Venture capital in Germany

CMS

The 'very dynamic, competent and creative' team at CMS is not only well placed to advise the full range of VC market clients from Berlin, the German centre for venture capital, but also from various other major cities, particularly from Munich, Leipzig and Cologne, enabling the team to provide extensive multidisciplinary and cross-location advice. Its range of services is equally broad and includes regular instructions on corporate venture capital, investments, exits (including IPOs), venture debt and ICOs. 'Very experienced and level-headed expert' Stefan-Ulrich Müller and the 'very solution-oriented, pragmatic and reliable' Jörg Zätzsch jointly head the team.

Practice head(s):

Stefan-Ulrich Müller; Jörg Zätzsch

Testimonials

Very strong communication and at the same time extremely able to explain legal matters in simple terms.

Strong pragmatism in the implementation.

No waste of working time for unnecessary paper work and no fear of extremely tight deadlines.

On the pulse of current legislation.

Extremely good reaction times, feedback always on the point and understandable.

Jörg Zätzsch knows all processes by heart. He is also creative and pragmatic at the same time, when it comes to setting up deal structures and achieving results.

Jörg Zätzsch explains legal matters well to non-lawyers.

Jörg Zätzsch always places his clients at the heart of his work and concentrates on the essentials.

Key clients

Baillie Gifford

Ponooc B.V.

Evotec SE

Zukunftsfonds Heilbronn

High-Tech Gründerfonds

Circularity Capital LLP

Wellington Partners GmbH

Endeit Capital

LEA Partners GmbH

Work highlights

  • Advised Circularity Capital LLP as lead investor on the series A funding of Berlin-based company Grover. Coparion and Samsung NEXT participated too.
  • Advised the start-up uberall GmbH on its venture debt financing by Kreos Capital and the Silicon Valley Bank.
  • Advised  tado° on an international round of funding of over $50m.

Noerr

The team at Noerr stands out for its 'high level of commitment and highly client-focused approach' and advises growth capital companies and investors on the full remit of VC. Healthcare, fintech and proptech are particular areas of expertise for the team co-led by Georg Christoph Schneider and Christian Pleister.

Practice head(s):

Georg Christoph Schneider; Christian Pleister

Other key lawyers:

Felix Blobel; Hans Radau 

Testimonials

Excellent quality advice.

Very good combination of teams.

Osborne Clarke

Osborne Clarke advises venture capital funds and companies on the full spectrum of growth financing and demonstrates particular expertise in technology-driven business models. Practice head Nicolas Gabrysch specialises in cross-border growth financing, most notably from the US.

Practice head(s):

Nicolas Gabrysch

Other key lawyers:

Robin Eyben

Vogel Heerma Waitz

As a firm specialised in growth capital, technology and media, Vogel Heerma Waitz is among the top contacts for start-ups and investors, who require advice on financing rounds, transactions and associated matters such as IP and data protection. Key individuals include Frank Vogel and Clemens Waitz.

Other key lawyers:

Frank Vogel; Clemens Waitz

Testimonials

‘Long-term experience with venture financing combined with highly topical insight into current market standards.’

‘Close coordination among partners and associates with regard to special aspects such as IP or data privacy.’

‘Clemens Waitz is an experienced pragmatist with extensive hands-on experience, a true advisor and a strategic partner for business founders with a clear understanding for aspects that are commercially relevant to financings, for instance.’

‘Frank Vogel’s work is extremely detailed. He is very reliable and has broad practical know-how.’

Key clients

CupoNation GmbH

Global Savings Group GmbH

Earlybird Venture Capital

LIQID Investments GmbH

HomeToGo GmbH

Creandum

OMEICOS Therapeutics GmbH

One Peak

Titelmedia GmbH

Cherry Ventures

Axel Springer Plug and Play Accelerator GmbH

mittemitte GmbH

AImotive GmbH

leon-nanodrugs GmbH

TRUMPF GmbH + Co. KG

HappyMe UG (haftungsbeschränkt)

FOURSOURCE Group GmbH

Sunshine Smile GmbH

Peppermint CBF

Work highlights

  • Advised Earlybird on the €14m funding by CrossLend GmbH.
  • Advised the provider for cloud-based solutions for banks and finance providers Mambu on a round of funding with the investor Bessemer Venture Partners.
  • Advised the digital investment advisor LIQID on a round of financing with a value of €33m. The main investor is British financial investor Toscafund Asset Management LLP.

