Venture capital in Germany

CMS

CMS impresses with a broad practice that acts for all market participants and a presence across numerous German and international offices. The team advises on investment rounds, sales, IPOs, venture debt and EIB financing among other matters. Munich-based Stefan-Ulrich Müller is adept in assisting technology clients and is locally supported by Tilman Weichert and counsel Jessica Mohaupt-Schneider. Other key contacts are Jörg Zätzsch and senior associate Friedrich von Spee. Particularly notable is CMS equIP, a programme that supports startups.

Noerr

Growth capital companies and investors regularly instruct Noerr on all matters related to VC funded companies, while the team behind practice heads Georg Christoph Schneider and Christian Pleister is particularly experienced in the health care, fintech and proptech sectors where it advises a broad portfolio of national and international clients. Ariane Neubauer assists market players with equity financing, stock acquisition and exit transactions, while Felix Blobel is also admitted as notary public.

Other key lawyers:

Felix Blobel; Ariane Neubauer

Key clients

Armira

CMP

DPE Deutsche Private Equity

DICP Deutsche Invest Capital Partners

Mandarin Capital Partners

Avista Capital

Apollo Global Management

Deutsche Beteiligungs AG

Global Fashion Group

Bregal Unternehmerkapital

Emeram Capital

NORD Holding

AEQUITA SE & Co.KG

Next Big Thing AG

Adjust GmbH

Kohlberg Kravis Roberts & Co. (KKR)

Alteri Investors

Orlando Management

AURELIUS Equity Opportunities SE & CO.KGaA

Osborne Clarke

Osborne Clarke is traditionally considered a top address for investment departments of large national companies seeking advice on corporate VC matters, but also assists investors and startups; here, the practice is particularly active in the digitalisation and fintech sphere. Practice head Nicolas Gabrysch has expertise across the entire spectrum of growth capital financing, particularly in relation to the US, and Robin Eyben has 'very strong negotiation skills and also always finds creative solutions to complex issues'; he specialises in a multitude of technology-driven business models.

Practice head(s):

Nicolas Gabrysch

Testimonials

' Very good accessibility, great industry expertise .'

' Robin Eyben: very easy to reach and very conscientious work .'

' The expertise in VC and PE is outstanding and quick solutions are always found – even when challenges seem complex at first. The exchange is not always only quick, professional and goal-oriented, but also always pleasant . '

' Robin Eyben always works at the highest quality level, manages his excellent team extremely time and cost-efficiently and is almost always available personally. He is very good at negotiating and always has creative solutions to complex problems . '

'' Ability to familiarize yourself with the specific situation and continuously develop this knowledge. If a topic has been worked on and a related or related topic comes up some time later, the details discussed above are not forgotten, but are actively incorporated into the solution. In this way, a collaboration and partnership has arisen in which work is also carried out ad hoc at a high level .

' Benjamin Monheim is an excellent client partner who takes on a few topics himself and who also reliably passes on us to the relevant stakeholders as a guide within Osborne Clark. In doing so, he always ensures that the issues are handled to satisfaction and is also very keen on feedback . '

' Combination of experience and a pragmatic approach .'

' A very broad law firm in which all the competencies required for the establishment, operational management and further development of a company are bundled. '

' The team is well versed in clients, reliable, always available and offers a high level of quality and very good industry knowledge .'

' Osborne Clarke has an excellent venture capital practice. In Berlin, in particular, there are numerous venture capital specialists at all seniority levels in the team of partner Robin Eyben . '

' Short distances between lawyers; can be called in immediately if necessary if the main contact person cannot answer specific questions directly. Short response times in the entire VC process. Pragmatic solutions to conflicts in negotiations . '

Key clients

Biscayne Americas

Capnamic Ventures GmbH & Co. KG

Highland Capital Partners

Life Science Inkubator

N26 GmbH

Redalpine Capital SCS SICAR

Sanity Group GmbH

Saperatec

Sequoia Capital

Silicon Valley Bank

smart reporting GmbH

Trade Republic

Work highlights

  • N26 GmbH: Advised on multiple financing rounds, the largest of which was $ 170 million.
  • Trade Republic: Advice on Series B financing.
  • Sanity Group: Advising on its foundation and several financing rounds amounting to € 20 million, including through HV Holtzbrinck Ventures, Calyx, Cherry Ventures, Atlantic Food Labs

Vogel Heerma Waitz

Vogel Heerma Waitz enjoys a strong market reputation and stands out with a focus on technology, digital business models and growth capital. The group acts for investors, companies and founders. Frank Vogel and Clemens Waitz are the key contacts.

