Germany

Ute Gunther

Chapter 11 in Angels Without Borders:Trends and Policies Shaping Angel Investment Worldwide, 2015, pp 115-122 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Angels are the most important investors for early stage companies in Germany. According to an estimate by Zentrum für Europäische Wirtschaftsentwicklung (zew) there are currently between 2,700 and 5,400 active angels in Germany. They annually invest between €300 and €400 million, €190 of which goes to the first round of high-tech companies. Angels are estimated to hold around four investments on average, translating into an average investment per engagement of between €50,000 and €150,000. The zew study shows that financing of young technology companies by third party equity is still underdeveloped, with only 4.1 percent accessing angels and 0.9 percent accessing venture capital. The proportion of university spinoffs among these is a high 42 percent. Start-ups that receive funding from third parties are larger, grow faster and are more innovative.

Keywords: Angel Investing; Angels Cross Border Investing; Entrepreneurial Financing; Startup Financing; Entrepreneurship; Early Stage Investing; Venture Capital; Early Stage Investment Ecosystem; Angels Without Borders; Capital and Entrepreneurship Without Borders; Crowd Funding; Women Angels; Impact Investing (search for similar items in EconPapers)
Date: 2015
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