Fast growth beyond borders: Tech start-ups reshaping the economy - Venture Capital and start-ups in Germany 2018 - EY Start-up-Initiative
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Fast growth beyond borders: Tech start-ups reshaping the economy Venture Capital and start-ups in Germany 2018
2 | Venture Capital and start-ups in Germany 2018
Introduction
Fast growth beyond borders: Tech start-ups reshaping the economy
After years of strong growth, 2018 has set again a new milestone in the development of
the German Tech start-up ecosystem. The scene has grown up and is attracting investor‘s
interest from all over the world.
Funding of German Tech start-ups becomes more and more sustainable and diversified.
The pipeline of top-funded ventures is no longer driven by a few large-size companies
in e-commerce and marketplaces but shows a well balanced mix of innovative ideas in
FinTech, Mobility, Smart Logistic, PropTech and HR related solutions. Berlin is the main
hub in Germany, driven by its internationality and diversity. Despite some players exiting
the market, the overall start-up ecosystem in the capital has strengthened after selected
companies were taken public.
Top fundings are driven by international investors with only a few German funds able
to participate in Series B+ rounds. Among the traditional global VC funds investing
in Germany, we increasingly see sovereign wealth funds and private equity players
competing for investment opportunities in the German Tech market. After years of
incubator and accelerator initiatives with mixed results, corporate investors have gained
further significance in the funding market due to the continued lack of local growth VC
funds.
In terms of M&A, corporates remain the most relevant exit channel for start-up founders
and their VC investors. German ventures are sold in rather early stages, whereby the
majority of corporate investors are headquartered outside Germany. Apart from corporate
buy-outs, market consolidation evolves as a key M&A driver in various verticals. Sub-
scale ventures are acquired by market leaders to accelerate growth, reduce competition
and realize synergies, primarily in marketing. Besides a few large-size IPOs especially in
e-commerce, the stock exchange has not been a relevant exit channel for the majority of
German Tech ventures despite favorable macroeconomic conditions.
The German Tech ecosystem is well positioned, relevant to the economy, and sufficiently
strong to absorb potential setbacks as a result of political uncertainty and a changing
macroecomomic environment. We consider technological expertise and talent as key
competitive factors in developed economies and look forward to the next growth level.
Dr. Thomas Prüver Thomas Nowatzky Max Turner
Partner | EY EY EY
Transaction Advisory Services Transaction Advisory Services Transaction Advisory Services
Venture Capital and start-ups in Germany 2018 | 3
Content Executive summary
1 Trends
8
German start-ups are full of innovative ideas seen in such
areas as FinTech, Mobility, Smart Logistics, PropTech and
HR related solutions.
2
As at December 2018, Top 100 German start-ups account for
an accumulated funding of USD8.1b, which is 43% more than
12 in the year before (on a like-for-like basis). Berlin accounts for
58 out of top 100 start-ups in terms of funding and represents
Funding
the leading Tech hub in Germany.
3
Trade sales to international corporations still provide the most
common exit channel for German Tech start-ups. Since the
20 stock exchange works only for a few large-size ventures, it
is not yet a relevant exit channel for the majority of German
Exits
Tech start-ups.
4
Still underserved by global standards, early stage funding has
impressively developed in Germany with well balanced liquidity
28 supplies in Seed and Series A rounds. We observe a clear trend
towards growth stage investors, including corporates and
Investors
financial investors.
4 | Venture Capital and start-ups in Germany 2018
Dashboard
AI seen as key disruptive
Trending FinTech, Mobility, Smart Outlook for
business technology applied in all industry
models Logistics, PropTech and HR future trends
verticals
Top 100 Top 10
USD8.1b USD1.7b
start-ups’ start-ups’
accumulated new funding
fundings until volume
2018 2018
We do not expect a significantly
Cross-border transactions still
Outlook for increasing IPO market in Germany
Exits 2018 provide the main exit channel future IPOs
for ventures valued below
for German start-ups
USD500m
USD6.4b
Biggest
USD0.4b
fund raise of
New funds
a German VC
in 2018
fund in
(disclosed) 2018
Venture Capital and start-ups in Germany 2018 | 5
6 | Venture Capital and start-ups in Germany 2018
Breakdown of key terms
Investments
With investments we refer to fundings, M&A deals and IPOs, which involve German start-ups, operating a digital business
model. Investments in life science, BioTech or non-digital start-ups have not been considered in this study. For this reason,
investments presented in the 2018 EY Start-up Barometer (619) and in this study (594) are different.
Funding M&A IPO
We define funding as equity or M&A activity comprises We define an initial public offering
debt financing with a change of acquisitions of German start-ups (IPO) as a public offering in which
ownership below 50% provided to with a change in ownership of more a start-up founded in Germany sells
a German-based start-up that than 50%. shares for the first time.
operates a digital business model.
Exit
Key player
Investors (Corporate and Financial) Start-up
We define investors as market participants acquiring Start-ups are companies generally younger than 10 years
shares in German-based start-ups in course of either that are operating digital business models. Exceptions
funding or M&A. A company is considered corporate might apply for older companies that have digitally
when its primary business is non-finance related, e.g. transformed their business model during the last 10
industry or service provision. We define an investor as years.
a financial investor when its primary activities are
investing or financing related. The digital sector comprises companies mainly focused
on the sectors consumer products and services, software,
IT services, media and entertainment or retailing/
distribution.
Corporate Financial
Venture Capital and start-ups in Germany 2018 | 7
8 | Venture Capital and start-ups in Germany 2018
Trending industry clusters appear
similar to prior year, now even more
accelerated by ML/AI technology
FinTech Mobility Smart Logistics
FinTech start-ups have been Business models offering last mile Smart logistics are gaining
evolving to offer a comprehensive transportation, mobility-as-a- attention, ranging from
set of services, ranging from tax service and smart parking attracted digitalization of supply chains
and accounting to B2B online the attention of early-stage to the introduction of new
banking services and Blockchain- venture capital investors in 2018. technologies. Drones and smart
enabled solutions. Foreign sensors are being implemented
competitors start to expand into Key disruptive trends such as into processes like inventory
the German market, which will autonomous driving, electrification management and shipment
drive consolidation. and smart mobility are ready tracking.
to kick-off. German digital and
The InsurTech segment exhibits the mobile infrastructure, which lag
need to come up with innovative behind other leading countries, has In the future, an even more
B2C products as different Tech slowed the development of these pronounced focus on further
trends converge (e.g. IoT and trends. implementation of machine learning
HealthTech). is expected to lead to innovations
in risk management solutions along
with a further streamlining of the
supply chain process.
PropTech Human Resources
A growing number of start-ups is keen to improve the Start-ups have tackled diverse segments of the recruiting
transparency in the real estate sector by managing process – acting either as a platform (broker model),
property availabilities and prices. Online platforms are or offering selected services, such as applicant sorting
putting old-school real estate brokerages to the test by services or providing proofed referrals.
providing similar services for free. In addition, co-living
and co-working solutions have continued to be in the
public spotlight and gained significant VC attention. Especially, recruiting platforms engaging in specific
occupational fields such as medical, IT, legal and logistics
received significant VC funding in 2018.