Practice head(s):

Frank Vogel; Clemens Waitz

Hogan Lovells International LLP

Hogan Lovells International LLP assists venture capital funds, corporate venture capitalists and occasionally also startups across all investment and financings stages including exits. The team is internationally well connected and has notable expertise in industries such as real estate, life sciences, TMT, retail and automotive. Volker Geyrhalter is particularly experienced in dealing with US clients and Jörg Herwig also advises on corporate and restructuring issues. Matthias Jaletzke heads the team which also includes the extremely visible Nikolas Zirngibl; he possesses deep knowledge of the technology and internet spheres.

Practice head(s):

Matthias Jaletzke

Key clients

Align Technology, Inc.

All4Labels Group GmbH

Castik Capital S.à r.l.

GEMoaB Monoclonals GmbH

Halder Equity Fonds

HR-Gruppe

Mitsubishi Heavy Industries / Primetals

Quadriga Capital V GP Limited

Alasco GmbH

Dreamlines GmbH

Finn GmbH

FlixMobility GmbH

Limehome GmbH

Santander InnoVentures

Springlane GmbH

Work highlights

  • Align Technology, Inc: Advice in connection with the acquisition of all shares in excoad Global Holding GmbH from the Carlyle Group.
  • All4Labels Group GmbH: Advice on investments by Triton funds.
  • FlixMobility GmbH: Advising on a significant financing round with investors such as Permira, Technology Crossover Ventures, BlackRock, Luxor, Ballie Gifford, Silver Lake, HV Ventures and UTUM Ventures.

POELLATH

POELLATH's client portfolio encompasses venture capital companies, institutional and strategic investors, funds, business angels and growth capital companies. The team has particular broad expertise in the e-commerce, fintech, biotech and medtech as well as telecommunication sectors, where it frequently advises clients on financing rounds and relevant tax issues. Practice heads Michael Inhester and Christian Tönies are both well versed specialists and also counsel Sebastian Gerlinger stands out for his 'excellent expertise'.s

Other key lawyers:

Sebastian Gerlinger

Testimonials

The team around Christian Tönies and Sebastian Gerlinger is one of the top addresses in the VC area, especially for transactions with higher complexity.’

Very solution-oriented, efficient, precise and, above all, pragmatic.

Very high customer focus, very pleasant contact and friendly communication. High level of expertise in the area of venture capital and correspondingly very targeted advice. Flexibility and experience in dealing with younger startups are very helpful.’

Christian Tönies impresses with many years of experience and outstanding expertise in the area of venture capital and is therefore a reliable partner for ambitious startups.’

In addition to excellent specialist knowledge, Sebastian Gerlinger’s very pleasant contact and lightning-fast communication should be emphasized.’

Key clients

Construyo

Forestay Capital

Warehousing1

ABN Amro Ventures

Uniqa Ventutres

The Female Company

21strategies

yabeo impact

Digital Publishing AG (Speex)

DN Capital

Tengelmann Ventures

Compeon GmbH

Blacklane GmbH

22Connect AG

Enpal GmbH

Hasso Plattner Capital

Dediq Group

Dalia Research GmbH

Lillydoo GmbH

Sapphire Ventures

IDnow

solarisBank AG

HPE Growth Capital

Yabeo

Berlin Technologie Holding (BTH)

Mister Spex GmbH

Felix Swoboda

Mangrove Capital

Vasopharm

Work highlights

  • Earlybird: Advising Earlybird Ventures on the sale of its portfolio company Peak Games for $ 1.8 billion to Zynga.
  • Mister Spex: Advising Mister Spex on a financing round in spring 2020 for € 65m and previous financing round in autumn 2019 for € 15m.
  • ABM Amro Ventures: Advising ABM Amro Ventures on various investments and financing rounds in Privita, Crosslend, Penta.

