1. German Venture Capital
Landscape 2020
From the eyes of an
International Investor

2. White Star Capital
“Germany is very well
positioned to become a
global tech leader. I expect
the VC activity to catch up
as a % of GDP and see the
German tech ecosystem
reach new heights over the
next few years.”
“Germany’s maturing VC
ecosystem has great
support from its robust
economy, thanks to strong
corporate commitment with
record high CVC activity in
addition to well integrated
and globally-minded SMEs.”
“Germany benefits from
unique characteristics such
as the decentralized hub
network, the public-private
partnerships, world class
technical skills, or access to
the DACH region. This
attracts many international
investors boosting the
growth of the ecosystem.”
In this edition of our report, we aim to share our
enthusiasm for and commitment to Germany’s tech and
venture capital sector. We started investing in Germany in
2018 and have made landmark investments in Clark and
Tier Mobility.
Germany is a focal point of European venture capital with
a stellar business environment. We strongly believe in its
continued success, and intend to double down on our
presence.“
There are a number of specific characteristics about the
German ecosystem that has allowed it to become one of
Europe’s leading technology hubs.
Germany has long been the leading economic
powerhouse in Europe, featuring vigorous export-oriented
business networks with top global corporate leaders and a
robust “Mittelstand“. It has a large and valuable English-
speaking, tech-savvy population, extended by the DACH
region and benefits from a deep and capable talent pool.
Germany has established a strong leadership in mobility,
fintech and enterprise software innovation and built many
tech ecosystem champions, paving the way for others.“
Jean de Lencquesaing
Senior Associate (London)
Sanjay Zimmerman
Senior Associate (Montreal)
Nick Stocks
General Partner (London)
Eric Martineau-Fortin
Managing Partner
Matthieu Lattes
General Partner (Paris)
Pauline Studer
Associate (Paris)
2019 was a record year for tech venture capital funding in
Germany and reached the second place in European
funding. The German ecosystem benefits from a broad
coalition of key actors. CVCs, along with the government
and a flourishing founder community have been playing a
large role in supporting early stage companies.
Furthermore, local VCs have been getting stronger and
Germany keeps attracting a high level of foreign investors
and buyers, fueling the recent mega-round trend. This
unique combination has been helping to close late stage
funding gaps and is offering great opportunity as
Germany‘s venture capital tech ecosystem further
matures and rises up to it‘s true potential.“
2

3. White Star CapitalWhite Star Capital
Contents
German Venture Capital: An Overview
Ecosystem
Market
Talent
Government
Capital
Appendix
04
17
19
23
26
28
38
Section 1
Section 2
Section 3
3

4. White Star Capital
German Venture Capital:
An Overview
1

5. White Star Capital
2nd
For Venture Capital funding
in Europe1
3rd
In Europe for number of
exits1
In absolute growth of VC
funding in Europe1
2nd
Note: 2019 data
(1) PitchBook.
(2) Cash injection of $100 million or above into a company.
(3) Most start-up ecosystems among the top 30–Global Startup Ecosystem Report 2019.
2nd
In number of mega-rounds2
in Europe1
1st
In number of companies in
top 10 biggest deals in
Europe1
3rd
For country with most leading
startup ecosystems globally3
German Venture Capital: An Overview
2nd
Highest concentration of
unicorns in Europe1
81%
Of exits were made to
international buyers1
German Venture Capital
in the spotlight
5

6. White Star Capital
$0bn
$50bn
$100bn
$150bn
US China Europe
(without
Germany)
UK Germany Canada France Japan
2018 2019
2019 was a record year for the
German VC landscape
German Venture funding saw an all-time high in 2019, with a 49% increase over
2018. German companies received $5.7bn in funding across 785 deals.
White Star Capital German Venture Capital: An Overview 6
Global funding comparison
Funding and deals in Germany
($ in bn)
Source: PitchBook
7%
(55)%
34%
38%
49% 50% 19% 16%
$0.4 $0.5
$1.3
$0.6
$1.5
$2.7
$3.1
$2.1
$2.4
$3.8
$5.7
189
237
313
375
547
643
735
831
892 862
785
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Capital invested Number of deals
In absolute terms, Germany is still a relatively small ecosystem but shows great
momentum.

7. White Star Capital
2,500
862
1,137
462 485
334 327
2,097
785
739
379 346
254 249
UK Germany France Sweden Spain Switzerland Netherlands
2018 2019
$8.1
$3.8
$3.5
$0.8 $0.8 $1.0
$0.6
$11.2
$5.7
$4.1
$1.5 $1.2 $1.1 $0.9
UK Germany France Sweden Spain Switzerland Netherlands
2018 2019
Germany is one of the largest VC players in Europe and makes up 19% of the
total funding. Due to an increase of 49% in Venture funding in 2019, Germany
continues to be the 2nd
best funded country in Europe.
European Venture deals
Source: PitchBook
German Venture Capital: An Overview
Germany has the second highest
Venture Capital funding in Europe
European Venture funding
($ in bn)
Germany also has the 2nd highest number of deals in Europe, with the lowest
decrease from 2018 to 2019.
38%
49%
19%
79% 55% 10% 44%
(16)%
(9)%
(35)%
(18)% (29)%
(24)% (24)%
7

8. White Star Capital
$0.2
$0.3
$1.0
114
129
148
0
50
100
150
200
250
0
200
400
600
800
1000
1200
2017 2018 2019
$0.3
$0.5
$1.2
70
49
48
0
10
20
30
40
50
60
70
80
0
200
400
600
800
1000
1200
1400
2017 2018 2019
$0.4
$0.6
$1.3
19 22 26
0
50
100
150
200
250
0
200
400
600
800
1000
1200
1400
2017 2018 2019
Mobility
($ in bn)
B2B Software
($ in bn)
Mobility, FinTech and B2B
Software are leading the charge
German Venture Capital: An Overview
Germany‘s Venture funding and deals by sector (2019)
($ in bn)
FinTech
($ in bn)
White Star Capital
Selected companies Selected companies Selected companies
9%
9%
20%
12%
12%
23%
18%
16%
26%
Source: PitchBook
8
$1.3
$1.2
$1.0
$0.7
$0.1
27
48
148
17
16
50
100
150
200
250
0.00
200.00
400.00
600.00
800.00
1,000.00
1,200.00
1,400.00
Mobility FinTech B2B Software B2C Applications Retail
Capital invested Number of deals
Germany retained its place as the top destination for European mobility
investment in 2019, reaching a new record of $1.3bn.

