To shed light into the German business angel landscape for the English speaking audience, we’ve summed up the findings of the Business Angel Report 2023, which was originally published in German.

The Business Angel Report 2023 was published by Google for Startups and and provides information about the German business angel ecosystem covering activities of around 10.000 active angel investors and 20.000 startup investments made in Germany.


Here are the key findings of the report:


  • In numbers, business angels account for about 66% of startup investments, and this share is relatively constant. In total, over the past three and a half years, 13,224 Business Angels invested in German startups.


  • There are 10.925 active business angels in Germany responsible for 19.678 individual investments.


  • The angels invested in a total number of 3.569 startups, health tech startups being the most popular.


  • The report highlights the need for more female angel investors in the industry, with only 13.8% of active business angels being women in 2022. This lack of diversity is stated to be concerning because research has shown that people are more likely to invest in the same business models presented by men.


  • The report emphasizes the potential of female angels in investing in female-led startups, as they tend to invest significantly more in them than male investors. It is said that we need more role models for young girls and women so that they see starting a business or investing as a relevant perspective for themselves. It shows 26% of all female investments went into female-led startups, highlighting the potential benefits of increasing female participation in angel investing. Efforts such as the Women Angels Mission ’25 aim to increase the proportion of female angels to 25% by 2025


  • Furthermore, the report shows that there is a gender gap in angel investments, with approximately 16% of all male angel investments benefitting startups led by women or mixed teams, while the proportion of startups with women in management is around 20%.


  • The report also shows that half of the 100 most active business angels in Germany have already founded a start-up themselves and can contribute actively with their own experience and networks.


  • The typical German angel investor persona is male (86,2%), on average 49 years old, well-educated, and consultant or an entrepreneur from more traditional sectors


  • Regarding geographical patterns, Berlin as the startup capital of Germany is the city with most business angels in the country. However, looking at federal state level, Bavaria is home to most business angels (24% of active business angels are living in Bavaria), most of which in the Munich area.


  • Angels make more than half of their investments outside of their own federal state, showing both a strong focus on the home state but also activity in other regions. Regional networks in general remain a significant source of angel investments leads.


The full report can be downloaded here (German version only).