As the German VC market becomes increasingly founder-friendly (again), investors and founders alike are rethinking the balance between risk and reward

We are excited to share the initial findings from our comprehensive Founder Equity Study 2025.

Our research analyzed founder teams and equity distributions across almost 2,200 German start-ups established between 2019 and 2024, each having secured external funding through angel investors or (corporate) venture capital. While our dataset focuses on funded start-ups rather than the entire German start-up ecosystem, it provides valuable insights into team composition, gender distribution, and equity allocation patterns. The analysis tracks developments over multiple years and offers both aggregate and sector-specific perspectives.

We are excited to share the initial findings from our comprehensive Founder Equity Study 2025.

Our research analyzed founder teams and equity distributions across almost 2,200 German start-ups established between 2019 and 2024, each having secured external funding through angel investors or (corporate) venture capital. While our dataset focuses on funded start-ups rather than the entire German start-up ecosystem, it provides valuable insights into team composition, gender distribution, and equity allocation patterns. The analysis tracks developments over multiple years and offers both aggregate and sector-specific perspectives.

Defense technology companies in Germany operate in a highly regulated environment that requires careful navigation of various legal requirements. Key regulations include national or EU legislation on handling of defense-related goods and international treaties. The legal landscape is complex: Beyond defense-specific laws, start-ups must also comply with general public law requirements, including building permits and emission protection permits.

Besides regulatory requirements that need to be assessed on a case-by-case basis, defense start-ups should even at an early stage consider three areas: (i) foreign investment controls when it comes to investments by foreign investors; (ii) export control; and (iii) sanctions related questions.

In this three-part series, we'll examine each area in detail:

• Part I: Navigating Investment Control Regulations for Defense Start-ups in Germany
• Part II: Understanding Export Control Regulations for Defense Start-ups in Germany
• Part III: Sanctions Compliance: A Guide for Defense Start-ups in Germany

Understanding and complying with these regulations is crucial to avoid severe penalties and ensure successful business operations.

Defense technology companies in Germany operate in a highly regulated environment that requires careful navigation of various legal requirements. Key regulations include national or EU legislation on handling of defense-related goods and international treaties. The legal landscape is complex: Beyond defense-specific laws, start-ups must also comply with general public law requirements, including building permits and emission protection permits.

Besides regulatory requirements that need to be assessed on a case-by-case basis, defense start-ups should even at an early stage consider three areas: (i) foreign investment controls when it comes to investments by foreign investors; (ii) export control; and (iii) sanctions related questions.

In this three-part series, we'll examine each area in detail:

• Part I: Navigating Investment Control Regulations for Defense Start-ups in Germany
• Part II: Understanding Export Control Regulations for Defense Start-ups in Germany
• Part III: Sanctions Compliance: A Guide for Defense Start-ups in Germany

Understanding and complying with these regulations is crucial to avoid severe penalties and ensure successful business operations.

Defense technology companies in Germany operate in a highly regulated environment that requires careful navigation of various legal requirements. Key regulations include national or EU legislation on handling of defense-related goods and international treaties. The legal landscape is complex: Beyond defense-specific laws, start-ups must also comply with general public law requirements, including building permits and emission protection permits.

Besides regulatory requirements that need to be assessed on a case-by-case basis, defense start-ups should even at an early stage consider three areas: (i) foreign investment controls when it comes to investments by foreign investors; (ii) export control; and (iii) sanctions related questions.

In this three-part series, we'll examine each area in detail:

• Part I: Navigating Investment Control Regulations for Defense Start-ups in Germany
• Part II: Understanding Export Control Regulations for Defense Start-ups in Germany
• Part III: Sanctions Compliance: A Guide for Defense Start-ups in Germany

Understanding and complying with these regulations is crucial to avoid severe penalties and ensure successful business operations.

An update on German VSOP rules impacts forfeiture of vested shared. In this snapshot, we explore strategies for retention-focused incentive programs.

In our most recent edition of the OLNS, we shared findings of an empirical study of Growth Share programs in German start-ups.

The Court of Appeal in Berlin has made another decision on founder vesting that brings some clarity to what is permissible.