Raue

Under the leadership of the 'considerate and pragmatic' Andreas Nelle, Raue's focus rests on the comprehensive advice to startups from a multitude of industries, including formation consultancy, financing rounds and exits. Jörg Jaecks is another key contact.

Practice head(s):

Andreas Nelle

Other key lawyers:

Jörg Jaecks

Testimonials

' The team is very well coordinated internally and can hand over / take over tasks quickly. Little set-up times are required if a partner is not available. That makes the job quick and seamless . '

' Andreas Nelle: considered, pragmatic and very strong in negotiations thanks to calm and clarity. Great success factor . '

' Overall, the level of advice was very good. The competencies are broad. '

' Andreas Nelle really provided excellent advice. He has a very broad wealth of experience and is very effective in enforcing client interests in sales negotiations . '

Taylor Wessing

Taylor Wessing's venture capital practice stretches across the whole array of relevant stages, ranging from formation to follow-on financing and exits. On one hand, the group acts for investors with particular expertise in advising closed funds. On the other hand, the team also assists startups, including with restructuring issues. Jens Wolf has experience in the technology sector and jointly heads the team with transaction expert Maria Weiers. Norman Röchert, who is also well versed in the technology, internet and media spheres, as well as the 'always available' Hassan Sohbi are other involved team members.

Practice head(s):

Jens Wolf; Maria Weiers

Other key lawyers:

Norman Röchert; Hassan Sohbi

Testimonials

' Great experience in the industry and very efficient in providing the services .'

' The team understands and translates investment processes in the US and UK very well. It focuses on important topics and doesn't waste resources. TW has a full service team (IP, employment, taxes, etc.) and works efficiently and coherently . '

' Hassan Sohbi is always available and very experienced and wise with VC deals .'

' Real team players who integrate almost like an internal part of the company .'

'' Very good, stringent mandate management, good cost transparency, excellent price-performance ratio. '

' Maria Weiers: excellent specialist knowledge, excellent economic and mathematical understanding, excellent market knowledge, extremely pleasant, competent personality, very efficient way of working .'

Key clients

Accel Ventures

Balderton Capital

Chrono24

Creandum

Goggo Network

Index Ventures

KfW Capital

La Famiglia Fund

Mc Makler

Medicxi (MV1)

Mutschler Ventures

OMERS Ventures

Partech Growth

REWE Digital

sennder GmbH

Visionaries Club Growth Fund

xbAV AG

Work highlights

  • OMERS Ventures: Advising the client as lead investor on the $ 110 million expansion of a $ 235 million Series B financing round in the Wefox Group.
  • sennder GmbH: Advising on a Series C financing round of $ 70 million.
  • Index Ventures: Advising the client as lead investor in a $ 65 million Series C financing round in Taxfix GmbH.

YPOG

With a focus on advising investors, YPOG assists both national as well as international funds with VC transactions, while the group’s expertise in co-investment structures between private equity and venture capital investors is also notable; the team’s industry knowledge is particularly broad in the technology sector, especially with regards to topics such as biotech, software, digitalisation and fintech. Stephan Bank has combined aptitude in corporate law, M&A transactions and venture capital and Benjamin Ullrich is well versed in corporate compliance; both jointly head the practice. Tim SchlösserMartin Schaper and senior associate Adrian Haase also have extensive venture capital skills. Peter Möllmann  left the firm in July 2020 to found his own firm PXR Legal.

Practice head(s):

Stephan Bank; Benjamin Ullrich

Key clients

AMBOSS GmbH

Boehringer Ingelheim Venture Fund und Kurma Partners / Idinvest Partners

Chronext AG

42Cap

Crosslend

Digital+ Partners

Boldstart Ventures

Insight Partners

e.ventures

Project A

Exporo

Work highlights

  • AMBOSS GmbH: Advising on their Series B financing round with a total volume of € 30 million led by US investor Partech and Russian VC Target Global.
  • e.ventures and Insight Partners: Advice on a financing round in Austria.
  • Moonfare GmbH: Advising on your latest financing round with a total volume of around € 25 million.