Artificial Intelligence
Machine Learning (ML)/Artificial Intelligence (AI) remains the driving force behind more and more start-ups, aiming to
facilitate innovations or optimize processes.
The German government is showing interest in establishing the country as a hub for ML/AI. A joint master plan is driven by
renowned research institutes such as the German Research Center for AI and the AI arm of the Fraunhofer Institute (IAIS).
Venture Capital and start-ups in Germany 2018 | 9
German start-ups draw attention with
a pipeline full of innovative digital
ideas and new business models
Selected national ventures1
FinTech Mobility Smart Logistics
• Coya • Ceverciti • Blik
• FinCompare • Cluno • Cargo.one
• Grover • Tier Mobility • doks.innovation
• omni:us • Wind Mobility • ParcelLab
• Penta • Wirelane • Sennder
PropTech Human Resources
• Casavi • Bunch
• Inreal Technologies • HeavenHR
Source: Newsletters, press releases, EY Analysis
1
• PROJECTS
Selection only for illustrative purpose. • Loopline Systems
• Store2Be • Talentry
Selection for illustrative purpose only
1
10 | Venture Capital and start-ups in Germany 2018Outlook for future trends
The founders’ main focus is expected to
shift towards the implementation of AI/ML
in all areas of business and social life. We do
not see AI/ML as an own industry cluster
but consider it as the key technology driver
behind all disruptive business models.
Venture Capital and start-ups in Germany 2018 | 1112 | Venture Capital and start-ups in Germany 2018
Top 100 German start-ups
have accumulated USD8.1b
funding as at December 2018
Top 100 start-ups by maturity, 2018 Top 100 start-ups by business model, 2018
Top 100 – Founding year Top 100 – Business model
Variable Total Variable Media/ Total
0–3 4–6 7–10 10+ Retail/e-
FinTech Software Mobility Enter- Other
years years years years commerce
tainment
#Firms 19 40 25 16 100 #Firms 21 19 14 8 4 34 100
Funding 926 4,069 1,672 1,468 8,135 Funding 1,763 886 2,246 800 619 1,821 8,135
Average 51 102 67 92 81 Average 84 47 160 100 155 54 81
Remark: Outlined funding volumes and averages are in USDm.
Note: Fundings announced after 31.12.2018 are not considered throughout the complete study (e.g. the USD300m funding for N26 announced in January 2019).
Number of top 100 start-ups by city, 2018
Hamburg Berlin
#6 #58
Other cities
Munich
#22
#14
Source: Crunchbase, Mergermarket, Deutsche Start-ups, Gründerszene, Deutsche Börse Venture Network, Press Releases, December 2018
In recent years, the German start-up However, the composition of the top In addition, a large number of new rising
funding was skewed by considerable 100 list has significantly changed. The stars gained investors’ attention and
investments in a few large-size ventures, Rocket Internet backed companies attracted fresh money. Similar to previous
such as HelloFresh, Delivery Hero and Delivery Hero, HelloFresh, Westwing years, innovative German companies still
Auto1. This development has rather and Home24, which previously received operate a wide variety of business models,
tended towards a much more diversified considerable funding, went public in albeit an investment focus on mature
and balanced funding ecosystem in recent years and are, therefore, not FinTech and e-commerce start-ups
2018. We have analyzed the top 100 considered as start-ups within our 2018 can be observed. Later stage FinTechs
start-ups in terms of funding and top 100 list. For comparison purposes, received fundings that exceeded USD60m
classified these companies by maturity we adjusted previous year accumulated per entity in 2018.
and business model. funding figures for these cases (a so
called like-for-like analysis). On this Berlin is still Germany’s start-up hotspot,
Top 100 German start-ups account for basis we observed an increase of total albeit other cities, such as Munich, are
USD8.1b accumulated funding as at accumulated funding by significant 43% gaining attractiveness, especially with
December 2018. comparing to 2017. regard to Deep Tech.
Venture Capital and start-ups in Germany 2018 | 13The composition of top 10 start-
ups shows a lower concentration
compared to last year’s list
In comparison to last year's top 10 list, SoundCloud N26 announced to reach break even short
funding is less concentrated as at or mid term, depending on how much the
December 2018 after Delivery Hero, Founded in 2007, the firm operates a company wants to invest into growth. It
HelloFresh, Westwing and Home24 music network platform. Over the last is driving the international expansion
went public and, thus, are not included several years, the venture has raised with focus on the UK and US market.
in the 2018 list. USD468m funding. In Q3/2017, the
cash injection of USD170m was led by Auxmoney
The 2018 top 10 list is characterized Temasek and The Raine Group.
by a wide group of companies, mainly Established in 2007, the company acts
operating in FinTech, e-commerce, or About You as an online peer-to-peer loan marketplace,
online travel business models. For the assessing the creditworthiness of
first time of this study series (since The e-commerce fashion retailer is part borrowers by using machine learning
2015), none of the top 10 companies of the German Otto Group and was algorithms. Auxmoney received an
is primarily funded by Rocket Internet. founded in 2014. In 2018, the company accumulated funding of USD198m as
received USD300m funding, which was at December 2018. The competitor
Growth and later-stage financing rounds led by the strategic investor Bestseller landscape comprises the German start-up
are still led by international investors, Fashion Group. With a valuation of Smava and the Lending Club (US).
(e.g. Softbank, Sequoia, Accel, New USD1b, the company became the first
Enterpise Associates, Kleiner Perkins, start-up unicorn in Hamburg. GetYourGuide
Vitruvian Partners or Temasek).
However, we observe a trend that a Kreditech Established in 2009, the tourism and
growing number of corporate investors travel booking platform offers a variety
participate in larger German funding Established in 2012, the FinTech company of travel experiences through its global
rounds (e.g. Tencent, Allianz, Otto or operates as an online platform offering supplier network. In 2017, the company
Shell). financial products to consumers by using received a funding of USD75m led by
machine-learning technologies and Boston-based Battery Ventures. With a
Funding of rising stars continues to soar, online data. Kreditech received a total total funding of USD171m, GetYourGuide
albeit it seems questionable whether funding of USD299m, excluding a debt is considered as a potential IPO candidate
this development will persist in the light injection (EUR200m in 2015, led by in the near future.
of increasing interest rates and political Victory Park) and including an equity
uncertainty. funding (EUR110m in 2017, led by PayU). Sonnen
GoEuro Founded in 2008, the lithium based
Auto1 Group energy storage start-up received a Series E
Founded in 2012, the Berlin-based funding of USD71m from Shell Ventures
Established in 2012, Auto1 operates venture acts as a meta search tool to and existing shareholders in 2018. The
Europe's leading marketplace for pre- compare and book travels by train, bus, total funding accounts for USD168m.
owned vehicles today. With a funding plane and car in Europe. In 2018, the
round of USD128m in April 2015, Auto1 company raised a funding of USD150m, Frontier Car Group
gained the attention of the start-up led by Kinnevik, Temasek and Hillhouse.
scene. Further investments in 2017 With a total funding of about USD300m, Founded in 2016, the Berlin-based
(EUR396m equity and debt financing GoEuro is now one of the highest funded company received a funding of USD130m
lead by Princeville Global) and 2018 travel start-ups in Europe. in 2018. The venture develops, launches,
(USD560m from Softbank, valuing the and operates pre-owned vehicles
firm at EUR2.9b) followed. As of today, N26 marketplaces within emerging market
Auto1 is one of the highest valued economies such as Nigeria, Mexico,
unlisted start-ups in Europe. The Berlin-based online banking provider Chile, Pakistan, and Indonesia. Amongst
received an investment of USD160m others, investors are Balderton Capital,
from Tencent and Allianz X in 2018. Partech Ventures, Naspers, TPG Growth.
