German Business Angels in International Comparison

Abstract

The amount of funding that business angels provide is thought to be large, but varies widely by geography, industry, and custom. This article reviews the practice of business angels in Germany and details their age, income levels, net worth, and motivation. The use of various exit channels such as IPO, management buyout, sale to other investors, and trade (or strategic) sales are also tabulated. These data are compared with published studies of angels in the U.K., U.S., and Sweden. Different types of portfolio companies are reviewed and compared with companies in other countries.