Hogan Lovells International LLP

Hogan Lovells International LLP's clients include venture capital funds, corporate venture clients and start-ups, which receive advice on transactions and financing rounds alongside regulatory matters. Among others, this leads to instructions from start-ups that require assistance when moving into regulated industries and from venture capital clients, particularly from China, who require advice on foreign investment restrictions under the Foreign Trade and Payments Act. Volker Geyrhalter and Nikolas Zirngibl are the main contacts for VC alongside venture capital transactions specialist Daniel Dehghanian, who made partner in January 2019.

Key clients

Deutsche Telekom AG

Alasco GmbH

CommerzVentures GmbH

Keller Sports GmbH

ExB Labs GmbH

Personio GmbH

Conduit Ventures Ltd

Paua Ventures

The Mobility House AG

Wandelbots GmbH

Work highlights

  • Advised Alasco GmbH on its seed financing round with HV Holtzbrinck Ventures, the founders of Flixbus and Picus Capital.
  • Advised CommerzVentures GmbH, the investment company of Commerzbank AG, on a venture capital investment in the fraud-fighting start-up Fraugster.
  • Advised the Munich-based online sports goods dealers Keller Sports GmbH on a series D round of financing with a value in the double-digit millions.

P+P Pöllath + Partners

Venture capital companies and funds, institutional and strategic investors alongside start-ups regularly instruct the team at P+P Pöllath + Partners to assist with financing rounds, exit transactions and tax planning matters, all of which frequently require the firm's interdisciplinary expertise, most notably in the segments e-commerce, internet, biotech, nanotechnology and telecommunication. Michael Inhester and Christian Tönies jointly head the team.

Practice head(s):

Michael Inhester; Christian Tönies

Key clients

Aroundhome

Honeypot GmbH

Sapphire Ventures, LLC

OMERS Ventures

IDnow

solarisBank AG

ABN AMRO Bank N.V.

CeleraOne GmbH

HPE Growth Capital BV

Rigeto Unternehmerkapital GmbH

PriceHubble AG

Berlin Technologie Holding GmbH

Hasso Plattner Ventures

Tengelmann Ventures

Mister Spex GmbH

Lillydoo GmbH

Work highlights

  • Advised the FinTech company IDnow on a new round of funding and its strategic cooperation with Giesecke+Devrient Ventures.
  • Advised Sapphire Ventures, LLC and OMERS Ventures on a round of funding of Contentful GmbH.
  • Advised HPE Growth Capital BV on renewed investment in the online payment services provider PPRO.

Raue

The team at Raue puts significant emphasis on advising players from the Berlin start-up scene and has recently been particularly active in financing rounds, while investors and start-ups also receive assistance with exits and strategic partnerships. Andreas Nelle heads the practice.

Practice head(s):

Andreas Nelle

Taylor Wessing

Led by Jens Wolf and Maria Weiers, the team at Taylor Wessing covers the entire spectrum of VC and advises VC investors and start-ups on VC transactions, follow-up financings and exits as well as on secondary sales and IPOs, which frequently pertain to the IT and healthcare sectors.

Practice head(s):

Jens Wolf; Maria Weiers

Other key lawyers:

Hassan Sohbi; Norman Röchert

Key clients

Balderton Capital LLP

Wooga

General Catalyst

Index Ventures

Vitruvian Partners LLP

Goodforgrowth GmbH

Global Space Ventures

Intel Capital

Knotel Inc.

Beiersdorf AG

Work highlights

  • Advised the Munich-based health start-up Kaia Health on a round of funding with a value of $10m. Lead investor was Balderton Capital LLP. Other investors included previous shareholders such as 42CAP and several business angels.
  • Advised Index Ventures as lead investor on an investment round in Pitch Software GmbH.
  • Supervised Vitruvian Partners LLP as lead investor on a $100m round of funding in Deposit Solutions.

BMH Bräutigam & Partner

BMH Bräutigam & Partner 'stands out for its deep understanding of the start-up scene' and 'complements this with good-quality advice on corporate and contract law'. While its focus is on advising founders and start-ups, the team has also been increasingly active for VC funds, assisting clients with financing rounds and exits alongside associated tax and data protection matters. Patrick Auerbach-Hohl heads the practice together with Alexander Wulff, who made partner in January 2019.

Practice head(s):

Patrick Auerbach-Hohl; Alexander Wulff

Testimonials

Flawless advice based on solid economic understanding and unique pragmatism.

Several partners and associates are very experienced in the industry, which results in an excellent pragmatism.

Alexander Wulff not only delivers excellent work with great expertise in terms usual for the market; his pragmatic, uncomplicated and quick working method and high partner engagement make working together with him pleasant and successful.