BMH BRÄUTIGAM

Traditionally, BMH Bräutigam & Partner excels at advising founders and startups but recently also attracted a growing number of instructions from venture capital funds. The team predominantly acts in financings rounds and is also able to cover litigious and tax issues in cooperation with the firm's other practice groups. Patrick Auerbach-Hohl, who jointly heads the practice with Alexander Wulff, is further experienced in VC notarial acts. Bastian Reinschmidt made partner in the beginning of 2020.

Testimonials

' Great team with a focus on venture capital financing. What distinguishes the team in particular is that they also work with small startups / founders and then accompany them through the life cycle to larger financing rounds . '

' Patrick Auerbach is an absolute expert who always provides extremely competent and committed advice on financing rounds and similar topics (VESOP, foundation, merger, etc.). The same applies to Alexander Wulff . '

Key clients

Audience Serv

Beducated

Bunch

capiton

CastleTech

CoachHub

CrossEngage

Digital Health Factory

Doctorly

DONE!Berlin

Earlybird

Everphone

Factor[e] Ventures

Forto

Gastrofix

Genuine German

GOREHA (Caspar Health)

Homefeelio

hub:raum

Humanitec

Kendaxa

Kreatize

Lemoncat

Lexfox

mercury.ai

Meisterwerk App

Moonfare

Org Os

Orkila Capital

Oviavo

Parloa

Pitch Software

RealXData

Recare

r24

Sentryc

SIGNA Innovations

Silicon Radar

Sizolution

Targomo

Teraki

The ADEX

uCastMe

Visotec

WeQ

Xain

Work highlights

  • Earlybird Venture Capital: Advising both on the cross-border merger of the French LogTech start-up Everoad with its German counterpart Sennder and on the top-up for the Series C financing round in the double-digit million range.
  • capiton AG: Advising on a series E financing round on the acquisition of a stake in AlphaPet Ventures.
  • Moonfare: Advising on the € 25 million Series A financing round.

LUTZ | ABEL RECHTSANWALTS PARTG MBB

In the venture capital arena, LUTZ | ABEL RECHTSANWALTS PARTG MBB's team is instructed by both investors as well as target companies, whereas the assistance rendered to family offices and business angels is a particular focus for the group. Here, the practice advises on financing rounds, IPOs, formation as well as investment structuring. Practice head Bernhard Noreisch, the 'technically incredibly competentMarco Eickmann as well as Lorenz Jellinghaus, who made partner in July 2019, are the key contacts. Björn Weidehaas  is 'pragmatic, precise and solution-oriented'.

Practice head(s):

Bernhard Noreisch

Testimonials

' Very pragmatic approach and still compatible for a medium-sized group. Very good advice on structuring financing rounds for early-stage investments . '

' Lorenz Jellinghaus: excellent technical expertise, solution-oriented, strong in negotiation and communication, even with difficult deals .'

' Very competent, well-coordinated team, so that fast and timely processing of even complex and time-critical projects is guaranteed .'

' Bernhard Noreisch is characterized by pleasantly binding, confident, but tough negotiation. He legally implements his clients' economic positions with the highest level of legal competence. In addition, Mr. Noreisch's “creative coaching”, his common sense and his solution orientation should be emphasized . '

' Philipp Hoene is highly competent and can negotiate in a solution-oriented manner .'

'' Excellent setup for the targeted support of fast venture capital financing rounds. '

' Marco Eickmann has an excellent understanding of how a lawyer can support an entrepreneur with a high degree of legal attention to detail on the one hand and a high level of abstraction on the other. '

'' Practice-oriented, proactive advice at the highest level. Strong economic understanding. '

' Björn Weidehaas: pragmatic, precise and solution-oriented .'

'' Excellent quality, speed and availability at all times, especially in 24/7 transactions. '

' Marco Eickmann – outstanding in dealing and also incredibly competent in terms of expertise, always finds a solution even with difficult investors .'

