The corporate-backed state venture fund, which raised nearly $380m for the first close of its second venture fund in October last year, is in late-stage talks with one company started outside Germany, after securing the ability to invest overseas as part of the new fund.

High-Tech Grȕnderfonds, the corporate-backed state venture fund of Germany, is actively looking for investments overseas and is known to be in late-stage talks with one company outside its home country, in an unusual step for a state-backed venture fund.

The corporate-backed state venture fund, which raised €288.5m ($379.7m) for the first close of its second venture fund in October last year, secured the ability to invest overseas as part of the new fund.

It is unlikely many investments will be…