14 | Venture Capital and start-ups in Germany 2018Top fundings in 2018 were
once again driven by foreign
investors
Top 10 accumulated funding volumes (disclosed funding volumes in 2018; before Exit)
USD
560m
(Jan. 2018)
USD
300m
(July 2018)
USD
USD
USD 160m
150m
USD 130m (Oct. 2018)
(March 2018)
USD USD USD 100m (May 2018)2
USD
67m 71m 74m (Aug. 2018)
65m
(May 2018) (May 2018)
(Jan. 2018) (March 2018)
Smava SolarisBank Sonnen Design Deposit Frontier GoEuro N26 About You Auto1
Key investors Venture
Offices Solutions Car Group
• Vitruvian • BBVA • Shell • EMH • Vitruvian • OLX • Kinnevik • Allianz X • Bestseller • SoftBank
Partners • Visa Ventures Partners Partners Ventures • Temasek • Tencent
• Lakestar • Existing • Art-Invest • Kinnevik • Balderton • Hillhouse
share- • Existing Capital
holders share- • TPG Growth
holders • Fraser
(such as McCombs
e.ventures) Capital
• Autotech
Ventures
Source: Crunchbase, Mergermarket, Deutsche Start-ups, Gründerszene, Deutsche Börse Venture Network, Press Releases, December 2018
2
Includes two funding rounds
Venture Capital and start-ups in Germany 2018 | 15Top 5 fundings in 2018
account for USD1.3b, up by 30%
Top 5 funding volumes3 2018 vs. 2017 (disclosed funding volumes; before Exit; on a like-for-like basis)
2017 2018
Auto 1 396 560 Auto1
USD 1.3b Soundcloud 239 300 About You
Lampenwelt 132 160 N26
USD 1.0b Kreditech 121 150 GoEuro
Lilium Aviation 90 130 Frontier Car Group
2018 2017 In USDm
Source: Crunchbase, Mergermarket, Deutsche Start-ups, Gründerszene, Deutsche Börse Venture Network, Press Releases, December 2018
3
Based on publicly available information; could include secondary market transactions
16 | Venture Capital and start-ups in Germany 2018Total accumulated funding
increased by USD2.5b to USD8.1b
as at December 20184
Top 100 start-ups located in Germany (based on total accumulated funding until December 2018, excluding IPOs)
# Target name Location Target profile Founding year Total funding value USDm5
1 AUTO1 Group Berlin Car retailing platform 2012 1.084
2 SoundCloud Berlin Music streaming 2007 468
3 About You Hamburg E-commerce (fashion) 2014 300
4 Kreditech Holding6 Hamburg Big data credit scoring 2012 299
5 GoEuro Berlin Travel search engine 2012 296
6 N26 7
Berlin Banking technology 2013 213
7 Auxmoney Dusseldorf Peer-to-peer lending 2007 198
8 GetYourGuide Berlin Travel recommendations 2009 171
9 Sonnen Wildpoldsried Lithium based energy storage 2008 168
10 Frontier Car Group Berlin Used-automotive marketplace 2016 152
11 Deposit Solutions Hamburg Open Banking platform 2011 144
12 Smava Berlin Lending platform 2007 133
13 Lampenwelt 8
Schlitz E-commerce (lamps) 2004 132
14 Dreamlines Hamburg Platform for ship cruises 2012 126
15 Spotcap Berlin Lender for SME enterprises 2014 113
16 SolarisBank Berlin Banking platform 2016 111
17 eGym Munich Fitness products 2011 109
18 Tado Munich Heating application 2011 109
19 Lilium Aviation Gilching Electric vertical take-off and landing jet 2014 101
20 Lesara Berlin Online retailer 2013 100
21 Movinga Berlin Moving services 2015 93
22 ResearchGate Berlin Knowledge network 2008 88
23 Blacklane Berlin Driver services 2011 82
24 Contentful Berlin Content publishing technology 2013 78
25 Celonis Munich Process Mining Software 2014 78
26 Blue Yonder Karlsruhe Big data technology 2008 75
27 Design Offices Nuremberg Working spaces solutions 2008 74
28 Helpling Berlin Household services 2014 73
29 Thermondo Berlin Heat and power technology 2012 72
30 Mister Spex Berlin E-commerce (glasses) 2007 70
31 Ada Health Berlin Personalized health technology 2011 69
32 Hoccer Berlin Messenger app 2009 69
Source: Crunchbase, Mergermarket, Deutsche Start-ups, Gründerszene, Deutsche Börse Venture Network, Press Releases, December 2018
4
Comparison to previous year on a like-for-like basis
5
Based on publicly available information; could include secondary market transactions and venture debt
6
Adjusted for USD215m debt payments in comparison to last year’s list
7
Excluding USD300m funding in January 2019
8
Adjusted for USD59m debt payments in comparison to last year’s list
Venture Capital and start-ups in Germany 2018 | 17Median funding size among
top 100 start-ups increased from
USD34m to USD46m
Top 100 start-ups located in Germany (based on total accumulated funding until December 2018, excluding IPOs)
# Target name Location Target profile Founding year Total funding value USDm9
33 Simplesurance Berlin Insurance platform 2012 68
34 Raisin (Weltsparen) Berlin Deposit brokerage platform 2013 68
35 Open-Xchange Nuremberg Communication software 2005 68
36 Outfittery Berlin Personal shopping service 2012 60
37 Native Instruments Berlin Audio production and DJing 1996 59
38 Huuuge Games Berlin Mobile games 2014 57
39 Instana Solingen Performance management software 2015 57
40 Lamudi (Now Jumia House) Berlin Real estate platform 2013 56
41 Arago Frankfurt Automation of IT operations 1996 55
42 Market Logic Software Berlin Market research software 2006 55
43 Uberall Berlin Marketing cloud services 2012 55
44 XOLUTION Munich Reclosable beverage container solution 2011 53
45 Signavio Berlin E-Business process mgmt. 2009 53
46 WeQ Berlin Mobile AdTech 2018 50
47 Brillen.de Wildau E-commerce (glasses) 2012 50
48 Navabi Aachen E-commerce (plus-size fashion) 2009 46
49 Scalable Capital Munich Digital investment service 2014 46
50 NavVis Munich Visualization software 2013 46
51 Carmudi Berlin Car classifieds platform 2013 45
52 Freeletics Munich Digital fitness company 2013 45
53 LIQID Investments Berlin Digital wealth management 2015 44
54 Clark Berlin Insurance platform 2015 44
55 Dedrone Kassel Drone detection technology 2014 43
56 Global Savings Group Munich Commerce platform 2012 41
57 Coya Berlin Digital insurances 2016 40
58 LeanIX Bonn SaaS for IT Portfolio Management 2012 40
59 Searchmetrics Berlin Online marketing 2007 39
60 KONUX Munich Sensor solutions 2014 39
61 Enfore (NumberFour) Berlin SaaS services 2009 38
62 Orderbird AG Berlin iPad POS system 2011 37
63 Volocopter Bruchsal Manned electric & air taxis 2012 37
64 Price f(x) Pfaffenhofen Price management and optimization 2011 37
65 EnOcean Oberhaching Sensor solutions provider 2001 36
66 reBuy Berlin Online reselling platform 2009 36
Source: Crunchbase, Mergermarket, Deutsche Start-ups, Gründerszene, Deutsche Börse Venture Network, Press Releases, December 2018
9
Based on publicly available information; could include secondary market transactions and venture debt
