Angel Investing in Germany: Long-term Study 2018-2025 (BAND)

Summary

• The 107 survey participants invested around €20.9 million in 2025, slightly less than €21.7 million in 2024 and well below €30.5 million in 2018.p.4
• The number of financings including follow-ons rose to 314 in 2025, the highest of the study, of which 178 were first and 136 follow-on financings.p.4
• Average ticket size per financing was €66,468 in 2025, the lowest since the study began, versus €79,419 in 2024.p.5
• Participants held 1,069 holdings in 2025, an average of 10 per angel versus 6.9 in 2018.p.5
• In 2025, about €13.46 million (around 65%) went into first financings and €7.41 million (around 35%) into follow-on financings.p.6
• There were 23 successful exits in 2025 compared with 55 failed holdings.p.7
• The average exit multiple fell to 4.6 times invested capital in 2025, from 18.8 times in 2023.p.7

Key insights

1. 74% of first investors in startups are business angels.p.3
2. Total capital invested by survey participants stayed low at €20.5 million per year in 2023-2025, versus €25.8 million per year in 2018-2022.p.3
3. The average ticket size is down by around 66% from €194,449 in 2018.p.5
4. The lack of successful exits that free up capital for new investments is cited as a further explanation for the low investment level.p.3
5. The INVEST grant applied to around 26% of surveyed angels in 2025, compared with 41% in 2018.p.8
6. Around 17% of respondents say they have already exhausted the INVEST lifetime account capped at €100,000.p.8
7. The share of angels with a healthcare focus rose from 15.0% in 2024 to 28.6% in 2025.p.9
8. The share of female business angels rose to around 18% (19 of 107) in 2025, from around 14% the previous year.p.9