9. White Star Capital
The share of
Series A investing
has been rising
steadily since
2012 and we now
see a rise in the
share of later
stage Series B to
D deals since
2017.
Germany has a maturing Venture
ecosystem…
White Star Capital
Share of deals in Germany by stage
The relatively stable split amongst investing stages and the decrease in the
share of Seed/Angel deals indicate the maturing of the German Venture Capital
ecosystem.
German Venture Capital: An Overview
Pre-money valuation and 5 year CAGR for major start-up hubs
(‘14-’19 % CAGR)
Germany has the
highest valuations
compared to the
two other large
ecosystems in
Europe.
Growth in popularity of Venture Capital as an asset class has tightened
competition and increased valuations.
Source: PitchBook
US Germany France UK
$8m $5m $4m $3m
+9% +10% +15% +9%
$23m $18m $15m $14m
+15% +15% +21% +16%
$70m $82m $68m $68m
+18% +16% +23% +27%
Seed
Series A
Series B
0%
20%
40%
60%
80%
100%
2012 2013 2014 2015 2016 2017 2018 2019
Seed/Angel Series A Series B
Series C Series D Series E
9

10. White Star Capital
UK France Germany US China Canada Japan
23% 6% 6% 10% 2% 11% 5%
+39% (47)% +3% +11% (10)% +20% +47%
26% 22% 18% 20% 26% 23% 28%
+35% +3% +7% +14% (9)% +19% +30%
23% 37% 38% 25% 23% 38% 31%
+16% +98% +106% +20% (3)% +72% +38%
19% 35% 21% 18% 25% 9% 24%
+35% +138% +82% +21% +29% +15% +40%
8% NA 18% 28% 24% 19% 12%
+0% NA +2% +43% (9)% (13)% +50%
Seed/Angel
Series A
Series B
Series C
Series D/E
...with a steady rise in
later stage investing
White Star Capital
Share of funding volume by stage type (2019)
Growth rate reflects ’17-’19 % CAGR
The German start-up ecosystem now has a relatively proportionate distribution
of funding across stages and is matching the more mature profile of the US and
China.
German Venture Capital: An Overview
Source: PitchBook
10
Most of the funding activity over the last two years has been driven by the growth
in Series B and Series C, at the fastest pace globally, along with France.
Germany also features the largest Series D/E investment percentage in Europe,
well above the UK and France. Germany has been leading the trend in European
late stage mega rounds.

11. White Star Capital
…driven in part by mega-rounds
Source: PitchBook
(1) Cash injection of $100 million or above into a company.
Company Stage Deal size Country of origin
Series F $564m Germany
Series C $550m United Kingdom
Series E $484m Germany
Series D2 $470m Germany
Growth Round $460m Sweden
Venture Round $440m United Kingdom
Growth Round $400m Germany
Series C $284m Germany
Series C $277m Netherlands
Venture Round $270m United Kingdom
German Venture Capital: An Overview
Number of mega-rounds by country
Together with the UK, Germany is leading the trend of mega-rounds.
Largest European mega-rounds in 2019
11
9
58
3
14
811
4
6
3
3
5
12
84
6
4
55
484
40
22
19
15
20
1110
7
9
7
2019201820172016201520142013201220112010
Germany UK France Other European countries
Of the 39 European companies that raised mega-rounds1
in 2019, 8 are
headquartered in Germany. Five out of the ten largest rounds in 2019 were raised
by German companies.

12. White Star Capital
Germany now features many
ecosystem champions…
Source: PitchBook
(1) Excludes companies founded before 2009, companies that have gone public and undisclosed deals (e.g. FlixMobility).
German Venture Capital: An Overview
Best funded VC-backed companies in Germany1
($ in bn)
Germany’s best funded companies received much of their funding in 2019.
Sectors of companies with more than $100m in funding
The three most prominent sectors for well-funded companies are B2B Software,
B2C Applications and FinTech.
12
B2B Software: 10%
B2C Applications: 10%
FinTech: 8%
Mobility: 8%
Consumer Finance: 4%
Electrical Equipment: 4%
Internet Retail: 4%
Social/Platform Software: 4%
Other: 46%
$1.3
$0.7
$0.2 $0.2
$0.4 $0.3 $0.3
$0.4
$0.5 $0.5
$0.6 $0.3 $0.2
$1.3
$1.1
$0.7 $0.7
$0.6
$0.4 $0.4 $0.4 $0.3 $0.3
Raised before 2019 Raised in 2019

13. 4Number of new German
unicorns in 2019
$4.7bnCapital raised
by German unicorns
German Venture Capital: An Overview
$3.5bn
…and is home to 9
unicorns1…
White Star Capital
Hamburg
$1.0bn2
$3.5bn
BerlinMunich
$2.3bn
$2.6bn
Source: PitchBook
(1) Unicorn defined as a private venture-backed company raising a round of financing at a valuation of at least US$1bn.
(2) Last known valuation (as of Jan 2020), according to PitchBook.
$1.1bn
$1.9bn
$1.0bn
$1.0bn
New unicorns in 2019
13

14. France
Germany
United Kingdom
Germany is also home to a
number of potential unicorns2
…with the second highest
concentration of unicorns in
Europe
7
3
$3.5bn
$3.5bn $2.6bn $2.3bn
$1.9bn$1.0bn
Spain
1
$3.0bn
Switzerland
1
$1.0bn
$1.6bn $1.3bn
$1.0bn
17
German Venture Capital: An OverviewWhite Star Capital
Sweden
$5.5bn
1
Estonia
$1.0bn
1
Lithuania
$1.1bn
1
$0.7bn $0.7bn $0.6bn
Source: PitchBook
(1) Last known valuation (as of Jan 2020), according to PitchBook.
(2) Companies with a valuation between $0.5 and $1bn.
$4.0bn1 $3.5bn $2.8bn
$2.1bn $2.0bn $2.0bn
…
$1.1bn $1.0bn $1.0bn
14

