Hymen And A Torn Hymen

The Consultancy
Fleischhauer, Hoyer & Partner
out regular analysis of venture capital activities in Germany (as part of the whole private equity market) by. The report for the 2 Quarter of 2009 makes several important features transparent.

of the 37 leading venture financiers, who attended the panel, 109 Investments (previous quarter 86) made (48 initial investment, 61 follow-on investments) - an increase of 27% sequentially and down 9% on-year. Among the most active private investors were Holtzbrinck Ventures (3 Initial Investments / 9 follow-on investments) and Wellington Partners (4 / 3) - most of the capital also came from Wellington (€ 13.8 million). was

Most investments are in software (25) - followed by Internet services (16). Only 4 biotech investments have been reported. Most capital flowed into the cleantech (€ 14 million) - followed by software (€ 13 million).

was the number of exits 24 (20). Of these, however, 11 Depreciation (12). After all, reach 9 Trade Sales (7) - sale of shares on the stock exchange were used in one case (after IPO).

The VC industry is cautious

The interviewed VCs have in the past 12 months, again preferably more mature companies.
The majority of the funded company reported at the time of initial financing sales of more than 100,000 € and was older than a year.


was most frequently invested in software companies





Furthermore, more than depreciation disposals


The most common reasons for rejection für VC-Beteiligungsanfragen