Still young but firmly anchored in the market: Since its foundation, eCAPITAL has established a good reputation in the venture capital market.
eCAPITAL launches the first dedicated Cybersecurity VC-Fund in Germany and together with leading cybersecurity experts, serial entrepreneurs and a worldwide network sets up fund structure, embedded in unique cybersecurity ecosystem, to enable investments of € 50 million into scale-up firms in the European cybersecurity space. While the eCAPITAL Cybersecurity Fund closed at a volume of € 30 million on December 31, 2018, it comes as a parallel vehicle to the eCAPITAL Fund IV with a broader investment focus, which closed end of 2017 at € 100 million and of which € 20 million are allocated for cybersecurity investments. Thus, in total eCAPITAL is now able to invest € 50 million into cybersecurity companies. eCAPITAL Cybersecurity is in Germany the first such dedicated fund with this focus.
Very successful exit: sonnen sold to Shell. On the 15th of February 2019 it was announced that Shell Overseas Investments will acquire sonnen Group, the leading provider of intelligent energy storage and innovative energy services. That means that post regulatory approval and completion sonnen will become a wholly owned subsidiary of Shell. eCAPITAL was the first investor to fund sonnen at the beginning of 2013.
Berlin-based IPlytics, the company disrupting patent analytics with an artificial intelligence (AI)-powered patent analytics software, receives several million Euros in venture capital as part of a financing round led by eCAPITAL, with High-Tech Gründerfonds (HTGF) joining the round as existing shareholder. The capital will be used for the further technical development of the software as well as the expansion of sales into international markets, in particular USA, Korea and Japan.
innogy SE, one of Germany's leading energy companies, has acquired 100% of the shares of Greenergetic GmbH. innogy, itself a shareholder of Greengetic since 2015, bought by this transaction the shares from the financial investors eCAPITAL, Gruenderfonds Bielefeld-Ostwestfalen, Howaldt Energies and from the founder of Greenergetic. The company will continue its operations as an independent entity, serving the existing, broad customer portfolio and driving its expansion forward.
eCAPITAL and Seraphim Capital are backing the embedded analytics company UltraSoC Technologies Ltd in a £5m funding round. The eCAPITAL Cybersecurity Fund has invested alongside eCAPITAL IV Technologies Fund and Seraphim Capital, who join a strong lineup of existing investors. The investment will be used to drive continued deployment of UltraSoC’s technology and realize its vision of embedding analytics capabilities into every chip.
Sweepatic NV, a cybersecurity reconnaissance platform monitoring internet-facing assets to protect companies against cyber-attacks, has secured 1 million EUR from eCAPITAL’s Cybersecurity Fund and eCAPITAL Technologies IV Fund in a Series-A funding round. Sweepatic will use eCAPITAL’s investment to boost its growth by strengthening management, accelerating the product development through expanding the technical team with senior hires and further building the sales & marketing and partner organization.
German anonymization company Brighter AI Technologies secures several millions in funding from eCAPITAL and Giesecke+Devrient Ventures. Brighter AI Technologies is a Berlin-based deep-tech startup founded in 2017 and voted Hottest European Startup by NVIDIA in 2018. Brighter AI works to overcome limitations in human and computer vision with artificial intelligence. Brighter AI will use the investment to boost its growth by accelerating the product development through expanding the technical team with senior hires and further building the sales & marketing and partner organization.
eCAPITAL has appointed a new member of the advisory board: Christoph Ostermann, co-founder and managing director of sonnen GmbH, has now joined the advisory board of eCAPITAL AG. eCAPITAL was the first external investor to join sonnen at the beginning of 2013 and accompanied the company as a VC lead investor on its journey from a small start-up to a global innovation leader, which was very successfully sold to Shell New Energies in February 2019.
eCAPITAL and Demeter have signed a partnership agreement aiming at strengthening their expertise in their common investment areas – environmental and energy transition (cleantech), industry 4.0 and new materials – and better understanding the issues at stake in those sectors at a European level. Their partnership constitutes an additional asset for the investors of their funds as well as for the entrepreneurs that they accompany.
Together with Saarstahl and the Verbundnetz Gas and the technology founder fong sCAPITAL IV, they are investing millions in the Leipzig technology company, which ensures the trouble-free operation of networked industrial plants.