15. White Star Capital
117
62 56
38
21
UK France Germany Sweden Spain
Germany has the third most
VC backed exits in Europe…
Source: PitchBook
(1) Exits include M&A, PE, and IPO exits.
German Venture Capital: An Overview
…thanks in part to international
appetite
Percentage of exits by origin of acquirer
VC-backed exits1
in Europe in 2019
Exits to international acquirers have significantly increased over the years.
In 2019, Germany ranked 3rd
for the number of VC-backed exits.
19%
17%
12%
22%
29%
81%
83%
88%
78%
71%
2019
2018
2017
2016
2015
German acquirer International acquirer
15

16. White Star CapitalWhite Star Capital German Venture Capital: An Overview
…providing great outcomes for
entrepreneurs and investors
Date Company Valuation
Oct 2014 $6.8bn
Oct 2014 $8.4bn
May 2015 $0.6bn
Dec 2016 $2.6bn
Jun 2017 $4.9bn
Nov 2017 $1.9bn
May 2018 $0.2bn
Jun 2018 $0.7bn
Oct 2018 $0.6bn
Sep 2019 $5.8bn
Selected VC-backed IPO exits Selected VC-backed M&A exits
Date Target Acquirer Valuation
May 2010 $0.1bn
Jan 2011 $0.2bn
Sep 2011 $0.1bn
Dec 2012 $1.0bn
Oct 2014 $0.2bn
Mar 2015 $0.2bn
Jun 2017 $0.1bn
Dec 2017 $0.3bn
Aug 2018 $0.3bn
Jan 2019 $0.1bn
461
M&A exits
29
VC-backed
IPOs
15%
Germany’s
share of
European exits
VC-backed exits in
Germany since 2009
Despite a recent decrease over the last 2 years, Germany maintains a high
number of exits.
Source: PitchBook
11
28 29
36
45
63
55
48
57
41
48
7
5
8
10
9
9
19 6
5
6
5
12
38
35
40
51
76
68
59
72
65
56
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
M&A PE IPO
16

17. White Star Capital
Ecosystem
2

18. White Star Capital
4 Capital
Financing available in themarket
Key Characteristics
• Angel investors
• Presence of funds across
sectors and stages
• Access tointernational funding
Government
Controllable, human-ledaspects
of the landscape
Key Characteristics
• Tax incentives
• Government led incubators
and hubs
• Regulation
Talent
The abundance of strong
founders and employees
and the underlyinginitiatives
supporting them
Key Characteristics
• Education
• Major corporates
Market
Naturally occurring,
uncontrollable aspects
of the landscape
Key Characteristics
• Technological adoption
• Digital penetration
• Size and growth
• Tailwinds or headwinds
White Star Capital model for a
Venture Capital ecosystem
Ecosystem: Market
At White Star Capital, we believe there are 4 key constituents to the VC
ecosystem.
1
3
2
18

19. White Star Capital
The German market features
outstanding characteristics…
Ecosystem: Market
(1) IMF (as of Oct 2019).
(2) European Commission, Eurostat (as of Jun 2018).
(3) Newzoo–Global Mobile Market Report 2019.
(4) European Commission, Eurobarometer 386 (as of 2012).
(5) OECD Statistics–ten year per capita exports (2009-2018).
(6) Human Development Report 2019.
(7) Our World in Data (as of 2017).
(8) World Atlas (Jul 2018).
Great potential
4th
Highest Human Development
Index in Europe6
83mGermany is the most populous
country in the EU2
Large number of customers
1st
In per capita exports volume
globally5
Expansion opportunities
5th
For productivity per hour worked
in Europe7
Capable workforce
2nd
Most spoken language in
Europe8
International
1st
In GDP in Europe1
Huge market
1st
Non-native English speaking
population in Europe4
Accessibility
1st
In number of smartphone users
in Europe
Many tech consumers
White Star Capital 19

20. White Star Capital
116 109
85 82
69
52 52 49 48
China Japan Russia Indo-
nesia
Mexico Ger-
many
France Turkey Iran South
Korea
…and above else features a large
tech-savvy population
Ecosystem: Market
2nd
Globally for
smartphone
penetration3
6th
Globally for
internet users
(in millions)2
4th
Globally for
internet
penetration1
4th
Globally for
e-commerce
penetration4
(1) Global Digital Report 2019.
(2) Our World in Data (as of 2017).
(3) Global Mobile Market Report 2019. Based on the 20 countries that have the highest absolute smartphone users globally.
(4) Shopify Global Ecommerce Playbook 2019.
765
83% 80% 79% 78% 74% 70% 66% 61% 60% 57%
U.K. Ger-
many
U.S. France Spain South
Korea
Russia Italy China Japan
83% 83% 82% 81%
79%
77% 77% 76% 75% 74%
China South
Korea
U.K. Ger-
many
Indo-
nesia
India U.S. Taiwan Poland Thai-
land
99%
98%
96% 96% 96%
95% 95% 95% 95%
94%
U.A.E. Den-
mark
Sweden Ger-
many
Nether-
lands
U.S.A. South
Korea
Switzer-
land
U.K. Belgium
20

21. White Star Capital
2
2
3
12
Canada
Germany
China
USA
% of total funded startups
in given hub
Germany has a geographically
decentralized ecosystem…
VC funds by city
Germany has the 3rd most
top 30 startup ecosystems
globally1
White Star Capital Ecosystem: Market
Berlin
34%
Munich
16%
Hamburg
6%
Frankfurt
3%
Other
41%
Berlin
29%
Munich
20%Hamburg
5%
Frankfurt
4%
Other
42%
% of deals per city in 2019
Source: PitchBook
(1) Global Startup Ecosystem Report 2019.
While Berlin is a core hub, Germany is far less centralized than the UK and
France.
Active regional hubs strengthen the ecosystem
• Germany is home to specialized and complementary hubs
• These hubs cover expansive ground and form a well
connected city network
• The geographical decentralisation enables cheaper cost of
living, attracting striving entrepreneurs
Berlin
Munich
Hamburg
Frankfurt
57%
52%
34%
London Paris Berlin
Size of hubs
by funding
21

