The Non-Dilutive Funding Roadmap: from Pre-Seed to Series B

​Most founders think fundraising means one thing: giving up equity. Venture capital is and remains the engine of startup growth, but it is only one layer of a smart financing strategy. Some of the best-funded startups in Germany complement every equity round with capital that costs them zero ownership, through non-dilutive funding.

​The concept of non-dilutive funding is simple: capital you do not pay back with ownership. Grants, R&D tax incentives, subsidised loans, and public co-financing exist at every stage of the company lifecycle, and they are designed to work alongside your equity rounds, not replace them.

​The problem is that most founders either do not know these instruments exist, assume they are not eligible, or believe the bureaucracy is not worth it. The result: billions in available funding go unclaimed every year, while founders dilute themselves earlier and harder than they need to.

​This matters just as much on the other side of the table. For VCs and business angels, non-dilutive funding is leverage: every euro of public funding extends the runway of their portfolio companies, de-risks the next round, and multiplies the impact of their invested capital. The best investors already treat it as part of their playbook.

​The takeaway: before, during, and after every equity round, the non-dilutive layer should be on the table. Used right, it extends your runway, strengthens your negotiating position, and compounds from pre-seed all the way to Series B and beyond.

​About The Delta Campus Masterclass Series:

​The Delta Campus Masterclass series brings experts into our community to teach what they know best, from product and venture design to legal, finance, and growth. Each session delivers hands-on knowledge founders can immediately apply to strengthen their ventures. This session is hosted in collaboration with START Berlin, Germany's leading student-driven entrepreneurship network.

​This Session: The Non-Dilutive Funding Roadmap

​Hosted by Marten Pieper, CEO of re:fund.

​re:fund has supported over 150 innovative startups with non-dilutive funding and guided more than 200 funding projects, helping companies unlock recurring six- and seven-figure funding streams that complement their equity rounds without additional dilution. If you have ever wondered whether your startup or your portfolio is leaving money on the table, this session is for you.

​What We Will Cover:

• ​What non-dilutive funding actually is, and why it complements rather than replaces venture capital

• ​The funding landscape stage by stage: which instruments fit pre-seed, seed, Series A, and Series B

• ​A practical roadmap: R&D tax incentives (Forschungszulage), grants, and public programmes, and when to apply for each

• ​How non-dilutive capital strengthens your position in equity rounds, and why investors should push their portfolio to use it

• ​The most common mistakes founders make with applications, and how to avoid them.

​What You Will Walk Away With:

​✅ A stage-by-stage funding roadmap mapping the right non-dilutive instruments from pre-seed to Series B

​✅ A clear understanding of what your startup, or your portfolio companies, are eligible for right now

​✅ A framework for combining grants, tax incentives, and equity funding into one coherent financing strategy

​✅ For investors, a practical lens for using public funding to extend runway and de-risk follow-on rounds

​Who It Is For:

​Founders and operators building their financing strategy beyond the next equity round, as well as VCs and business angels who want to maximise the impact of their invested capital through the non-dilutive layer.

​One thing to do before you arrive: check whether your startup or your portfolio is leaving money on the table. Get a free funding check with re:fund from here.

​Hosted by The Delta and START Berlin.