20 million euros for Jedox: Iris Capital, one of the leading European venture capital companies, is investing in Jedox, a world-class software solution that helps enterprises with their digital transformation. Iris Capital will invest along with eCAPITAL IV and Wecken & Cie. a total of 20 million euros. This funding will be used to accelerate Jedox’s global expansion and product development.
Prolupin, the innovative plant-based protein company based in Grimmen, Germany, announces the first closing of a double digit growth financing round. The new financing will allow Prolupin to address the mass market for further growth. The round was led by 7Life GmbH, a subsidiary of ProSiebenSat.1 Group which is one of the most successful independent media companies in Europe. The round was joined by PESCH, an investment company of a German Single Family Office with its heritage in the fast moving consumer goods sector as well as existing investors eCAPITAL, Munich Venture Partners and Tate & Lyle Ventures.
eCAPITAL AG welcomes Hannes Schill, a long-time employee, to the partner circle as of June 1, 2018.
Ferroelectric Memory Company (FMC), an enterprise that commercializes technology for disruptive non-volatile memory solutions for microcontrollers, announces the successful closing of a € 4.6 million growth financing led by eCAPITAL entrepreneurial Partners AG under participation of High-Tech Gründerfonds.
As the first German company the sonnen group, a portfolio company of eCAPITAL AG, has won the Zayed Future Energy Prize in the category “Small and Medium Enterprises”, which is endowed with $1.5 million.
On the 1st of February 2017, eCAPITAL AG welcomed Bernd Arkenau, a long-time employee, to the partner circle.
Sale of eCAPITAL III Cleantech Fonds investment Geo-En Energy Technologies GmbH to Berlin-based GASAG AG. GASAG, a leading energy service provider in the Berlin-Brandenburg region, integrates Geo-En, a specialist in renewable heat and cooling, as a new subsidiary of the GASAG Group.
The eCAPITAL AG welcomes a new venture partner in the team. In the future, Dr. Hans-Christoph Quelle will support the eCAPITAL AG with his extensive experience. Dr. Hans-Christoph Quelle studied electrical engineering at the Technical University of Munich and obtained his PhD from the Université de Rennes. As founder and managing partner of Secusmart GmbH, he was responsible for the development of the company until exit. In 2014, Secusmart was acquired as a wholly owned subsidiary by the Canadian BlackBerry Limited.
The eCAPITAL AG welcomes Dr. Jan Blochwitz-Nimoth as venture partner. Dr. Jan Blochwitz-Nimoth studied physics at the TU Dresden and the University of Oldenburg. He received his PhD from the Institute of Applied Photophysics (IAPP) and was co-founder and CTO of the former eCAPITAL portfolio company Novaled AG, which was sold very successfully to the Samsung Group at the end of 2013.
€2.0 million investment of the eCAPITAL fund IV in videantis GmbH: videantis receives growth financing from eCAPITAL to accelerate market penetration in the field of embedded vision and autonomous driving.
€21.0 million for Open-Xchange: Together with eCAPITAL and other investors, Iris Capital participates in Open-Xchange (OX), a German provider of open source e-mail solutions as well as productivity and security software for service providers. The investment of €21.0 million is meant to prepare the company’s next growth round.
Three eCAPITAL portfolio companies among the winners of the Technology Fast 50 Award 2017: Last week, Deloitte awarded the Technology Fast 50 Award for the 15th time to the fastest-growing technology companies in Germany. With sonnen GmbH, videantis GmbH and Jedox AG, three portfolio companies of eCAPITAL AG are among the winners this year. These are characterized by self-developed technologies and an above-average growth rates in the past four financial years.
€3.0 million growth financing for Creapaper GmbH by eCAPITAL IV: As a specialist in sustainable raw material solutions for the paper industry, Creapaper has developed a sustainable complementary alternative to conventional wood pulp from grass fibers, in order to produce paper from an economically and ecologically more advantageous raw material variant compared to fresh fiber pulp. Creapaper will use eCAPITAL’s growth financing to expand the business development in order to meet the growing demand for truly "green" paper and paper products.
Kick-off of the fundraising for the new eCAPITAL Fund IV. The new fund has been launched with renowned family offices and institutional investors. With a target volume of € 100 million, the fund will predominantly invest in Germany and in Western Europe in young and dynamic companies in technology-intensive industries.
sonnen GmbH, a portfolio company of eCAPITAL AG, is selected as the winner of the “Europe & Israel” region in the internationally renowned Global Cleantech 100 list. A total of 6.900 companies worldwide had been nominated for this list.
