, and sovereign tech. Joe and co-host Chris Fahrenbach break down the April numbers, Munich’s permanent funding lead over Berlin, and Germany’s record €25B WIN initiative.
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Read the full episode notes on Startuprad.io
Why this episode matters: The funding bar has changed: if your startup doesn’t touch the physical world or hold a procurement contract, capital just got harder. This is the clearest signal yet of where European money — and policy — is flowing in 2026.
In this episode, we cover:
- The rotation: from SaaS and marketplaces to defense, space, and industrial AI
- Munich overtakes Berlin (€2.7B vs €2.4B) — and why the lead may be permanent
- Isar Aerospace’s €250M raise and Zurich’s Pave Space — Europe’s sovereign-launch bet
- €7B+ in German drone procurement (Rheinmetall, Helsing, Stark Defense)
- Dash0: a German observability unicorn in under three years
- Germany’s record startup policy: the €25B WIN initiative and Frankfurt’s IPO rise
Related episodes: March 2026: Bavaria Overtakes Berlin · May 2026: Helsing, SAP & the Orbit Question.
Chapters
00:00 – The rotation out of SaaS
03:43 – Munich’s permanent lead over Berlin
06:32 – Space: Isar Aerospace and Pave Space
10:02 – €7B in drone procurement
13:39 – Dash0 and autonomous observability
15:25 – The €25B WIN initiative
18:24 – Tokenization, Bitpanda, and Frankfurt IPOs
21:40 – Peak Quantum and Munich deep tech
23:47 – Can Germany execute?
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