18 | Venture Capital and start-ups in Germany 201862% of top 100 start-up’s funding
volume is related to Berlin
Top 100 start-ups located in Germany (based on total accumulated funding until December 2018, excluding IPOs)
# Target name Location Target profile Founding year Total funding value USDm10
67 B2X Care Solutions Munich Customer care solutions 2007 35
68 AEVI International Paderborn Cross-border payments 2015 35
69 Cynora Bruchsal High-efficiency OLED technology 2008 35
70 Blinkist Berlin E-books technology 2012 35
71 Infarm Berlin Farm equipment supplier 2012 34
72 Tourlane Berlin Personalized travel 2016 34
73 EyeEm Berlin Photography community 2011 34
74 Wefox (FinanceFox) Berlin Insurance brokerage 2014 34
75 CupoNation Munich Coupons 1912 33
76 Babbel Berlin Language learning application 2007 33
77 Foodspring Berlin Fitness and sports nutrition 2009 33
78 Watchmaster Berlin Luxury watches 2015 32
79 Stocard Mannheim Digital wallet provider 2012 31
80 Tier Mobility Berlin E-scooter sharing platform 2018 31
81 Finiata Berlin Automated micro-factoring 2016 31
82 Webtrekk Berlin Data intelligence solutions 2003 31
83 BrandMaker Karlsruhe Marketing resource management 2008 30
84 Wunder Mobility Hamburg Mobility services 2014 30
85 Cleverciti Systems Munich Intelligent parking management 2012 30
86 Clue Berlin Female health app 2013 30
87 Grover Berlin Consumer electronics rental 2015 30
88 Geld-für-Flug Dusseldorf LegalTech 2016 30
89 ottonova Holding AG Munich Private health insurance 2015 30
90 McMakler GmbH Berlin Real estate agency 2015 29
91 Adjust Berlin Analytics and BI platform 2012 29
92 Camunda Berlin Workflow automation 2008 28
93 Shopwings Berlin Groceries delivery services 2014 28
94 Jimdo Hamburg Website creation platform 2007 28
95 xBav Munich Digitizing private pensions 2008 27
96 Element Berlin Insurance products 2017 27
97 Netbiscuits Kaiserslautern Platform for app development 2000 27
98 Omni:us Berlin AI-powered insurance technology 2015 27
99 HomeToGo GmbH Berlin Vacation rental platform 2014 27
100 Bettermarks Berlin Online mathematics platform 2008 27
Source: Crunchbase, Mergermarket, Deutsche Start-ups, Gründerszene, Deutsche Börse Venture Network, Press Releases, December 2018
10
Based on publicly available information; could include secondary market transactions and venture debt
Venture Capital and start-ups in Germany 2018 | 1920 | Venture Capital and start-ups in Germany 2018
We identified three key developments,
which describe the 2018 M&A
start-up environment in Germany
Highlights in German M&A start-up market in 2018
1
Foreign investors are
2
Acquisitions by corporates
3
Market consolidation
predominantly from other remain by far the most evolves as a key driver for
European countries, while important exit channel M&A activities in Germany.
investors from Asia and the for innovative and young
Middle East are increasingly companies.
emerging from the shadow
of US investors.
Outlook
Numerous large-size exits can be We expect another year of continued Despite favourable macroeconomic
expected in 2019 due to the commercial M&A activity, however, still at a lower conditions, we do not expect an
success of ventures that have attracted level compared to the US and the UK. increasing IPO market in Germany for
the interest of incumbent market Early stage money increasingly helps ventures valued below USD500m.
participants, and the strong pipeline of German start-ups to gain scale before
start-ups with material funding. being sold to corporates in rather early
stages.
Selected M&A deals in Germany (2018)
Target name Target location Target description Buyer name Buyer country Buyer description
Delivery Hero (German business
Berlin Food delivery services Takeaway.com The Netherlands Food delivery services
incl. Foodora, Pizza de and other)
FINANZCHECK.de Hamburg Credit comparison Scout24 Germany Comparison portal
Relayr Berlin IoT middleware Munich Reinsurance Germany Reinsurance
Parfumdreams Miltenberg Parfum e-commerce Douglas Holding Germany Parfum retail
Priori Data Berlin Mobile data intelligence appScatter UK SaaS app platform
Brainloop Munich Corporate collaborations Diligent US Enterprise governance
Softgarden Berlin E-recruiting Investcorp Bahrain Investor
Blue Yonder Karlsruhe Data science JDA Software US ERP/SC software
Source: Crunchbase, Deutsche Start-ups, Gründerszene, Press Releases
Venture Capital and start-ups in Germany 2018 | 21Recent trends indicate that
M&A activities are diminishing
comparing to VC funding
Number of investment activities (German-based start-ups, based on disclosed data)
Funding/IPOs M&A
453 155 2016
481 138 2017
594 129 2018
2016 2017 2018
25% 22% 18%
75% 78% 82%
Source: Crunchbase, Deutsche Start-ups, Gründerszene, Press Releases
In recent years, investment activities Acquisitions by corporates remain by Lendico, a Berlin-based Rocket Internet
in the start-up scene have increased far the most important exit channel backed peer-to-peer lending platform,
steadily, reaching an all-time high in 2018. for start-ups. Approximately 87% of all was acquired by ING Diba. The deal
Both financial investors and corporates exits (non-IPO) in 2018 are related to received wide media coverage and has
consider investments in German start- corporates, which represents a similarly been referred to as a triggering event
ups to be an effective vehicle to lever high level as in the previous year (88% regarding the market consolidation
growth potentials and gain rapid access corporate exits in 2017). We see that between the banking industry and rising
to disruptive technologies in order to corporate acquisitions continue to target FinTechs.
keep up with the global competition in young companies from the technology
the technology sector. sector, particularly FinTech and Software Blue Yonder, a Karslruhe based
solution start-ups. specialist in AI SaaS solutions for the
The trend of declining numbers of M&A retail sector, was acquired by JDA
deals continued in 2018. Furthermore, it Two examples which underpin this trend Software for an undisclosed amount.
becomes apparent that M&A deals are are Lendico and Blue Yonder. The media landscape often refers to
diminishing relative to new fundings, the deal as a landmark event and an
which indicates that start-ups are more indicator showing AI’s progress in the
keen to fuel their burn rate with VC funds retail industry.
instead of striving for strategic investors.