Heliatek, a portfolio company of eCAPITAL AG, participates in the World Economic Forum in Davos. Last year Heliatek was the only German start-up company to be nominated as “Technology Pioneer” together with 49 other companies from 10 countries. On the unique platform of the annual meeting of the World Economic Forum, which took place in Davos-Klosters in Switzerland from January 20 to 23, Heliatek has presented their breakthrough technology of organic solar films.
eCAPITAL AG is pleased to welcome a new venture partner in the team. Kai Howaldt will actively support eCAPITAL with his many years of industry experience.
The new eCAPITAL IV fund has already received €40 million in subscriptions.
TXT e-solutions, a specialist in the area of advanced aerospace software, has acquires PACE Aerospace Engineering and Information Technology GmbH based in Berlin through its subsidiary Next Division. The closing took place on April 1st, 2016.
Jedox AG, leading provider of self-service planning and performance management solutions, has received an additional growth financing by eCAPITAL IV and current investors in the total amount of €4.3 million to realize its mission of simplifying the planning, analysis and reporting of entire companies.
Rhebo AG receives venture financing from eCAPITAL Technologies Fonds IV and the Technologiegruenderfonds Sachsen, with eCAPITAL IV acting as lead investor. More information can be found here.
THEVA Dünnschichttechnik GmbH receives venture financing from eCAPITAL Technologies Fonds IV, BayernKapital, Target Partners and BayBG, with eCAPITAL IV acting as lead investor.
eCAPITAL is pleased to welcome Willi Mannheims as a Managing Partner. Since September 2015 and to date Willi Mannheims had been a venture partner for eCAPITAL. Willi Mannheims has held various management positions in the area of business development, strategic planning and venture capital, among others at Dasa / DaimlerChrysler AG and CUBIS AG. He will actively support eCAPITAL with his many years of industry experience. Further information can be found here.
eCAPITAL is also pleased to welcome Bernhard Wöbker as a venture partner. Since May 2014 and to date Bernhard Wöbker had been a member of the advisory board of eCAPITAL. Bernhard Wöbker is a member of several supervisory boards of IT companies in Germany and the USA. Since 1986, he has also been a business angel and early investor in start-up companies. More information can be found here.
On the 29th of September 2016, about 70 guests celebrated the 20th anniversary of the Venture Capital roundtable at the KURHAUS in the Volksgarten of Düsseldorf. eCAPITAL entrepreneurial Partners AG, the partnership TIGGES Rechtsanwälte, who initiated the roundtable in 1996, as well as Warth & Klein Grant Thornton AG Wirtschaftsprüfungsgesellschaft organized the roundtable. As part of the monthly roundtables (last Tuesday of each month), alternating speakers from companies, banks, consulting firms, universities, politics and associations reflect on current topics in the sector.
The Heliatek GmbH, a portfolio company of eCAPITAL entrepreneurial Partners AG and world leading manufacturer of organic photovoltaic, raised €80.0 million to expand its production volume up to an annual capacity of 1.0 million m². The financing consists of equity in the amount of €42.0 million, loans of €20.0 million and subsidies of €18.0 million.
The sonnen GmbH, a portfolio company of eCAPITAL entrepreneurial Partners AG, has secured the 28th rank among the „50 Smartest Companies 2016“, published by the prestigious US- research institute Massachusetts Institute of Technology (MIT). The list includes 50 companies, which are known for their innovative strength and unique business model. Among these companies is the Silicon Valley’s Who’s Who ranging from Google through Tesla to Amazon and Facebook.
With a contribution of €2.5 million, the eCAPITAL IV Technologies Fonds invests in VMRay GmbH, which announced the closing of a €3.5 million Series A financing round. The leading provider for third generation automatic malware detection will use the new funds to further expand its product development and worldwide sales activities.
The sonnen group, a portfolio company of eCAPITAL entrepreneurial Partners AG and market leader in intelligent battery storage in Europe, closed a new €76.0 million financing round, which serves the company to continue its dynamic growth course and take its vision of a clean, decentralized and connected energy future forward.