' Björn Weidehaas: broad, competent knowledge in the area of venture capital; very fast response times, very flexible; pragmatic and close to startup . '

Key clients

AlphaPet Ventures GmbH

Austar Lifesciences Limited

Banovo GmbH

BayBG Bayerische Beteiligungsgesellschaft mbH

Bayern Kapital

BonVenture

Ceravis

Cognigy GmbH

ELISE GmbH

fineway GmbH

FL Fintech E GmbH / Clark

Gesellschafter der SKS

GOVECS AG

Greyhound Capital

Holidu GmbH

Hope Tree International GmbH

HV Holtzbrinck Ventures

Klarx GmbH

Laserhub GmbH

LykonDX GmbH

MIG Fonds

Mountain Cleantech Co.-Invest S.a.r.l

Mücke, Sturm & Company und Mücke Ventures

Nitrobox GmbH

nyris GmbH

ONE LOGIC GmbH

Perpetual Investors

Price f(x) AG

Robotise GmbH

ROCCAT GmbH

Round2

RTP Global

Runa Capital

Seidemann

SHS

Temedica GmbH

Tomorrow GmbH

Verso Ventures

Vitafy GmbH

Vulkan Technic GmbH

Wegatech Greenergy GmbH

Werbezeichen AG

Wolff & Müller Gruppe

Work highlights

  • AlphaPet Ventures GmbH: Advice on the acquisition of Healthfood24 and related financing.
  • Price f(x) AG: Advising on the Extended Series B financing round with a volume of around € 23 million with an international investor consortium.
  • ROCCAT GmbH: Support during the post-M & A integration after your exit to Turtle Beach.

Baker McKenzie

Baker McKenzie assists financial investors and strategic clients with investments in startups while the practice particularly often attracts instructions from the biotech and life sciences sectors; here, counsel Julia Braun und Berthold Hummel are the key contacts. Peter Wand regularly advises on corporate venture capital, ranging from investments and auction procedures to carve-outs. Ingo Strauss heads the group.

Practice head(s):

Dr. Ingo Strauss

Other key lawyers:

Peter Wand; Julia Braun; Berthold Hummel

Key clients

Visa, Inc.

LSP Life Sciences Partners

Daimler AG

e.Go Mobile AG

Forbion

Work highlights

  • Visa, Inc.: Advice on the FinTech VC buyout of Munich-based Payworks GmbH.
  • e.Go Mobile AG: Advice on several financing rounds as well as in connection with a joint venture company with the automotive supplier ZF Friedrichshafen for the production of the fully autonomous and fully electric minibus e.GO Mover.
  • Daimler AG: Advice on venture capital investments in Europe, North America and Asia.

Lambsdorff Rechtsanwälte

Lambsdorff Rechtsanwälte is 'competent, pragmatic and goal-oriented'. The group acts for institutional financial investors and growth capital companies alike and advises on the entire cycle of growth stages, spanning formation, VC financing rounds and exits as well as venture debt issues. Additionally, the team has particular expertise in the technology sector. Practice head Pablo Rüdiger De Erice is 'juristically perfect' and Konstantin Graf Lambsdorff stands out for an 'excellent feel for law and expertise'.

Practice head(s):

Pablo Rüdiger De Erice

Other key lawyers:

Konstantin Graf Lambsdorff 

Testimonials

' Highly professional, always excellent, with a very good view of the bigger picture .'

' Konstantin Graf Lambsdorff is pleasant and undisguised to deal with, and has excellent judiciary and specialist knowledge as well as solutions that are practical and appropriate to the situation .

' Pablo Rüdiger – structurally extremely strong; always a solution at hand; always approachable; pragmatic when it matters. '

' Konstantin Graf Lambsdorff – hands-on, very experienced, good overview of the overall structure of a deal, thinking outside the box. '

' The small but well-established VC team works excellently and is always available. Fast and efficient and absolutely reliable . '

' Pablo Rüdiger is at the highest level in the VC business. He is particularly characterized by diplomatic and professional conduct of negotiations . '

'' Competent, pragmatic, goal-oriented and also a good mediator of legal issues for non-lawyers. As a founder / managing director you feel very well looked after, protected and advised in a targeted manner. Always available. '

' Pablo Rüdiger – legally perfect, convincing in negotiations and a believer. Doesn't put the legal subtleties above the end goal and can also think like entrepreneurs . '

' Very efficient, always available and empathetic to the client. '