22. White Star Capital
Germany
Austria
Switzerland
…extended by the DACH region
Ecosystem: Market
…enabling a thriving economy
• $5.0 trillion GDP total, adding 30% to Germany‘s GDP4
• Some of the most advanced economies in the world with $53.0k GDP per capita
across DACH compared to $36.6k in the EU5
• $7.0bn in tech VC funding in 2019, representing 23% of Europe‘s total funding6
Homogenous, integrated market…
• People share a common language with 92% of Germans, 90% of Austrians and
63% of Swiss people speaking German as their first language1
• Closely associated geographically, historically and culturally
• Long standing tradition in regional trade
• Leading Logistics Performance Index2 (Germany 1st, Austria 4th, Switzerland 13th
globally)
• Highly educated population with top-class engineering and business universities
…with a wealthy population
• High standard of living across the region with twice the European purchasing power3
• Internet and smartphone penetration is 2 and 15 percentage points higher than the
European average respectively3
DACH refers to the core German-speaking European region, consisting of
Deutschland, Austria, and Confederatio Helvetica (Switzerland).
The DACH region is not a completely unified market but proves to be a great
launch pad for German start-ups who plan to grow across Europe. Companies
benefit from a privileged access to a large high quality market which helps them
prepare for broader expansion.
(1) World Population Review (as of 2019) | Swissinfo.ch (as of 2019).
(2) World Bank (as of 2019).
(3) Speedinvest–Startup & Venture Capital Landscape In DACH 2018.
(4) IMF (as of Oct 2019).
(5) World Bank (as of 2018).
(6) PichBook (as of Jan 2020).
22

23. White Star Capital
Source: PitchBook
(1) Statista (as of 2019).
(2) QS World University Rankings (as of 2019).
White Star Capital Ecosystem: Talent
Number of professional developers1
(in thousands)
Number of graduates who became unicorn founders
58% of German unicorn founders attended German universities
Top universities in Germany2
#1 Technical
University of
Munich
#2 Ludwig
Maximilian
University of
Munich
#3 Heidelberg
University
#4 Karlsruhe
Institute of
Technology
#5 Humboldt
University of Berlin
Germany is powered by a
deep talent pool…
901 850
533 413 323 321 314 295 192 179
Germany U.K. France Russia Spain Nether-
lands
Italy Poland Ukraine Sweden
5
3
1 1 1 1 1 1 1 1 1 1
23
Germany is the country of science, technology, engineering and mathematics.
It has the highest percentage of graduates in these fields in Europe and the highest
number of professional developers.

24. White Star Capital
Source: PitchBook, Crunchbase
…spread across the country
White Star Capital Ecosystem: Talent 24
Technical
University of
Munich
Ludwig Maximilian
University of
Munich
Humboldt
University of Berlin
Heidelberg
University
Karlsruhe
Institute of
Technology
Mannheim
University
Freie
University of Berlin

25. White Star Capital
Germany is still lacking in founder
diversity
White Star Capital
Female founder support in Germany
VC deal count and deal % of start-ups with a female founder or co-founder
Ecosystem: Talent
Total early entrepreneurship activity gender gap1
Select countries, % point difference between male and female TEA rates
Germany’s female start-up activity gender gap is relatively low but has room
to improve.
1.7
2.1
2.7
3.3 3.4
4.1
5.7
France China Japan Germany Canada US UK
Source: PitchBook
(1) Global Entrepreneurship Monitor 2019. The TEA rate is the proportion of working aged people owning or running any business
that is less than 3.5 years old. In Germany, the TEA rate is 6.6% for men and 3.3% for women.
25
German female founder activity has made material gains over the last
decade but has been slightly decreasing over the last 5 years.
8%
12%
14%
16% 16%
21%
19%
17% 18% 18%
16
32
47
79
91
137 141
138 139
127
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
% of total deals Number of deals
Germany’s 3.3%-point start-up activity gender gap is lower than the 4.1
European median and is well below the US and UK.

26. White Star Capital
Federal German Government through KfW Capital, the
Federal Ministery for Economic Affairs and Energy
(BMWi) and the Ministery for Finance
State governments and municipalities such as Hamburg
Innovation Foundation, HannoverImpuls, the State of
Berlin and the State of Brandenburg.
International entities like the European Investment Fund
(EIF), European Recovery Program (ERP) and
European Regional Development Fund (ERDF)
Ecosystem: Government
• (HGTF) Germany’s largest, most active seed fund ($1bn AUM
across three funds), includes both private and public LPs
• Finances follow-on and expansion stages via VC funds and
deployed €265m across 18 VC funds since its launch in 2015
• A $250m co-investment fund launched in 2016 by KfW and
BMWi to leverage expertise in the VC market
ERP Venture
Capital Fund
…through public-private partnerships
The government is actively
supporting the ecosystem…
(1) Invest Europe EDC (2014-2018 data) | Atomico–State of the European Tech 2019.
(2) Lutz | Abel–Der Staat als Venture Capital Investor 2018.
Funds are backed by…
1
2
3
26
31% of VC funds raised over the last 4 years are from government agency LPs,
well above the UK at 14% and the European average at 24%.1
Public funds directly
co-financed 45% of all early-stage VC deals in Germany.2

27. White Star Capital
…as well as through fiscal and
administrative initiatives
The 2018 coalition agreement of the current federal government
determined several initiatives3
INVEST – Venture Capital Grant: the German government’s tax
incentive scheme for business angels1
• Private investors receive an acquisition grant for seed
investments into start-ups
• The grant amounts to 20% of the investment
• Condition: investor holds shares for at least three years
• There is a tax exemption on the grant Certificate of eligibility for
companies by INVEST
Ecosystem: Government
EXIST-Business Start-up Grant2
• Scholarship funding initiative that supports start-ups from
universities and other research institutions during the early
phase of development
• The program funds the development of a product or service
idea and the creation of a business plan through to the business
launch
• Sales tax exemption in the first two years after founding
• De-bureaucratisation of process for founders
• Continue to develop government finance instruments (EIF, INVEST-Zuschuss
Wagniskapital, EXIST, KfW, Hightech-Gründerfonds)
There are around 2,000 different grants provided by the German government,
the EU and regional governments.
(1) Bundesanzeiger (as of 2014).
(2) Bundesministerium für Wirtschaft und Energie (as of 2019).
(3) Koalitionsvertrag zwischen CDU, CSU und SPD 2018.
27

