{"id":44210,"date":"2017-08-01T04:09:36","date_gmt":"2017-08-01T02:09:36","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/new-investors-strong-angels-and-new-corporate-funds\/"},"modified":"2017-08-01T04:09:36","modified_gmt":"2017-08-01T02:09:36","slug":"new-investors-strong-angels-and-new-corporate-funds","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/new-investors-strong-angels-and-new-corporate-funds\/","title":{"rendered":"New investors \u2014 strong angels and new corporate funds"},"content":{"rendered":"

Alex von Fran\u00adken\u00adberg<\/strong> \u2014 Mana\u00adging Direc\u00adtor High Tech Gr\u00fcn\u00adder\u00adfonds, Bonn<\/p>\n","protected":false},"excerpt":{"rendered":"

An ecosys\u00adtem and network of inves\u00adtors, foun\u00adders and corpo\u00adrate funds has igni\u00adted a new spirit of inno\u00adva\u00adtion in Germany that is also caus\u00ading a stir inter\u00adna\u00adtio\u00adnally and attrac\u00adting inves\u00adtors. Talents from all over the world are foun\u00adding compa\u00adnies in Germany, globally active inves\u00adtors are scou\u00adting and finan\u00adcing promi\u00adsing start\u00adups. Germany is well on its way to once again beco\u00adming a center for start-ups with inter\u00adna\u00adtio\u00adnal inno\u00adva\u00adtive strength.<\/strong><\/p>\n

After the burs\u00adt\u00ading of the Inter\u00adnet Bubble in 2000, the finan\u00adcing envi\u00adron\u00adment for capi\u00adtal-inten\u00adsive start-ups and non-profi\u00adta\u00adble but fast-growing compa\u00adnies dete\u00adrio\u00adra\u00adted signi\u00adfi\u00adcantly. Capi\u00adtal increa\u00adses through IPOs were much easier than today. At that time, the short distance between start-up and listing on the stock exch\u00adange could be finan\u00adced rela\u00adtively easily by private venture capi\u00adtal, some\u00adti\u00admes supple\u00admen\u00adted by public co-finan\u00adcing and support programs.<\/p>\n

The collapse of the stock markets after 2000 to 2003 led to an almost complete disap\u00adpearance of both venture capi\u00adtal finan\u00adcing oppor\u00adtu\u00adni\u00adties and stock market exits. Very shar\u00adply decli\u00adning valua\u00adtions, high default rates among port\u00adfo\u00adlio compa\u00adnies and disap\u00adpearing exit oppor\u00adtu\u00adni\u00adties resul\u00adted in disap\u00adpoin\u00adting returns, often even losses, for venture capi\u00adtal funds. Both the Kauff\u00adman Foun\u00adda\u00adtion and the Euro\u00adpean Venture Capi\u00adtal Asso\u00adcia\u00adtion (EVCA) report nega\u00adtive returns on average in the venture capi\u00adtal indus\u00adtry. Not even half of the 99 funds in which the Kauff\u00adman Foun\u00adda\u00adtion inves\u00adted were able to repay the capi\u00adtal they received.1 On average, seed and early stage funds achie\u00adved an IRR of \u2014 0.98%. Even the top quar\u00adtile, as the best 25% of venture capi\u00adtal funds gene\u00adra\u00adted a return of only 12.5% p.a.2. Not surpri\u00adsin\u00adgly, inves\u00adtors were reluc\u00adtant to invest further in venture capi\u00adtal funds, espe\u00adci\u00adally as private equity funds were able to gene\u00adrate very attrac\u00adtive returns during the same period. Many VCs were no longer able to place new funds and exited the market. Even the successful funds took much longer than plan\u00adned to fund\u00adraise and often fell short of targe\u00adted fund sizes. With few excep\u00adti\u00adons, this trend conti\u00adnues today, with the result that far too little venture capi\u00adtal is available for high-growth compa\u00adnies with a thirst for capital.<\/p>\n

In Germany, the public sector at the fede\u00adral level as well as at the state level has attempted in various forms to close the finan\u00adcing gap, espe\u00adci\u00adally in start-up finan\u00adcing. The EXIST programs, for exam\u00adple, subsi\u00addize univer\u00adsity start-ups, and a number of (rese\u00adarch) funding programs support sophisti\u00adca\u00adted deve\u00adlo\u00adp\u00adment projects with non-repa\u00adya\u00adble grants. High-Tech Gr\u00fcn\u00adder\u00adfonds provi\u00addes equity capi\u00adtal in the start-up phase as lead inves\u00adtor, and KfW\u2019s ERP-Start\u00adfonds supple\u00adments the funds from private equity inves\u00adtors as co-investor.<\/p>\n","protected":false},"featured_media":41420,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2604,2605],"product_tag":[1398,1465,2323,2330,2334,2343,2352],"class_list":{"0":"post-44210","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-fyb-2013-en","8":"product_cat-alex-from-frankenberg","9":"product_tag-private-equity-funds","10":"product_tag-venture-capital-fund","11":"product_tag-corporate-funds","12":"product_tag-spirit-of-innovation","13":"product_tag-start-ups-en-2","14":"product_tag-risk-capital-en","15":"product_tag-from-frankenberg","16":"pa_sprache-english-3","17":"pa_sprache-german","19":"first","20":"outofstock","21":"taxable","22":"shipping-taxable","23":"purchasable","24":"product-type-variable"},"yoast_head":"\nNew investors - strong angels and new corporate funds - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/produkt\/new-investors-strong-angels-and-new-corporate-funds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New investors - strong angels and new corporate funds - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"An ecosystem and network of investors, founders and corporate funds has ignited a new spirit of innovation in Germany that is also causing a stir internationally and attracting investors. Talents from all over the world are founding companies in Germany, globally active investors are scouting and financing promising startups. Germany is well on its way to once again becoming a center for start-ups with international innovative strength. After the bursting of the Internet Bubble in 2000, the financing environment for capital-intensive start-ups and non-profitable but fast-growing companies deteriorated significantly. Capital increases through IPOs were much easier than today. At that time, the short distance between start-up and listing on the stock exchange could be financed relatively easily by private venture capital, sometimes supplemented by public co-financing and support programs. The collapse of the stock markets after 2000 to 2003 led to an almost complete disappearance of both venture capital financing opportunities and stock market exits. 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Even the successful funds took much longer than planned to fundraise and often fell short of targeted fund sizes. With few exceptions, this trend continues today, with the result that far too little venture capital is available for high-growth companies with a thirst for capital. In Germany, the public sector at the federal level as well as at the state level has attempted in various forms to close the financing gap, especially in start-up financing. The EXIST programs, for example, subsidize university start-ups, and a number of (research) funding programs support sophisticated development projects with non-repayable grants. 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