22 | Venture Capital and start-ups in Germany 20187 out of 129 disclosed M&A deals in
2018 related to insolvency cases
There are again a number of prominent The following examples substantiate this Epay acquired the insolvent payment
examples of start-up exits which related trend: start-up Lendstar. The company had
to insolvency cases of young businesses. to file for insolvency in August 2018.
Based on public information, 7 out of Movinga acquired major parts of the Subsequently, Lendstar was acquired
129 M&A deals in Germany in 2018 can Move24 business. After Move24 by Epay, a provider of voucher systems,
be attributed to an event of insolvency. (established in 2015) had to announce corporate incentives and payment
However, in our view this number can its insolvency in February 2018, Movinga solutions. Epay took over the company's
be even higher as a lot of M&A deals in took over trademark rights, domains assets, such as Lendstar’s platform,
fact likely relate to an insolvency and and a part of the 200 employees. With which will continue to be operated.
start-ups are not as successful as it is the takeover, Movinga primarily aimed
published. It can be observed that in to push ahead with its international
spite of business failures, employees or expansion by benefiting from existing
intangible assets (e.g. trademark rights employees and structures.
or customer bases) often represent a
value added for investors, which can be
acquired at a relatively low price.
Venture Capital and start-ups in Germany 2018 | 23Cross-border transactions
still provide the main exit
channel for German start-ups
Percentage of exits by origin of investor (Germany and rest of the world; based on disclosed data)
2016 2017 2018
43% 57% 46% 54% 47% 53%
German investors International investors11
Remaining 41% comprise
further various German
cities Europe
Hamburg 13%
13% Berlin 66%
25%
5%
4%
Cologne 5% North America
Asia
Frankfurt 5% Middle East
Stuttgart 5%
18% Munich
German investors International investors
Source: Crunchbase, Deutsche Start-ups, Gründerszene, Press Releases
11
Europe excl. German investors
Similar to previous years, the share of The multitude of investors are domiciled So far, the investor landscape has been
international investors (corporates and in European countries, although led by Berlin as the main location for
financial investors) remains slightly investors from Asia and the Middle East German investors (21% of German
higher compared to national investors. are stepping into the spotlight with investors were located in Berlin in 2017).
This implies that cross-border increasing frequency. We expect that In 2018, further major German cities
transactions at European or worldwide this trend will continue over the next few such as Munich and Hamburg have
level still provide the most common exit years and both Asia and Middle East may caught up strongly.
channel for German start-ups. act as key players in the start-up M&A
market.
24 | Venture Capital and start-ups in Germany 2018Acquisitions by corporates remain by
far the most important exit channel
Share of corporates and financial investors 2017 versus 2018 Exemplary transactions of
(based on disclosed data) corporate investors
2017 2018 Corporate
investors Target
12% 13%
Industrial Munich Re relayr
88% 87%
FinTech Scout24 Finanzcheck
Financial investors Financial investors Parfum-
E-commerce Douglas
dreams
Corporate investors Corporate investors
Source: Crunchbase, Deutsche Start-ups, Gründerszene, Press Releases
The M&A market is still dominated We still see the trend that a material
by corporate exits. Many of these share of young businesses is sold to
corporates expect innovative start- corporates at an early-stage, rather than
ups to be the driving force of their levering the business with the financial
digitalization and related growth power of a private equity partner. We
potentials. At the same time, there is also observe that the consolidation of
no evidence of a material increase in Tech businesses through a well defined
M&A activities by financial investors. buy and build strategy is not a common
Only a handful of financial investors such practice in Germany at the moment.
as Arcus Capital, Capital D or Equistone
Partners Europe were involved in German entrepreneurs still appear to
start-up exits this year. be discouraged by the involvement of a
private equity investor and might not see
There is still a lack of late stage VC the potential or scaling opportunities a
funding in Germany, albeit we see consolidation of businesses may provide.
increasingly sovereign wealth funds and
private equity players competing for
investment opportunities in the German
Tech market.
Venture Capital and start-ups in Germany 2018 | 25In 2018, 5 start-ups raised
USD0.4b through IPOs
Overview of two biggest IPOs in Germany in 2018 In 2018, five start-ups raised USD0.4b
through IPOs. The following profiles
provide some details on the companies
Home24 Raised money in USDm that went public:
177
Valuation at IPO: c. USD705m Home24 (money raised: USD177m),
the IPO of this Rocket Internet backed
Profile: Furniture e-commerce company intended to obtain the
Foundation: 2009 required capital to expand the marketing
Jun18 IPO approach and foster the company’s
business growth.
Westwing Raised money in USDm Westwing (money raised: USD155m),
155
the Rocket Internet backed furniture and
Valuation at IPO: c. USD618m interior design online platform planned
to repay debt and to further invest in
Profile: Furniture e-commerce technology and marketing with its IPO
Foundation: 2011 Oct18 IPO proceeds.
Marley Spoon (money raised: USD52m) Capsensixx (money raised: USD15.5m) Creditshelf (money raised: USD18.8m)
offers a cook-at-home meal kit service. is a Frankfurt based small cap. Through provides an online credit marketplace
The company went public at the Sydney various subsidiaries the company offers lending platform for German small- and
Stock Exchange, supported by the fact risk management, reporting, monitoring, medium-sized companies.
that Australia is one of its strongest and administration services in the
markets. financial sector.
26 | Venture Capital and start-ups in Germany 2018Outlook for the German IPO market
A number of German start-ups
are currently considered as next IPO
candidates. However, we do not
anticipate an increasing IPO market in
Germany for ventures valued
below USD500m.
Venture Capital and start-ups in Germany 2018 | 2728 | Venture Capital and start-ups in Germany 2018
New investment funds focused on
the German market have been set-up
by national and international players
A number of new funds have been Lea Partners, a venture capital and Lead Edge Capital, a New York based
announced by both, German and private equity firm based in Germany, investment fund, raised USD520m. The
international VCs, which are targeting has a broad investment profile in terms investments will be focused on software
German technology companies. The of venture maturity stage. The firm has and consumer-facing internet products
volumes of new funds remained at a ten- raised a single fund of USD236m which is in the US and Europe. The start-up
digit but slightly lower level compared to primarily targeting B2B Tech companies portfolio includes the carpooling platform
the all-time high in 2017. in German-speaking countries. BlaBlaCar and the food delivery start-up
Delivery Hero.