28. Source: PitchBook, Crunchbase
(1) Based on most recent fund size.
Germany is home to many
Venture Capital firms…
White Star Capital
$300m +
< $300m
$200m–$300m
$100m–$200m
Legend Fund sizes1
Munich
Project A
Berlin
Leipzig
Bad Homburg
Cologne
Bonn
Ecosystem: Capital 28

29. White Star Capital
…which are raising
increasingly large funds
German VC and Growth Equity fund sizes have steadily increased over the last
decade, as the ecosystem has continued to mature, reaching a $154m average
over the past three years and a $175m median in 2019.
Ecosystem: Capital
VC/Growth Equity fund sizes1
($ in m; 3 year rolling average)
2019 German tech VC funds2
$1.4bn+ in new capital raised by German Tech VCs over the past year
$215m
Stage: Series A to
Growth
Date: Nov 2019
$199m
Stage: Seed,
Series A
Date: Sep 2019
$196m
Stage: Seed,
Series A
Date: Jun 2019
$175m
Stage: Seed,
Series A
Date: Jul 2019
$134m
Stage: Series A
to Series C
Date: Jul 2019
$127m
Stage: Seed,
Series A
Date: Jan 2019
$54m
Stage: Seed,
Series A
Date: Aug 2019
$90m3
Stage: Seed,
Growth
Date: Jul 2019
Source: PitchBook
(1) Excludes Rocket Internet Capital Partners / GFC funds.
(2) Based on announcement; excludes CVCs.
(3) Two separate $45m funds closed in Jul 2019.
White Star Capital
$154
$136
$107$98
$76
$98$98$94
$62$54$54
20192018201720162015201420132012201120102009
29

30. White Star Capital
German founders are helping create
the next generation of success stories
Ecosystem: Capital
Founder
Previously Founded
Venture
Sample German Investment
Felix Haas
Lukasz Gadowski
Martin Sinner
Felix Jahn
Philipp Kreibohm
Frank Thelen
Hakan Koc
Jochen Engert
Andre Schwammlein
Dominik Richter
Sebastian Pollok
Lea-Sophie Cramer
Lukas Brosseder
David Khalil
Jan Beckers
Robert Gentz
David Schneider
Lars Hinrichs
Rolf Schromgens
Peter Vinnemeir
Germany’s ecosystem can rely on many successful founders to invest as angels,
fund managers, or LPs and to provide valuable advisory to entrepreneurs.
Source: PitchBook, Crunchbase
30
Selected German Angel investors

31. White Star Capital
The robust business landscape
benefits German startups
White Star Capital
Fortune Global 500 top countries
Germany ranks 5th for the number of global corporate leaders globally. It has 29
companies among the top 500 global corporations1
.
Germany has a large number of SMEs, led by the “Mittelstand”.
• 3.5m SMEs total, which account for
99.5% of German companies and
represent 58% of Germany‘s GDP2
• The average SME in Germany is
1.5 - 4x larger than in other EU
countries3
121 119
52
31 29
US China Japan France Germany
Global corporate leaders provide great opportunity for start-ups:
• Attract and nurture world class talent
• Provide large contract and partnership opportunities for start-ups
• Finance R&D costs through pilots and CVC funding
Top German corporations
Mittelstand typically refers to
mid-sized family owned/managed
private businesses, often global
companies in niche markets.
They feature strong resilience
and considered the backbone of
the German economy.
The Mittelstand represents a large and diverse supply of potential clients for
start-ups but also established niche markets prime for disruption. Germany
has only a 56% share of digitalized SMEs, the lowest in Europe4
.
• There are 2.7k succesful mid-sized “hidden champions“ globally3, with close to
50% of them based in Germany, driving the country‘s export success
(1) Based on revenue. Fortune Global 500 (as of 2019).
(2) IfM Bonn (as of 2017). Includes companies with up to €50m in revenue and less than 500 FTE.
(3) Simon Kucher & Partners (as of 2014). Hidden champions defined as SMEs with global leadership (top three in its global
market or number one on its continent).
(4) KfW–European SME Survey 2019.
Ecosystem: Capital 31

32. White Star Capital
32%
23%
30%
6%
9%12%17%
58%
40%
34%
26%25%
21%19%
GermanyJapanUSUKCanadaFranceChina
Local CVCs
Corporate Venture Capital
firms play a key role…
Ecosystem: Capital
CVCs mainly invest across Seed to Series B rounds and focus on FinTech, Mobility
and B2B Software.
Germany Globally (2019)
2019 CVC Deals by stage Funding of deals with CVCs
as co-investors by sector
($ in m)
Share of funding where CVCs were co-investors
Series Deal Share
Seed 25%
Series A 37%
Series B 20%
Series C 13%
Series D 3%
Series F 2%
Source: PitchBook
(1) Invest Europe EDC (2014-2018 data) | Atomico–State of the European Tech 2019.
32
$1,121
$948
$478
$72 $66
Mobility
FinTech
B2BSoftware
Aerospaceand
Defense
InsurTech
As LPs, corporate investors represent 28% of total VC funds raised in Germany,
featuring the highest level in Europe, above the 16% European average1
.
CVCs participated in 27% of all German VC deals representing 58% of the total
funding.
32%
19%
9%9%8%
58%
38%
30%
39%
17%
20192018201720162015
German CVCs

33. White Star Capital
CVC Parent Headquarters
Invest-
ments1
Selected
Investments
Munich 64
Hamburg 45
Stuttgart-
Weilimdorf
42
Essen 32
Unterföhring 30
Munich 24
Ludwigshafen 24
Essen 16
Hannau 16
Frankfurt 14
…with activity concentrated
among a few players…
Ecosystem: Capital
Source: PitchBook
(1) Based on number of unique company investments since 2015.
The top 10 most active CVCs made 42% of the German CVC investments over
the last 5 years.
33
BASF Venture Capital
E.ON Strategic Co-Investments
Evonik Venture Capital