BrandMaker GmbH receives a growth financing in the amount of €2.5 million provided by the eCAPITAL IV Technologies Fonds. Since 2008, the Karlsruhe-based BrandMaker GmbH operates an integrated Marketing-Software-platform, which enables companies to optimize their marketing activities, build strong customer relationships and thus generate more mature leads.
Open-Xchange, a portfolio company of eCAPITAL entrepreneurial Partners AG, and the French internet search engine Qwant provide a German/French-made alternative to Google, offering internet searching and webmail. ox.io combines internet searching without user tracking with a comprehensive online service for e-mail, collaboration, file sharing and office productivity. What’s special: ox.io is free of cost and is financed by advertising, whose content can be defined by the user himself.
Open-Xchange and Dovecot merge into the largest provider of OpenSource messaging software. Customers will now receive comprehensive e-mail and collaboration solutions from the merged company as one-stop shop.
The German Federal Ministry of Education and Research (“BMBF”) has approved the promotion of a "Production Intelligence" research project, which aims to achieve a data-driven optimization of complex automated production processes within the context of an Industry 4.0 strategy. The innovation consortium, headed by the software company Jedox AG, receives a public grant of € 1 million.
The company Milk the Sun GmbH has won the venture capital company eCAPITAL AG as an investor in a further round of financing in the six-digit range.
Sonnen GmbH is continuing its growth path in the US and opens a new development subsidiary for smart grid storage in Atlanta.sonnenBatterie GmbH is continuing its growth path in the USA and has opened a new development site for smart power storage in Atlanta.
With the entry of INVEN Capital, sonnenBatterie GmbH has received additional capital for its dynamic growth in Europe and the USA.
Heliatek GmbH is the only German company that has received the award "Technology Pioneer 2015" from the World Economic Forum. Prior award winners include Google (2001), Wikimedia (2007), Mozilla (2007), Kickstarter (2011) and Dropbox (2011).
On September 24th eCAPITAL entrepreneurial Partners AG has been confirmed by the German Federal Financial Supervisory Authority (“BaFin”) as an Alternative Investment Fund Manager (“AIF KVG”). On the same date eCAPITAL has been also registered with the BaFin as EuVECA Manager and can therefore manage European Venture Capital Funds as defined by the EuVECA directive and distribute such funds across Europe.
As of October 31st, 2015, Thomas Merten after more than 10 years has resigned as Managing Partner of eCAPITAL entrepreneurial Partners AG at his own request in order to take on a new professional challenge.
The Supervisory Board appoints Michael Mayer, venture partner since June 2014, to the Management Board of eCAPITAL entrepreneurial Partners AG from November 1st, 2015 on. Bernd Arkenau, working at eCAPITAL since September 2010, is appointed Investment Director.
eCAPITAL is pleased to welcome a new venture partner in the team. Willi Mannheims will actively support eCAPITAL AG with his many years of industry experience.
More information on Willi Mannheims, our other venture partners, our company advisors, eCAPITAL AG and the team behind it can be found at www.ecapital.de/de/team/venture-partner/.
perora GmbH, a manufacturer of lipid-based saturators for weight reduction and the treatment of over-weight, has received growth capital in the seven-digit range. The funds will support the introduction of perora products into the German market.
The Gruenderfonds Muensterland (Seed Fund Muensterland) and Howaldt Energies did invest into Milk the Sun GmbH. The investors have agreed not to disclose the amount invested. With the capital invested and the support of the new partners, the company will in particular accelerate the upcoming global market penetration and its further expansion.
eCAPITAL is pleased to welcome two new venture partners in the team. Michael Mayer and Richard Seibt will actively support eCAPITAL with their many years of industry experience.
More information on Michael Mayer and Richard Seibt, and on our other venture partners, our company advisors, eCAPITAL AG and the team behind it can be found here.
The high-tech company Turbina Energy AG convinces eCAPITAL entrepreneurial Partners AG with its innovative technology in the area of small-sized wind turbines with vertical axis and wins them for their further expansion. The investment is in the seven-digit range.
The Supervisory Board has appointed Dirk Kohlen into the Management Board of eCAPITAL entrepreneurial Partners AG.