Among other German players with new Earlybird is a Berlin-based venture
nine-digit funds, Earlybird, Digital + capital investor, prioritizing European Corviglia Capital Fund is a global
Partners, Holtzbrinck or Lea partners early-stage technology companies. With FinTech fund, which currently strives to
demonstrated a successful track record its fund “Earlybird Digital West (Fund close a USD500m fund. The fund aims on
over the past years. VI)“ the company has built-up an ticket sizes up to USD50m, focusing on
investment vehicle of USD207m. Target RegTech, AI, cybersecurity and FinTech
Selected national VC players industries comprise Deep Tech start-ups business models.
in German-speaking countries as well as
Rocket Internet, a Berlin-based investor, Western- and Southern-Europe. DN Capital, a global early-stage venture
has been developing and investing in capital firm, focuses on both seed and
market leading businesses that satisfy UVC Partners, a Munich-based early- Series A investments in Europe and
basic consumer needs across sectors stage venture capital firm, has launched North America. The firm has closed its
such as marketplaces, e-commerce, its second fund with USD97m for latest fund “Global Venture Capital IV”
travel and FinTech. The latest venture European technology-based B2B with a total amount of c. USD236m.
fund “Rocket Internet Capital Partners start-ups.
Fund” raised USD1b in 2016. Moreover, SoftBank Investment Advisers, a
the firm intends to raise a new fund with London-based venture capital firm,
a total amount between USD1-2b. Selected international specializing in growth and late-stage
VC players start-up investments. SoftBank holds
Digital + Partners, a venture capital firm USD100b at its disposal to lever
with offices in Frankfurt and Munich, has Index Ventures, an international venture investments in business models such
closed its “Digital Growth Fund I” with a capital fund with offices in London and as AI, IOT, robotics, BioTech or FinTech
total volume of USD413m. The fund is San Francisco, invests in companies with industry. SoftBanks vision funds is
directed on established business models a focus on FinTech, e-commerce, mobility currently the largest VC funds on a
in the FinTech and Industrial sector. and AI. In 2018, the firm has raised more global level.
than USD1.6b with two funds: USD650m
High-Tech Gründerfonds (HTGF), a will be invested in early-stage companies;
German-based venture capital firm, is USD1b will be invested in growth-stage
investing in early-stage business-models start-ups.
with a focus on high-potential Tech start-
ups. The latest fund “HTGF III” totaled to Lakestar, a Zurich based venture capital
USD374m. firm, invests in early and growth-stage
business models. Founded by Klaus
Holtzbrinck, one of the largest Hommels, the fund has been involved in
independent early-stage venture funds in company exits, such as Spotify, Facebook
Europe, has closed its fund “HV or Skype.
Holtzbrinck VII” with a total amount of
USD361m. Investments are usually made Mosaic Ventures, a venture capital firm
in both early and seed-stage companies. based in London, mainly participates in
Series A rounds. In 2018, the VC closed
a USD150m fund.
Venture Capital and start-ups in Germany 2018 | 29The table below covers new venture
capital and public funds active
in the German start-up market12
New institutional funds identified from Q1 2018 to Q4 2018
# Investor Fund name Location Volume (USDm)13 Announced
1 Index Ventures Index Ventures Growth IV London, Geneva 1000 Jul 2018
2 Lakestar European VC Fund Zurich 800 Jul 2018
3 Index Ventures Index Ventures IX London, Geneva 650 Jul 2018
4 Lead Edge Capital Lead Edge Capital IV New York 520 Aug 2018
5 EU VentureEU n/a 484 Apr 2018
6 Digital + Partners Digital Growth Fund I Frankfurt, Munich 413 Jul 2018
7 HTGF HTGF III Bonn 374 May 2018
8 Holtzbrinck HV Holtzbrinck Ventures Fund VII Munich, Berlin 361 Jan 2018
9 Corviglia Capital Fund n/a Luxembourg 250 Oct 2018
10 KfW Capital KfW Capital Berlin 236 Oct 2018
11 LEA Partners LEA Mittelstandspartner Karlsruhe 236 May 2018
12 DN Capital Global Venture Capital IV London 236 Jan 2018
13 Early Bird Earlybird Digital West (Fund VI) Berlin 207 Jul 2018
14 Mosaic Ventures Mosaic Ventures II London 150 Oct 2018
15 Target Global Target Global Transportation Fund Berlin 100 Jun 2018
16 UVC Partners UVC Partners Fund II Munich 97 Apr 2018
17 Five Seasons Ventures Five Seasons Ventures Fund I Paris 71 Mar 2018
18 Ananda Impact Ventures Ananda Impact Fund III Munich 59 Oct 2018
19 Speedinvest Speedinvest x, Speedinvest f, Speedinvest i Wien 59 Jun 2018
20 ABN Amro Bank ABN AMRO Digital Impact Fund Amsterdam 47 Mar 2018
21 42Cap 42CAP II Munich 35 Jul 2018
22 NRW Förderbank Seed Fund III Aachen Aachen 24 Apr 2018
23 Hessische Landesregierung Futury Venture Fonds Wiesbaden 19 June 2018
24 ERF Schleswig-Holstein ERF-SH Kiel 5 Feb 2018
25 PropTech1 Ventures n/a Berlin undisclosed Mar 2018
26 Wilo Wincubator Berlin undisclosed Jul 2018
Source: Crunchbase, Deutsche Start-ups, Gründerszene, Press Releases
12
Accelerator programs are not included
13
Represents approximate amounts converted from Euro
30 | Venture Capital and start-ups in Germany 2018The investor landscape has become
more mature, resulting in even lower
barriers for early-stage funding
Key players active in the German start-up scene categorized by predominant funding stage (selected examples)
Incubators and Accelerators Seed and Series A Series B and later
• BASF New Business • Atlantic Labs • IBB • Acton Capital Partners
• Deutsche Bahn Mindbox • BlueYard Capital • IMK Venture Capital GmbH • Ananda Impact Ventures
• HitFox Group • b-to-v Partners • Partech Ventures • D. Telekom Capital Partners
• Hub:Raum • Capnamic Ventures • Paua Ventures • Digital+ Partners
• Lufthansa Innovation Hub • Cavalry Ventures • Point Nine Capital • Global Founders Capital
• METRO Accelerator • Cherry Ventures • Project A Ventures (Otto Group) • HCS Beteiligungsges.
• Microsoft ScaleUp • Creathor Venture • Redstone Digital • HW Capital
• Next Big Thing • Earlybird Venture Capital • Rheingau Ventures • Mountain Partners
• Next Media • Fly Ventures • Seven Ventures (ProSiebenSat.1) • Neuhaus Partners
• Project A Ventures • Freigeist Capital • Starstrike Ventures • Target Global
• Rheingau Ventures • German Startups Group • Target Partners • Tengelmann Ventures
• ProSiebenSat.1 Accelerator • HTGF • TA Ventures
• SAP.IO Foundry • HV Holtzbrinck Ventures • UnternehmerTUM VC Partners
• Startplatz
• TechBoost (Deutsche Telekom)
• TechFounders Accelerator
Source: Crunchbase, Deutsche Start-ups, Gründerszene, Press Releases
In comparison to previous years, the Corporate accelerator programs: Market observations
investor landscape has reached a certain
maturity. Investments in Tech start-ups
have evolved from a pure VC territory to The vast majority of the largest German Activities of large corporations in the
a market segment in which investment corporations aim to institutionalize start-up scene are mostly driven by
banks and corporates are engaged to an innovations in their companies with in- the search for business ideas which
increasing extent. house accelerator programs. The total could add value to their core business.
number of accelerators in Germany However, there are certain differences
Seed-stage investments have not solely almost doubled in the past two years between corporate cultures of start-ups
been driven by business angels or since almost all leading German corporates and large enterprises. In addition, high
governmental-backed VC companies, launched new programs. risk aversion and long decision-making
but also by a number of incubators and processes of corporates represent
newly institutionalized VC companies obstacles to cooperations between both.
from successful former entrepreneurs.