34. White Star Capital
CVCs founded over the last 3 years
…and new CVCs emerging
Ecosystem: Capital
Source: PitchBook
34
Number of German CVCs
5252
4845
39
33302825
201920182017201620152014201320122011
During the past 10 years, the number of German CVCs has more than doubled.
CVC Parent
Year
Founded
Stages Sectors
Selected
Investments
2018
Seed to
Later
Stage
AI, Blockchain,
Biometrics, Data
Privacy
2018
Seed to
Series B
Energy
(Storage), E-
Mobility
2018 Seed
Smart Cleaning,
Robotics &
Automation
2018 Seed Consumer/
Entertainment
2017 Seed FinTech
2017 Seed
Smart Factory,
E-Mobility, AI,
New Materials
2017
Seed to
Series A
Generalists
(tech-driven)
Kärcher New Venture
Ceravis Ventures
Heinen-Verlag
Woov

35. White Star Capital
Foreign VCs further strengthen
the market…
Ecosystem: Capital
VC-backed
companies with an
international
investor
Source: PitchBook
Funding volume of VC
deals in Germany that
had an international
investor
Compared to the U.K. and France, German companies attract international
investors more often.
The funding volume of international investors into Germany has increased
drastically over the last years.
42% 50%
62%
77% 77%
88%
2014 2015 2016 2017 2018 2019
50% 46%
32%
Germany U.K. France
49
36
22 21 21 17 15 15 14 14 14 14 12 12 11
b-to-vPartners
Idinvest
Speedinvest
DNCapital
MountainPartners
RedalpineVenture
Lakestar
Wayra
e.ventures
IndexVentures
IrisCapital
FJLabs
Ventech
DraperEsprit
Creandum
This is thanks to very active funds from Europe, the DACH region and
North America.
Top international VC investors
2015-2019 unique German company investments
2015-2019 German deals from
International investors
White Star Capital
48%
17%
29%
4% 2%
Europe DACH North America APAC Other
35

36. White Star Capital
France UK
Most active investors from Europe1
Most active investors from the DACH region1
Switzerland
Most active investors from the US1
…and originate from various regions
$5.5m (2016)
$62.9m (2019)
$227m (2019)
S
A
E
$118m (2015)
$22m(2015)
$6.7m (2015)
D
B
A
$22m (2015)
$11.1m (2016)
$40m (2019)
B
D
B
$2.5m (2015)
$24.9m (2017)
A
D
$118m (2015)
$8m (2015)
D
A
$12.2m (2017)
$37m (2019)
A
A
$15.9m (2017)
$22m (2016)
$45.4m (2015)
B
D
C
$5.5m (2016)
$37m (2019)
$3.7m (2016)
S
A
S
$70m (2016)
$69.8m (2018)
$70m (2017)
C
B
C
$10.6m (2015)
$1.4m (2017)
A
S
$28m (2016)
$9.3m (2017)
A
C
$6.5m (2017)
$5.6m (2015)
A
A
$7.1m (2016)
$9.2m (2016)
A
A
$20m (2016)
$31.8m (2017)
B
C
$27.5m (2016)
$30m (2019)
A
B
UK
UK France UK
Switzerland
Austria Switzerland
Switzerland Switzerland
San Francisco New York Palo Alto
Source: PitchBook, Crunchbase
(1) Stage and size of investment correspond to initial rounds, Seed (S), Series A, B, C and D. +$50m rounds are highlighted in
blue. Illustrative and non-exhaustive list of investments and international funds investing in Germany.
White Star Capital Ecosystem: Capital 36

37. White Star Capital
17% 19%
36% 34%
8% 6%
17%
23%
4% 3%
9%
18%
Germany Europe US China
Raised > $15m Raised > $50m Raised > $100m
54
41 33 28
16 15 15 10
US UK China Sweden Switzer-
land
Germany France Nether-
lands
Funding volume as a % of GDP1
(in bps)
These developments are driving an
increase in the role of Venture Capital…
Conversion rate to later stage rounds2
% of seed start-ups that raise $15m+, $50m+ and $100m+
…and leaving Europe’s biggest economy
with significant potential
Germany’s funding volume as a % of GDP1
(in bps)
Germany’s late-stage
funding is strong
compared to Europe
but is still lacking
globally.
Germany’s VC
market share of
GDP increased
by 5 bps in
2019.
...helping Germany close its late stage
funding gap…
Source: PitchBook
(1) GDP as of IMF‘s 2019 estimate.
(2) Based on median share of companies that raised a seed round from Jan 2009 to Dec 2014 and went on to raise a total
funding amount of $15m+, $50m+ and $100m.
Ecosystem: CapitalWhite Star Capital 37
1 1
4
2
4
7
9
6 7
10
15
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

38. White Star Capital
Appendix
3

39. White Star CapitalWhite Star Capital Appendix
Germany hosts world class tech
and VC events
June 4-5 2020
Berlin
Attendees: 5,000+
senior executives
December 11-12 2019
Berlin
Attendees: 3,000
Start-ups presented:
250
June 23-26 2020
Berlin
Attendees: 20,000
Founders/CEOs:
4,600
September 27-29
2020
Munich
Attendees: 5,000
June 24-26 2020
Cologne
Attendees: 1,200
invitation-only
February 11-13 2020
Berlin
Attendees: 1,200+
39

40. White Star Capital
German deal structure and
processes
There are notable differences between North American and German deal terms and
processes.
Appendix
America Germany
Preferred legal
form
Delaware Corporation
(Inc.)
GmbH (German:
Gesellschaft mit
beschränkter Haftung –
limited liability company)
Authorization
process for
new shares to
be issued
Approved by the
corporation’s board of
directors
Requires a shareholders’
resolution to be adopted by
at least 75% of the votes cast
Officialising of
significant
measures:
company
formation,
investment,
and exit
Done via e-signing of final
legal docs
• All significant measures
require notarization and
registration in the local
public commercial register
• Representatives of the
shareholders and
company must be
physically present in front
of a German civil notary
for the reading of the
entire notarial deed
Board
structure
CEO, other founders and
employees can be
represented along with
investors and independent
board members
Only investors and
independent board members
can be represented
Source: Daily Journal
40