Key clients

Ahoy! Berlin

Check24 Vergleichsportal GmbH

Civey GmbH

CrossEngage

everphone GmbH

Factor[e] Ventures

INZMO

Joli Berlin GmbH

Locadi GmbH

Moonfare GmbH

Orkila Capital LLC

Teraki GmbH

The ADEX

WeQ

Work highlights

  • Advised CrossEngage on a series A round of funding, including on questions concerning commercial law.  
  • Advised the Berlin Fintech start-up Moonfare GmbH on a €25m round of funding.
  • Advised the US private equity investor and venture capital fund Orkila Capital LLC on a €15m investment in the medicinal cannabis start-up Cannamedical Pharma GmbH from Cologne.

Lutz Abel Rechtsanwalts PartG mbB

LUTZ | ABEL RECHTSANWALTS PARTG MBB's clients rate the firm's 'very quick response times and high-quality VC transactional support'. With a focus on advising investors, while also acting for target companies, the team provides regular assistance with transactions and financing rounds and associated corporate and succession planning matters. Team head Bernhard Noreisch is 'top-notch, both professionally and on a personal level, and is also an outstanding negotiator'. His team includes, among others, Marco Eickmann, who 'has a very good knowledge of the industry and provides dedicated, thorough work, which gets to the point'.

Practice head(s):

Bernhard Noreisch

Other key lawyers:

Marco Eickmann; Lorenz Jellinghaus; Björn Weidehaas

Testimonials

Pragmatic approach with the ability to bear in mind the whole picture.

Real practitioners with an eye for detail and very fair cost structures.

Work diligently even under high time pressure.

Bernhard Noreisch always finds creative solutions for difficult problems.

Björn Weidehaas is very competent, pragmatic and always there, if you need him. He knows what it depends on and can explain matters very well.

Lorenz Jellinghaus is very engaged and gives valuable advice and assessments.

Key clients

Ammer Partners GmbH

Austar Lifesciences Limited

BayBG Bayerische Beteiligungsgesellschaft mbH

Bayern Kapital GmbH

BonVenture

Douglas GmbH

Dreamlines GmbH

iThera Medical GmbH

Paul Wurth S.A

Relocately GmbH

Roccat GmbH

Round2 Capital Partners

RTP Global

Wolff & Müller Gruppe

Work highlights

  • Advised Bayern Kapital GmbH on a round of funding and on exit transactions.
  • Advised iThera Medical GmbH on a series C round of funding with a value of over €7m.
  • Advised Douglas GmbH within the framework of a round of funding of the start-up Welmoa GmbH.

Schnittker Möllmann Partners

Due to the close integration of the funds and transactions team, Schnittker Möllmann Partners maintains good contacts with private equity and venture capital funds and therefore mainly acts for investors but also advises founders. The 'very quick, precise and business-oriented' team provides extensive assistance with VC transactions, financing rounds and exits, including tax law issues. Peter Möllmann heads the practice. Benjamin Ullrich is a 'very dedicated, knowledgeable and experienced transactions lawyer' and senior associate Adrian Haase, who also specialises in VC transactions, is 'reliable'.

Practice head(s):

Peter Möllmann

Other key lawyers:

Benjamin Ullrich; Stephan Bank; Adrian Haase

Testimonials

The team finds good compromises with the opposing party and can relate very well to the client.

At a human levels always very friendly and with enough determination, if it depends on it.

Assists very proactively.

Advice is always timely and practical.

The team is very engaged, pragmatic and always sticks to time and cost goals.

They always take care that solutions are applicable in an economic and tactical manner.

Stephan Bank is very engaged and has expertise that goes way beyond the VC area.

Benjamin Ullrich is resilient and very reachable and a good negotiator.

Key clients

42CAP

Atomico

Battery Ventures

BlueYard Capital

Cluno

Coya AG

Creandum

CrossLend

data Artisans GmbH

Digital+ Partners

flaschenpost SE

Greycroft

Lightspeed Venture Partners

Mosaic Ventures

Rasa Technologies

Work highlights

  • Advised the Berlin insurance technology start-up Coza AG on a further round of funding which was led by Valar Ventures, that yielded €25m.
  • Advised Cluno on a series B round of funding.
  • Advised  Münster flaschenpost SE on a series C round of funding which was led by the New York investor Tiger Global Management LLC and who invested €50m.

Baker McKenzie

Financial investors and clients investing in VC due to their business strategy, consult Baker McKenzie's team for advice on investments in start-ups and companies with high growth potential. Berthold Hummel was able to further expand the team's life sciences VC investor client base. Ingo Strauss heads the integrated private equity and venture capital practice, which lost transactions partner Gerald Schumann to DLA Piper in July 2018.