US investors still dominate growth and Selected accelerator programs launched in 2018
later-stage funding rounds due to their
superior financial power. As a result, the
sweet spot for German investors remains Accelerator Target industry
the investment area below EUR10m.
Axel Springer & Porsche Accelerator (APX) Life style, mobility, travel, FinTech, media, health
In this segment, German investors with
the largest funds are the vehicles of
Rocket Internet as well as Earlybird or Next Logistics Logistics
Holtzbrinck.
Universal Home Smart home & living, intelligent buildings
Wayra (re-launch) IoT, Data analytics, Cyber security, AI
Venture Capital and start-ups in Germany 2018 | 31Key players active in the
German start-up scene (1/5)
Corporate Ventures • SAP.IO • Microsoft Ventures Accelerator
• Scouting & Coinvestments – E.ON • MundiLAB Accelerator – Munich RE
• Allianz Ventures • Next Big thing
• Axa Innovation Campus • Next Commerce Accelerator
• Bauer Venture Partner Incubators and Accelerators • Next Logistics
• BCG Digital Ventures • Next Media Accelerator
• Bertelsmann Investments • Accelerator Frankfurt • NFQ Capital
• Bilfinger Venture Capital • agile Accelerator – E.ON • Pando Ventures (Taunusstein)
• BMW i Ventures • Allgeier Innovation Lab • ProSiebenSat.1 Accelerator
• Boehringer Ingelheim Venture Fund • Allianz X Accelerator • RainMaking
• Burda Digital Ventures (by Acton) • APX • Retailtech-Hub (MediaMarktSaturn)
• Burda Principal Investments • Atlantic Food Labs • Rocket Internet
• CommerzVentures • Atlantic Ventures • SAP.IO Foundry
• Co-pace Continental • Axel Springer Plug and Play • Siemens Technology Accelerator
• DB1 Ventures – Deutsche Börse • BASF New Business • ScaleUp (Microsoft)
• Deutsche Bahn Digital Ventures • Berlin Hardware.Co Accelerator • SpinLab – The HHL Accelerator
• Deutsche Telekom Capital Partners • Betafabrik • Startplatz
• Diehl Ventures • Black Forest Accelerator • Startup Autobahn Accelerator
• EnBW New Ventures • BMW Startup Garage Incubator • Startupbootcamp Berlin
• Evonik VC • Breakthrough-Accelerator • StartupDock
• Fielmann Ventures • CoLaborator (Bayer) • TechFounders Accelerator
• FLUXUNIT – Osram Ventures • Co-pace Incubator – Continental • Universal Home
• Forum Media Ventures • DB Accelerator • Venture Stars
• Freudenberg Venture • Deutsche Bahn Mindbox • VentureVilla Accelerator
• Gruner + Jahr AG • Deutsche Bank Innovation Lab • W1 Forward InsurTech Accelerator
• Haas New Media • Digitalfabrik – Deustche Bank • Wattx
• Hasso Plattner Ventures • EuropeanPioneers Accelerator • Wayra Accelerator (Telefonica)
• Henkel Ventures • Fantastic Mr. Fox Ventures • Xantera Venture Capital
• HR Ventures • Finconomy
• Hydra ventures – Adidas • FinLeap
• Innogy Ventures • FinTech Hub – Deutsche Börse Investors
• K – New Media (K-Invest) • Fraunhofer Venture
• K-Invest Beteiligungs GmbH • Grants4Apps – Bayer • 2 Welten Investment
• Lidl Stiftung & Co. KG • Hanse Ventures • 20 Scoops Venture Capital
• Lufthansa Digital Fund • Heartbeat labs • 32nd Floor
• Media + more venture • helios.hub • 42CAP
• Mediengruppe Klambt • hub:raum Incubator – Telekom • Alstin
• Mobile Ventures • Ideation Hub – Volkswagen • AM Ventures
• MS Ventures • Inncubator Investments GmbH • Ananda Ventures
• Next 47 (Siemens) • InnoWerft • Asgard Capital
• NWZ Digital • leAD Sports Accelerator – Adidas • Astutia Ventures
• Oetker Digital • Liquidlabs • Atlantic Labs
• Peppermint Venture Partners • Lufthansa Innovation Hub • Aurelius AG
• Porsche • Magmatic Ventures • Avala Capital
• ProSiebenSat.1 Media • Main Incubator • b10 Venture Capital
• Robert Bosch Venture Capital • Merck Accelerator • Bamboo Ventures
• SAP Startup Focus • METRO Accelerator • BASF Venture Capital
32 | Venture Capital and start-ups in Germany 2018(2/5)
• BayBG • CFH Beteiligungsgesellschaft mbH • ECM Equity Capital Mgmt.
