High-Tech Gründerfonds, a €272m ($370m) German state-backed fund supported by industrial groups BASF, Deutsche Telekom, Siemens, Robert Bosch, Daimler and Carl Zeiss, is preparing to close its second seed fund after the summer as policymakers concentrate on helping smaller businesses.

Alexander von Frankenberg, managing director of High-Tech Gründerfonds, at the European Venture Club conference in France, said an unnamed five of the six corporate venturing backers of the first fund had recommitted to the second fund, which was targeting €280m.

He added that five new investors had also committed and "another two to three" were likely to join as well by September. In October, von Frankenberg said companies had also provided more than a fifth of the €250m in follow-on funding to the 205 companies it had seeded over the previous five years.

The support follows a strong record by High-Tech Gründerfonds. In February, Evotec, a Germany-listed chemicals company,…

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