Abstract
This paper provides an introduction to the informal venture capital market in Germany. It is based on a survey of 48 business angels. The results show that business angels in Germany make investments that close the equity gap. German business angels also provide advice and support to their investee companies. Their investment behaviour is comparable to business angels in the UK and the USA. The biggest difference is that German business angels are richer and allocate a smaller portion of their wealth to informal investments. They are motivated by the desire to have fun and to help their investee companies, as well as seeking capital growth. Although the findings cannot claim to be representative for all German business angels, they are comparable with the results of other studies in Germany.
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