41. White Star Capital
What is Media for equity?
In exchange for company shares or convertible notes in a Startup, Media firms
offer advertising space at a steep discount over a period of 6 to 24 months to the
Startup
Why use Media for equity?
• Startups benefit from avoiding hefty cash outlays for media
• Advertisers benefit from diversifying their revenue base
• VCs benefit from minimized risk of media inefficiencies
• While a creative alternative, this may not always be an optimal or relevant
solution in every scenario
Media for equity programs
A common fundraising alternative for German B2C start-ups requiring large media
campaigns.
White Star Capital
Fund Name Companies
ProSieben
Sat.1
Accelerator
GMPVC –
German
Media Pool
Seven
Ventures
Investors/Media Groups1
Successful Cases1
Appendix
(1) Media Digital Ventures–Media Landscape 2016.
• Jim Drave
• Cashboard
• Clark
• Fairr.de
• Foodist
• Mossify
• Meine
SpielzeugKiste
• Valendo
• 123Makler
• SpringTab
• tripRebelK
• UKUMI
• kaputt.de
• Layouttfabrik
• Asanayoga
• Pablo & Paul
• Jaimie Jacobs
• HelloCare
• Eurosender
• Ekoio
• Myonbelle
• SecureBeam
• Little Postman
• Media4XCare
• Flairelle
• Veeplay
• Photocircle
• MyRadioDay
• Kinemattics
GmbH
• Tvib
• Videostream360
• EYEGLASS24
• Jurato
• Get2play
• Talentry
• Tickethelden
• Dreama.tv
• Ampido
• JobToday
• Book A Tiger
• About You
• Clark
• Twago
• Geschenke.de
• Marley Spoon
• Urbanar
• ePetWorld
• Danat
• Momox
• JustBook
• Firma.de
• Tab
Ticketbroker
• MyBestBrands
• Toptarif
• Pauldirekt
• Medikompass
• 9flats
• Centralway
• About You
• Ayondo
• Jawbone
• PippaJean
• Fineartmultiple
• JutFab
• Asgoodasnew
• Kiveda
• Zalando
• Shiopkick
• HoldidayInsider
• Lieferando
• Lottohelden
• Mawaku
• Tirendo
• Babymarkt
• Kuchen Quelle
41

42. White Star Capital
Glossary of DACH VC fundsPage 1 of 4
Investor Founded
Min.
check
size (€)
Max.
check
size (€)
Invest-
ments
2018/
2019
Region Stage Sectors
2005 N/A 1m 96 DACH
Pre-
Seed to
Seed
Seed investments
2000 50k 40m 44 World
Pre-
Seed to
Series A
Internet, Technology
1997 250k 1m 31 Germany
Pre-
Seed to
Series A
Software, Digital, Consumer
Internet, Life Sciences,
Industrial Technologies
2000 250k 3.5m 25 Europe
Seed to
Series A
Digital and industrial topics:
FinTech, Marketplaces,
Software, Industry 4.0, IoT
2016 500k 5m 24 Germany
Series A
to Series
B
Sector-agnostic
2013 200k 10m 21 World Pre-Seed
B2C and B2B-Tech:
Marketplaces, Subscription,
SaaS
2012 500k 3m 20 Europe
Pre-
Seed to
Seed
Sector-agnostic, focus:
Consumer-Tech, scalable
B2B models
2012 300k 10m 20 World
Seed to
Series A
Currently focuses on Digital
Health, Mobility, Education,
Industry 4.0, E-Sports
1997 250k 5m 18 Europe
Seed to
Series B
FinTech, InsurTech, Mobility
& Logistics, Blockchain &
Crypto, industry 4.0 & IoT
2011 500k 3m 18 DACH
Seed to
Series B
B2B Start-ups, Enterprise
Software, Industrial
Technologies and Mobility,
Software and Hardware
2012 500k 3m 14 Europe
Seed to
Series B
Enterprise Software, B2B
SaaS, Enabling
Technologies, IoT, IT
Security
1999 1m 20m 11 World
Series A
to Series
B
Sector-agnostic Investments
in Internet companies,
especially in B2C start-ups
2013 500k 3m 11 n/a
Pre-
Seed to
Later
Stage
Enterprise B2B, IoT,
Property Tech
1998 500k 30m 11 World
Seed to
Later
Stage
Sector-agnostic, primarily
consumer-internet &
software area
1999 500k 6m 11 Europe
Seed to
Later
Stage
CleanTech, Software and
IT, Industry 4.0 and new
materials
Appendix
Source: Berlin Valley–Startup-Investoren in Deutschland (as of 2018); PitchBook for number of investments
HV Holtzbrinck Ventures
Global Founders Capital
42

43. White Star Capital
Glossary of DACH VC fundsPage 2 of 4
Appendix
Investor Founded
Min.
check
size (€)
Max.
check
size (€)
Invest-
ments
2018/
2019
Region Stage Sectors
2013 1m 50m 11 World
Series A
to Later
Stage
Consumer, B2B, FinTech,
Mobility, Blockchain
1997 200k 10m 10 Germany
Pre-
Seed to
Later
Stage
Internet/Softw./
Mobile, Consumer Products,
Industry-
Tech, CleanTech,
Lifescience
1998 250k 40m 10 World
Pre-Seed
to Later
Stage
DeepTech
2011 200k 1.5m 10 Europe
Pre-
Seed to
Series A
SaaS, Marketplaces
2003 500k 30m 9 Europe
Pre-
Seed to
Series B
Industry 4.0, DLT, Digital
Health
2016 50k 200k 9 Europe
Pre-
Seed to
Seed
B2B/Enterprise Software
with strong technology
reference
2011 50k 4m 9 Europe
Pre-
Seed to
Later
Stage
Marketplaces, PropTech,
InsurTech, Digital Health
2009 5m 50m 9 World
Series A
to Later
Stage
Travel, Health, Home &
Living, Beauty & Acc., E-
Com., Retail and Lead
Generation
2007 1m 10m 9 World
Series A
to Later
Stage
Direct-to-
consumer/transactions-
oriented business models,
enabling technologies
2018 25k 100k 8 Europe
Pre-
Seed to
Seed
Mobility, Media, Travel,
Lifestyle, FinTech
2016 250k 1m 8 Europe
Pre-
Seed to
Seed
AI/ML, Enterprise Software
2015 500k 1.5m 8 Europe
Seed to
Series A
Industrial IoT, Machine
Intelligence, Frontier
Hardware, New-Age Ent.
Software, Cyber Security
2015 250k 1m 7 World
Pre-
Seed to
Seed
PropTech, SaaS,
Marketplaces, InsurTech,
FinTech, DeepTech
2014 250k 2m 7 Europe
Seed to
Series A
FinTech, InsurTech, Digital
Health, E-Learning,
PropTech
Source: Berlin Valley–Startup-Investoren in Deutschland (as of 2018); PitchBook for number of investments
43