Practice head(s):

Ingo Strauss

Other key lawyers:

Berthold Hummel

Key clients

Daimler AG

e.GO Mobile AG

Forbion

ReActive Robotics GmbH

Temedica

LSP Life Science Partners

BioGeneration Ventures BV

Work highlights

  • Advised Daimler AG on investments in venture capital funds in Europe, North America and Asia.
  • Advisd e.Go Mobile AG, a manufacturer of electric vehicles, on several rounds of funding as well as on the founding of a joint venture company with automotive supplier ZF Friedrichshafen AG.
  • Advised the international life sciences venture capital investors Forbion on a €17m equity capital financing of OMEICOS Therapeutics GmbH.

LACORE Rechtsanwälte LLP

LACORE Rechtsanwälte LLP is a well-known name in the Berlin start-up scene and can point to a solid track record of financing rounds. The team predominantly acts for start-ups but its client portfolio also includes VC investors. André Eggert and Natalie Vahsen are the main contacts.

Practice head(s):

André Eggert

Other key lawyers:

Natalie Vahsen

Lambsdorff Rechtsanwälte

Lambsdorff Rechtsanwälte assists its start-up and VC investor client base with financing rounds, business development matters and transactions, including associated data protection, IT and IP issues. Konstantin Graf Lambsdorff and team head Pablo Rüdiger De Erice are the main contacts.

Practice head(s):

Pablo Rüdiger De Erice

Other key lawyers:

Konstantin Graf Lambsdorff

Key clients

AXA Venture Partners (AVP)

EWE AG

innogy Ventures GmbH

Lesson Nine GmbH

Asana Rebel GmbH

SimScale GmbH

Earlybird Venture Capital

New Store, Inc

FinLeap GmbH

Blinks Labs GmbH

Travelcircus GmbH

AppDynamics, Inc.

AppDynamics International Ltd.

Norgine Ventures Management Limited

DaWanda GmbH

ELEMENT Insurance AG

Work highlights

  • Advised AXA Venture Partners (AVP) on an investment worth €15m in growing German company ZenJob GmbH.
  • Advised the Berlin start-up Asana Rebel GmbH on various venture capital financing rounds as well as on general questions concerning corporate law and trade law, and on matters concerning commercial legal protection.
  • Advised innogy Ventures GmbH on various investments in growing companies.

Orrick, Herrington & Sutcliffe LLP

Together with its offices in London and the US, Orrick, Herrington & Sutcliffe LLP provides VC investors, corporate VC units and start-ups with 'very practical advice' on investments, transactions alongside exit strategies and, due to its international cooperation, it is particularly well placed to handle US-related mandates. The 'very experienced' Sven Greulich heads the practice.

Practice head(s):

Sven Greulich

Other key lawyers:

Thomas Schmid; Jörg Ritter; Fabian von Samson-Himmelstjerna

Testimonials

Excellent turn-around times.

Strong practical knowledge with the ability to take into consideration clients’ risk appetite.

Sven Greulich explains complex processes with the goal of coming up with  best solutions together with the client‘.

Key clients

Atomico

BMW i Ventures

Contentful

creditshelf AG

Demodesk

Digital+ Partners

DyeMansion

Gerresheimer AG

Getaround

Giroxx GmbH

Gruppe Deutsche Börse

Kinnevik AB

M12

PatentSight

PHOENIX CONTACT

PHW-Gruppe

RAG-Stiftung Beteiligungsgesellschaft mbH

Work highlights

  • Advised Kinnevik AB, Temasek and Atomico on their investment in a  $150m series B round of funding of the Berlin travel start-up Omio.
  • Advised M12 on a corporate venture capital investment in the German start-up for artificial intelligence Twenty Billion Neurons GmbH within the framework of a series A round of funding with a value of €10m.
  • Advised Contentful on a series D round of funding led by the US investor Sapphire Ventures with a value of over  $33.5m.

Reed Smith

Reed Smith's integrated private equity and venture capital team has carved out a strong practice advising investors, but also portfolio companies, on transactions, financings and associated matters. Justus Binder heads the group with Florian Hirschmann, who joined the firm in July 2018 from DLA Piper.

Practice head(s):

Justus Binder; Florian Hirschmann

Other key lawyers:

Octávio de Sousa

Key clients

Target Partners Fund III GmbH & Co. KG

Target Partners Fund II GmbH & Co. KG

Simplaex GmbH

Treasury Intelligence Solutions GmbH

Work highlights

  • Advised Target Partners Fund II GmbH & Co. KG on two series F growth financings of tado° GmbH made up of equity and debt.
  • Advised Treasury Intelligence Solutions GmbH on a series D growth financing by Vintage Investment Partners X, L.P.
  • Advised Target Partners Fund III GmbH & Co. KG on two rounds of funding of SuitePad GmbH.