In April 2026, Subra acquired THEVA, Germany, a long-standing portfolio company of Bayern Kapital, as part of its Series A financing round. The second closing of the €10 million from Bayern Kapital completes Subra’s Series A financing round to a total of €50 million in investments. The first closing was led by Novo Holdings and supported by Maj Invest and SPRIND.
The €50 million will help develop and scale Subra and THEVA into a fully integrated European HTS platform that covers the entire value chain – from REBCO coatings to superconducting cable systems.
Anders C. Wulff, CEO, Subra, said:
“We are delighted by the support and confidence shown by our experienced and carefully selected consortium of investors, including Bayern Kapital. With their backing, we are well-equipped to continue the development of our superconductor technologies and accelerate for large-scale production.
Our investors are a key part of our wider ecosystem that helps us in our ambition to reshape energy landscapes through scalable superconductor solutions for a lasting and sustainable impact on society and our planet.”
Monika Steger, Managing Director, Bayern Kapital, said:
“We first invested in THEVA Dünnschichttechnik GmbH in 2016 and have been supporting the company on its successful growth path ever since.
Accordingly, we see the acquisition by Subra as a sensible next step. The technologies of the two companies complement each other ideally to create an industrial platform that is unique in Europe in this form – a European champion in a highly relevant and strategically critical deep-tech market.”
About Bayern Kapital
Bayern Kapital is one of the most experienced and financially strong venture capital investors in the DACH region. With around 1.3 billion euros in assets under management, over 120 active portfolio companies and investments of up to 50 million euros per company, Bayern Kapital is one of the few investors in the market that provides financing from a single source, from pre-seed to global growth and scaleup rounds.
Since 1995, Bayern Kapital has financed around 390 startups and scaleups with over 675 million euros of its own venture capital in areas such as deeptech, life sciences, AI, climate-tech, SaaS, new space and quantum technology. Among the numerous success stories from Bavaria are EGYM, plancq, SimScale, Tubulis, Quantum Systems and OroraTech.