Greenergetic GmbH, the leading online platform for ready-to-use photovoltaic systems in the B2C market, receives funding in the high six-digit range as part of a growth financing round. The company will use the new financial resources inter alia to increase its sales and marketing activities and thus further intensify its successful market penetration.
temicon GmbH takes the venture capital company eCAPITAL AG and a private investor on board to support the further growth of the company. The technology company develops and manufactures high-quality products with functional micro-and nanostructures as key components for applications such as lightning technology, display, life science, solar and environmental technology. In recent years, temicon has succeeded in establishing a unique technology platform for the production of tailor-made micro- and nano structural surfaces and components with a wide range of international unique selling points.
The Gruenderfonds Bielefeld-Ostwestfalen together with Howaldt Energies invests in Greenergetic GmbH, the leading online platform for ready-to-use photovoltaic systems in the B2C market.
eCAPITAL III Cleantech Fund invests into PROSOL Invest Deutschland GmbH, a leading provider of decentralized storage solutions for solar energy. The provider of the so-called “sun battery” (“Sonnenbatterie”) storage solution, based in Wildpoldsried in the Allgaeu region (Bavaria), will use the financing round to further expand its market position and further accelerate the company’s development.
The eCAPITAL Cleantech Fund invests in PROSOL Invest Deutschland GmbH, a leading provider of decentralized storage solutions for solar energy. The provider of the so-called “sun battery”, based in Wildpoldsried in the Bavarian Allgäu, will use the financing round to further improve its market position and to accelerate its corporate development.
saperatec GmbH receives growth financing of €3.3 million from an investor consortium consisting of eCAPITAL entrepreneurial Partners AG, NRW.BANK, business angel Oliver F. Gosemann and the existing investors from the first round, including the Gruenderfonds Bielefeld Ostwestfalen, and High-Tech Gruenderfonds.
Open-Xchange closes a € 15 million financing with the participation of United Internet Ventures, Hermann-Josef Lamberti and one of the existing shareholders.
The Samsung Group acquires Novaled AG through its subsidiaries Cheil Industries and Samsung Electronics. The Dresden-based leading technology company in the field of organic light-emitting diodes was valued at €260 million for this transaction.
Open-Xchange AG has receives the Deloitte Technology Fast 50 Award 2013 as the fastest growing company in the technology sector. The company has an average annual growth rate in the high two-digit percent range over the past five fiscal years.
The geothermal company Geo-En from berlin secures a round of financing by eCAPITAL III Cleantech and IBB Beteiligungsgesellschaft.
eCAPITAL III Cleantech Fund and High-Tech-Gruenderfonds invest into Smart Hydro Power, a developer of micro-hydropower plants from Feldafing. eCAPITAL AG now manages 24 portfolio companies.
Subitec secures an expansion financing of € 4.5 million from eCAPITAL III Cleantech Fund as well as Fraunhofer Venture and the High-Tech Gruenderfonds.
Evodos, a Dutch manufacturer of innovative centrifuges, closes a financing round with SKion and eCAPITAL III Cleantech Fund.
eCAPITAL has € 120 million assets under management as of the beginning of 2011 and is invested into 22 portfolio companies.
Gruenderfonds Bielefeld-Ostwestfalen invests together with High-Tech Gruenderfonds into saperatec GmbH and thus holds now participations in three portfolio companies.
4Jet Technologies GmbH has received the „Deutscher Gruenderpreis“(the German Founders Award).
Samsung Venture Capital invests into Novaled AG.
October / November 2011
The eCAPITAL portfolio company saperatec receives the “Innovationspreis OWL” (Innovation Prize of the Eastern Westphalia Lippe region) and the “Rohstoffeffizienzpreis” (the raw material efficiency award) by the German Federal Government.
The research team of Prof. Dr. Karl Leo, Dr. Jan Blochwitz-Nimoth (CSO Novaled) and Dr. Martin Pfeiffer (CTO Heliatek GmbH) receives the “Deutsche Zukunftspreis” (German Future Award) of the German Federal President for their work on organic electronics. The eCAPITAL portfolio companies Novaled and Heliatek originated from this research group.
Gruenderfonds Muensterland invests into the company CoAdvertise.
Dr. Paul Grunow, until then member of the eCAPITAL Entrepreneurs Advisory Board, starts to act as venture partner of eCAPITAL.
With its 5 funds eCAPITAL AG is currently invested in 22 companies and has a total volume of €85 million AUM.