• Berlin Metropolitan Ventures • Cherry Ventures • Econnoa
• Berlin Technologie Holding • CologneInvest • Egora Holding
• Berlin Venture Partners • Colonia Private Equity • Elite Startups
• Berlin Ventures • Coparion • EMBL Ventures
• Bitkraft eSports Ventures • Creathor Venture • Emeram Private Equity
• BlueYard Capital • Crossventures • Engage Ventures
• bmp media investors • Cumberland VC • Engelhardt Kaupp Kiefer
• BonVenture Management • Curious Capital • EnjoyVenture
• Born2grow • Deutsche Balaton • Enxium
• Brockhaus Private Equity • Deutsche Beteiligungs AG • Equistone Partners
• b-to-v Partners • Deutsche Handelsbank • Equity Seven
• building10 Servicegesellschaft • Deutsche Invest Capital Partners • eVentures Capital Partners
• Burgey Business Group • Digital + Partners • Extorel GmbH
• Caesar Business Angels • Digital Health Ventures • Finlab
• capiton • Digital Pioneers Germany • Finparx
• Capnamic Ventures • Don Ventures • Fly Ventures
• Catagonia Capital • DS Invest • Follow the Rabbit Ventures
• Cavalry Ventures • Earlybird Venture Capital • Found Fair Ventures
• CD-Venture • eCAPITAL Partners AG • Freigeist Capital
Venture Capital and start-ups in Germany 2018 | 33Key players active in the
German start-up scene (3/5)
Investors (continued) • MK Venture Capital GmbH • Statkraft Ventures
• Moacon Ventures • Steadfast Capital
• Fresenius Medical Care Ventures • Möller Ventures • S-UBG
• FTR Ventures • MoTu Ventures • S-VentureCapital Dortmund
• FundersClub • Mountain Alliance • TA Ventures
• German Ventures • Müller Medien • Target Global
• GLG Green Lifestyle • Munich Venture Partners • Target Partners
• Global Founders Capital • Mutschler Ventures AG • Team Europe
• GMPVC German Media Pool • Muzungu Capital • TechnologieContor
• GoBeyond • NABRU Ventures • Tengelmann Ventures
• Grazia Equity • Neuhaus Partners • THI Investments
• Guano • Newten Ventures • Think.Health Ventures
• HCS Beteiligungsgesellschaft • Nextfatbusiness • Tiburon Unternehmensaufbau
• HeidelbergCapital • Nordwind Capital • Triangle Venture Capital Group
• Heilemann Ventures • OHB Venture Capital • Triginta Capital
• Heliad Equity Partners • Omnis Mundi • TruVenturo
• HitFox Group • Paua Ventures • TVM Capital
• HR Alpha Venture Partners • Perpetual Ventures • Unternehmertum VC Partners
• HV Holtzbrinck Ventures • PINOVA Capital • UVC Partners
• HW Capital • Plutos Group • VCDE Venture Partners
• Ideenschaft Invest • Point Nine Capital • Venista Ventures
• Ilmenau Business Angels • Priority AG • Vito One
• InsurTech.vc • Project A Ventures • Vito Ventures
• iVentureCapital • Project Flying Elephant • Vogel Ventures
• J.C.M.B. Beteiligungs GmbH • PropTech1 Ventures • Vorndran Mannheims Capital
• J.F. Müller & Sohn AG • Redstone Digital • VR Equitypartner
• Jaja Investment • Reimann Investors • Wawayaro GmbH
• June Fund • Rheingau Founders • WeFund
• Kamran Capital • RI Digital Ventures • Wellington Partners
• Katjesgreenfood • Richmond View Ventures • WestTech Ventures
• KIZOO (Karlsruhe) • Saarbruecker21 • Whitestone Communication Networks
• Kraut Capital • SABIC Ventures • WOLFMAN.ONE
• La Famiglia • Santo Venture Capital • XAnge
• LAFAM Holding • SBG Sachsen-Anhalt • Yesss CAPITAL
• Lakestar • Schlegel & Friends • ZFHN
• LBBW Venture Capital • Seed & Speed
• LEA Partners • Seed Fonds Aachen
Public institutions,
• Leonardo Venture • Senovo Capital Mgmt.
• Linden Capital • Seven Miles platforms, communities
• Littlerock • Shortcut Ventures
• MairDuMont Ventures • SHS • Bayern Kapital
• Maxburg Capital Partners • Signals VC • BC Brandenburg Capital
• Media Ventures • Sirius Venture Partners • Bergfürst AG
• Menden Ventures • Smac partners • Berlin Partner für Wirtschaft & Tech.
• Mercura Capital • S-REFIT • Berlin Startup Academy
• Metacrew Ventures • Star Ventures Management • BetaHaus
• MGO Digital Ventures • Starstrike Ventures • Beteiligungsmanagement Thüringen
• MIG AG • Start 2 Ventures • Black Chili
34 | Venture Capital and start-ups in Germany 2018(4/5)
• bm|t Beteiligungsmanagement International • Demeter Partners (FR)
• BridgeMaker • DeNA (JP)
• BTG Hamburg • ABN Amro Bank (NL) • Digital Currency Group (US)
• Business Angels Agentur Ruhr • 360 Capital Partners (FR) • Dima Ventures (US)
• Business Angels Club Berlin • 3M New Ventures (US) • DN Capital (UK)
• Companisto • 500 Startups (US) • Dragoneer Investment Group (US)
• Enpact • 83North (IL) • Draper Esprit (UK)
• ERF Schleswig-Holstein • ABC Accelerator (Sl) • DST Global (HK)
• EY Wavespace • ACCEL (US) • e.ventures (US)
• Factor10 • Advancit Capital (US) • EchoVC Partners (NI)
• FIB Fonds • Advent Venture Partners (UK) • Ecomobility Ventures (FR)
• Fundsters • A-Grade Investment (US) • Eight Roads Ventures (UK)
• Genius Venture Capital • Allen & Company (US) • Emerald Technology Ventures (CH)
• German Startups Group • Altos Ventures (US) • enchant.vc (SG)
• Green Alley Investment • Altpoint Capital (US) • Endeit Capital (NL)
• Grow - Bosch • Alven Capital (FR) • ENIAC Ventures (US)
• GTEC • AME Cloud Ventures (US) • Entrée Capital (UK)
• Hannover Beteiligungsf. • Arkley (PL) • EQT Ventures (SE)
• Hessische Landesregierung • Asia Pacific internet Group (SG) • ESO Capital Group (UK)
• High-Tech Gründerfonds • Atlantic Bridge (IE) • Felix Capital (UK)
• Humboldt Innovation • Atlas Venture (US) • Finstar Financial Group (RU)
• IBB Beteiligungsgesellschaft • Atomico (UK) • Five Seasons Ventures (FR)
• IBG Beteiligungsgesellschaft • aws Gründerfonds (AT) • FJ Labs (US)
• IFB Innovationsstarter • Axivate Capital (NL) • FLOODGATE (US)
• Initiativekreis Ruhr • Baillie Gifford (UK) • Fosun Group (CN)
• Invest. Bank Rheinl.Pfalz • Balderton Capital (UK) • Four Rivers Group (US)
• Invest. Bank Brandenburg • Battery Ventures (US) • Frog Capital (UK)
• ISB Rheinland-Pfalz • Benchmark Ventures (US) • Frontline Ventures (UK)
• Kapilendo • Bessemer Venture Partners (US) • GE Ventures (US)
• KfW Bankengruppe • BIP Investment Partners (LU) • General Atlantic (US)
• LemonBlood • BlackRock (US) • General Catalyst (US)
• Makers • Blumberg Capital (US) • Generis Capital Partners (FR)
• Mantro • Boost Heroes (IT) • German Accelerator Tech (US)
• MBG Baden-Württemberg • Boundary Holding (LU) • Gettylab (US)
• Mittelständische BTG Berlin-B. • Breed Reply (UK) • Gimv (BE)
• Neufund • Bridgepoint (UK) • Global Growth Capital (UK)
• NRW Bank Kreativ Fonds • Bright Capital Digital (RU) • GMT Capital (US)
• Saarländische Wagnisfinanz. • CareVentures (LU) • Goldman Sachs (US)
• Seedcamp Berlin • Cascara Ventures (BE) • Google Ventures (US)
• Seedmatch • Chernin Group (US) • Greycroft Partners (US)
• SIB Innov.-Beteilig. • Cipio Partners (LU) • Greylock Partners (US)
• SVS Capital Partners • Corviglia Capital Fund (LU) • Groupe Arnault (FR)
• TakeOff VC Management • CME Ventures (US) • Harbert Europ. Growth Capital (UK)
• The Angel Club • Coller Capital (UK) • Hartford Steam Boiler (US)
• VC Fonds BW • Columbia Lake Partners (UK) • Helvetia Venture Fund (CH)
• Wirtschaftsbank Hessen • Connect Ventures (UK) • Highland Capital Partners (US)
• Creandum (SE) • Hiventures Investment Fund (HU)
• Dawn Capital (UK) • HOWZAT Partners (UK)
Venture Capital and start-ups in Germany 2018 | 35You can also read