Key clients

AXA Venture Partners

EWE AG / Venture Capital

innogy Ventures

Lesson Nine GmbH

Asana Rebel GmbH

SimScale GmbH

Earlybird Venture Capital

New Store, Inc + NewStore GmbH

FinLeap GmbH

Blinks Labs GmbH

neXenio GmbH

Travelcircus GmbH

Norgine Ventures

DaWanda GmbH

Element Insurance AG

Instana Inc. USA

Datadog Inc. USA

Felmo

KYP.ai GmbH

MagaLoop GmbH

Moogsoft Inc. USA

Opinary GmbH

Techminers GmbH

Valsight GmbH

Felmo GmbH

Work highlights

  • AXA Venture Partners: Advice on an investment of € 15 million in the German growth company ZenJob GmbH.
  •  EWE Venture Capital: Advice on various investments in growth companies.
  • innogy Ventures: Advice on various investments in growth companies.

Orrick, Herrington & Sutcliffe LLP

Orrick, Herrington & Sutcliffe LLP's broad venture capital practice advises on financings rounds, investments, venture debt and add-on acquisitions which often take place in the US or Europe while its client portfolio is composed of both VC investors and corporates as well as startups. The group is led by Jörg Ritter in Munich and Sven Greulich in Dusseldorf and also has considerable expertise in the technology, fintech and health care industries. Christoph Rödter  impresses with 'incomparable commitment and legal competence'.

Practice head(s):

Jörg Ritter; Sven Greulich

Other key lawyers:

Thomas Schmid; Christoph Rödter

Testimonials

' Very close to the Berlin scene; very quick and efficient; Working together is fun. '

' Great distribution of tasks within the team. Daily absences can be seamlessly absorbed. Very good process management, 0% error rate in details. '

' Sven Greulich: top partner, extremely high commitment, good stakeholder management, high level of expertise in the VC area .'

' Orrick's commitment is extraordinary. If necessary, extremely fast response times and very good advice . '

' Very broad competence, so that a large part of the topics can be mapped seamlessly via one contact person .'

' Good global network in order to be able to cover locally specific topics .'

' Christoph Rödter; Accessibility, reaction times and the ability to handle the multitude of topics are extraordinary. In addition, always a critical companion with valuable suggestions and assessments, which helps us in making decisions . '

' The team has strong expertise in VC and PE, a large international network, and offers timely processing and delivery of results. '

' Christoph Rödter: incomparable commitment and expertise in the field of VC and PE, group structuring, corporate and (international) contract law, available at (almost) any time of the day or night. Strongly deal-oriented, the customer and the result come first. '

Key clients

BMW i Ventures

Coatue Management

Contentful

creditshelf

Getaround

Giroxx

Goodwater Capital

Greybird

Gruppe Deutsche Börse

Haniel Gruppe

Kinnevik

Lilium

M12 (vormals Microsoft Ventures)

PHW Gruppe

RSBG SE (RAG-Stiftung Beteiligungsgesellschaft)

TVM Capital

Work highlights

  • Lilium GmbH: Advising on its $ 275 million Series B financing with existing investors Tencent, Atomico, Freigeist and LGT and Baillie Gifford as a new investor.
  • Coatue Management: Advising as lead investor in a $ 30 million Series A2 financing round in the Berlin startup Choco, which is already operating internationally.
  • M12 (formerly Microsoft Ventures): Advising on investment in the € 9 million Series B2 financing of the Berlin travel startup Comtravo and on the investment in Wandelbots.

Reed Smith

At Reed Smith, the private equity and venture capital team work under the same practice roof which is particularly valuable when advising on matters at the interface of both disciplines. The group mainly assists investors and works closely with its international network. Justus Binder and Florian Hirschmann are the key contacts in Munich. Octávio de Sousa is highly regarded.

Other key lawyers:

Octávio de Sousa; Silvio McMiken

Testimonials

' Justus Binder has built up a team of excellent experts who are problem-solving rather than presenting problems. '

' Justus Binder in particular provides great added value with his personality, which exudes a lot of calm and at the same time solves issues for the client in a constructive manner .

' Good cooperation. Friendly, but determined in dealing with the other side . '