44. White Star Capital
Glossary of DACH VC fundsPage 3 of 4
Appendix
Investor Founded
Min.
check
size (€)
Max.
check
size (€)
Invest-
ments
2018/
2019
Region Stage Sectors
2014 500k 5m 7 Europe
Pre-
Seed to
Series A
FinTech, InsurTech, Asset
Management
2010 200k 2.5m 7 Europe
Seed to
Series A
B2B-Software, Enterprise,
SaaS, AI, IoT/Industry 4.0,
Robotics, Security
2016 500k 5m 5 World
Pre-
Seed to
Series A
Decentralization of markets,
empowerment of
individuals, data liberation.
Thesis yes, sectors no.
2014 500k 5m 5 DACH
Pre-
Seed to
Series A
FinTech, RegTech,
InsurTech, LegalTech
2011 100k N/A 5 Europe Seed Deep-Tech, Food
2016 50k 500k 5 World
Pre-
Seed to
Seed
Opportunity-driven: open to
all areas
1999 1m 3m 5 DACH
Seed to
Later
Stage
Fast-growing tech sectors:
mobile communications,
software, green IT, e-
commerce
2009 500k 30m 5 World
Seed to
Later
Stage
Consumer Internet, Digital
Services, Software &
Technology
2013 50k 250k 5 DACH
Pre-
Seed to
Seed
B2B SaaS, Enterprise
Software, Developer Tools
2013 300k 20m 4 Europe Series A B2B SaaS
1986 500k 30m 4 World
Series A
to Later
Stage
IoT, 5G, AI, Data, Cloud,
Industry 4.0, SW, Security
2012 N/A N/A 4 Germany
Pre-
Seed to
Series A
Meta-platforms, E-
Commerce, SaaS, B2B
2006 50k 500k 3 Europe
Pre-
Seed to
Series A
Smart City, Future
Commerce,
Prop/Construction-Tech,
FinTech, IoT
2015 100k 500k 3 Germany
Pre-
Seed to
Seed
B2B, Marketplaces, SaaS,
Deep-Tech, Digital Services
2016 500k 3m 3 DACH
Pre-
Seed to
Series B
Internet, FinTech/InsurTech,
LegalTech, Comparison,
Marketplaces
Source: Berlin Valley–Startup-Investoren in Deutschland (as of 2018); PitchBook for number of investments
44

45. White Star Capital
Glossary of DACH VC fundsPage 4 of 4
Appendix
Investor Founded
Min.
check
size (€)
Max.
check
size (€)
Invest-
ments
2018/
2019
Region Stage Sectors
2012 50k 5m 3 DACH
Pre-
Seed to
Later
Stage
Secondary shares, E-Com.
and Market-places,
FinTech, Adtech,
Blockchain-Infrastructure
2008 500k 1m 3 DACH Seed
Education Technology,
Health Digital Services,
Financial Services
2015 300k 1m 3 Europe Series A
B2C Internet and Mobile
(focus on marketplaces)
2014 100k 1.5m 2 Europe
Pre-
Seed to
Series A
E-Commerce
2015 5m 25m 2 Europe
Series B
to Later
Stage
Content-driven models E-
Commerce, Marketplaces,
Digital Networks
2009 250k 2.5m 2 DACH
Seed to
Later
Stage
Media-related start-ups
1998 500k 6m 1 Europe
Seed to
Series A
Sector-agnostic, products
and services should be
scalable and future-oriented
2010 100k 500k 1 DACH
Pre-
Seed to
Series A
Attractive market segments,
not yet unlocked by the
efficiencies of the internet
2015 500k 2.5m 1 Europe
Seed to
Series A
B2B Enterprise Software,
Industrial Technologies,
N/A N/A N/A 1 World
Seed to
Later
Stage
Network, Infrastructure-
technology, Marketplaces,
Decentralized Protocol,
open software
Source: Berlin Valley–Startup-Investoren in Deutschland (as of 2018); PitchBook for number of investments
45

46. White Star Capital
White Star Capital’s
Ecosystem

47. White Star Capital
Introduction to
White Star Capital
White Star Capital
White Star Capital is an international fund investing across Series A and B.
Our footprint is global: we have 6 offices in the world in
New York, Montreal, London, Paris, Tokyo and Hong Kong.
We partner with exceptional entrepreneurs with global ambitions
and leverage our extensive experience and international networks
to help them scale their business internationally. Our investments in
Germany include Clark and Tier Mobility.
3 Continents I18N1 Team Track Record
With a presence in
North America,
Western Europe and
East and South East
Asia, we invest in early
stage companies with
global ambitions.
Our current funds
have close to $300m
under management
and a portfolio of
30+ core companies
which have raised
over $1bn+.
Global Presence and Portfolio
France, Germany, ROE
United Kingdom & Nordics
United States
East and South East
Canada
Physical Hubs Core Hubs
47
We leverage our
experience founding
and scaling businesses
to support the
internationalization of
our start-ups.
We are a well-
balanced investment
team with strong
entrepreneurial and
operational expertise
and financial and M&A
experience.
Undisclosed
(1) i18n is a technology industry term to signify “internationalization” in shorthand form. It stands for I and N and the 18 letters in
between.

48. White Star Capital
Other White Star Capital
Country Deep Dives
We actively publish detailed reports on different VC Ecosystems. For more
information, please refer to https://medium.com/venture-beyond.
Eastern US Venture Capital
Landscape 2019
Canadian Venture Capital
Landscape 2019
French Venture Capital
Landscape 2019
UK Venture Capital
Landscape 2019
South Korean Venture Capital
Landscape 2018
Japanese Venture Capital
Landscape 2018
48