The eCAPITAL portfolio company Gollmann Kommissioniersysteme is nominated for the “Deutscher Gruenderpreis 2010” (German Founders Award 2010).
eCAPITAL has successfully closed its eCAPITAL III Cleantech Fund achieving the target volume of € 50 million and invests into its fifth portfolio company, Feranova GmbH.
Growth despite the crisis: The Gruenderfonds Bielefeld-Ostwestfalen has invested into Bünde based Smarthouse GmbH.
The Supervisory Board appoints Dr. Michael Lübbehusen as a member of the Management Board of eCAPITAL entrepreneurial Partners AG.
Together with prominent investors, eCAPITAL III Cleantech Fund participates in the second financing round of Heliatek GmbH.
SKAPITAL Unternehmensbeteiligungsgesellschaft invests € 1.5 million into Gruenderfonds Bielefeld-Ostwestfalen.
eCAPITAL Fund II invests into portfolio companies Jedox, 4Jet, Calory Coach Holding, and Open-Xchange. The Gruenderfonds Bielefeld-Ostwestwalen implements its first investment, Divolution GmbH. The portfolio company Epigap is successfully sold to Jenoptik.
Anycom Technologies AG, one of the first investments by eCAPITAL II was successfully listed in the entry standard of the “Deutsche Wertpapierboerse” (German Stock Exchange).
Under the leadership of eCAPITAL, the Dutch Strategic European Technologies N.V. (SET) and the VC Fonds Berlin have provided €3 million financing to Pace GmbH based in Berlin. The investment was completed in March 2007.
eCAPITAL AG invests in the innovative services sector with its participation in freshnails GmbH. In cooperation with Stephan Schubert, member of eCAPITAL Advisory Board, eCAPITAL has invested in this new franchise concept through its second fund eCAPITAL II.
Dr. Michael Lübbehusen has joined the management team of eCAPITAL AG.
Successful first closing of Gruenderfonds Bielefeld-Ostwestfalen (Seed Fund Bielefeld - Eastern Westphalia).
eCAPITAL New Technologies AG becomes eCAPITAL entrepreneurial Partners AG. With the new name, eCAPITAL emphasizes the two-pillar approach with the new Fund II.
eCAPITAL has invested in Pyramid Computer GmbH through its second fund eCAPITAL II adding to its existing companies portfolio this medium-sized appliance server manufacturer.
Dr. Vasant Desai has been appointed a venture partner of eCAPITAL entrepreneurial Partners AG.
With Anycom Technologies AG, based in Monchengladbach, eCAPITAL has invested in the leading Bluetooth specialist in Germany, which is already also active internationally. The eCAPITAL team was further increased during this year. Fund II was closed with more than €40 million. Together with a second regional seed fund of €10 million, eCAPITAL managed €50 million new funds in 2007.
Another successful exit could be realized in the portfolio of the fund eCAPITAL I. finvision AG, a 100% subsidiary of Appcon GmbH, was sold to ion trading, London.
Fundraising for the second fund progressed as planned. By the end of 2005, ca. €20 million had been subscribed. At the same time, the first attractive investments of the second fund could already be realized. Together with well-known and experienced German and international co-investors, eCAPITAL has invested in COMCO AG based in Dortmund, Novaled GmbH based in Dresden, and Lumics GmbH based in Berlin.
Beginning of 2003
The first fund is finally closed after the last subscriptions were submitted.
At times eCAPITAL holds stakes in 20 young, promising technology companies, whilst first interests are sold.
eCAPITAL Unternehmensbeteiligungen AG & Co New Technologies KG is renamed into eCAPITAL New Technologies Fonds AG & Co. This step was necessary to be authorized by the ministry of economics to be a holding company. Only few investment companies in Germany have this authorization.
The subsidiary of Deutsche Ausgleichsbank, tbg, based in Bonn, participates as a so-called fund investor. With a share of 25% of the total volume, it is the largest institutional investor in the first fund. tbg only makes such commitments - as a fund investor - with very few German VC companies.
Due to the great demand, the first fund — with a volume of €10m – was closed 12 months earlier than planned. Thereupon, the partners of the fund decided to increase the fund to €12m, also in cooperation with tbg.
Foundation of eCAPITAL as “KAIROS Venture Fonds AG”
Successful accreditation of eCAPITAL with KfW Bank (Kreditanstalt für Wiederaufbau - Reconstruction Loan Corporation), Frankfurt