Frequently Asked Questions

Companisto is a business angel network where private and institutional investors – called Companists – digitally invest together in startups and growth companies.

Companisto is an artificial word derived from the words "company" and "companions." It aims to reflect the professional collaboration between companies and their supporters (Companists), which results from the collective financing of startups and innovations.

Companisto is financed through a success-based fee of 15% of the total investment amount, which is paid by the startup. This fee covers all costs such as personnel, servers, payment processing, and marketing. It is only due if the funding round is successful. In addition, Companisto receives a success-based “carry fee” of 15% on profits from its equity holdings.

Companisto is the largest business angel network in the DACH region. It brings together private and professional investors. Unlike traditional VCs, investors can start investing with as little as 250 EUR. Members of the Companisto Angel Club invest from 10,000 EUR in the equity of companies and gain access to exclusive funding rounds.

Since its founding, Companisto has supported more than 300 startups – from seed phases to follow-up financings worth millions. Each year, members invest around 30 million euros in startups and growth companies.

The selection of startups for funding rounds at Companisto follows a multi-stage process. First, our investment team reviews a large number of applications and conducts initial interviews with the founders. Selected startups then undergo a more in-depth internal analysis, during which aspects such as the business model, market potential, founding team, and financial planning are evaluated. Only when a startup successfully completes this process and proves convincing both in terms of content and strategy is it presented to the network for funding. We focus on scalable business models with an exit orientation.

Any person of legal age and legal capacity can invest in Companisto.

Investors select an active investment offer in the “Invest” section on Companisto in which they would like to invest. The investment process is completely digital and takes only a few minutes. Investing is also possible via the Companisto app. After registration (one-time) and completion of the payment process, the investment process is finalized with the receipt of the investment confirmation. Investors then receive all documents related to their investment digitally, including the participation agreement, participation certificate, pooling and carry agreement, investment information sheet (VIB), general terms and conditions (GTC), and the withdrawal policy.

Using Companisto is free of charge. Companisto only earns when investors profit – through a 15% success-based profit share on distributed returns.

The minimum investment sum is 250 euros.

The legislator demands that every investor must identify himself once before an equity investment is made. The legal basis for this is the Money Laundering Act (§ 11 GwG), which obliges platform operators such as Companisto to clarify the identity of their investors before they make an equity investment. Without a successful identification, investors are not allowed to make an equity investment. Identification is a one-time process and does not have to be repeated for further investments.

Investors must identify themselves once before making an equity investment. Two possible methods are available to them for this purpose: PostIdent and VideoIdent. Investors should have a valid identification document ready for identification. In order to guarantee the entire process, they also need a computer with a webcam (not older than 3 years) or a mobile device (smartphone or tablet). In this document you will find all information about the identification process.

Each startup financing round has an investment threshold and a financing target. The investment threshold must be reached in order for the equity crowdfunding round to proceed. It is usually set at € 100,000. The startup has two months to reach the investment threshold. Once the investment threshold has been reached, financing runs for a maximum of 12 months from the starting point of the financing campaign until the financing target has been reached.

Yes, this is possible without any problems. Companists with a residence outside Germany can also invest in Companisto. Exceptions are investors from the USA, who cannot invest in Companisto for regulatory reasons. Furthermore, investors must identify themselves in accordance with the German Money Laundering Act. You can check here whether your identification documents are supported by the German financial supervisory authority. For investors from the Netherlands, we recommend identification via the PostIdent procedure near the German border.

We offer several payment methods which are also available internationally, such as instant transfer and bank transfer (prepayment). Therefore, a German bank account is not required.

The INVEST grant is a funding program by the German Federal Office for Economic Affairs and Export Control (BAFA) that aims to make private investments in innovative startups more attractive. As a business angel, you receive a government grant of 15% of your investment amount when you acquire shares in eligible startups — this amount is reimbursed to you by the state.

In addition, upon the later sale (exit) of your shares, you can benefit from a flat-rate tax exemption on profits (available only for private individuals). Many startups that conduct funding rounds through the Companisto Business Angel Network are listed as eligible for INVEST. This allows you to reduce your investment risk while improving your return potential.

If a startup is certified as eligible, the grant can be applied — provided that you invest in GmbH shares or stock and contribute a minimum amount of EUR 10,000.

If you have any questions regarding an investment or need assistance, our Investor Relations team is available to help you by phone at +49 (0) 30 346491493 or via email at service@companisto.com.

Simply send us an email to service[at]companisto.com. We will then resend the participation certificate to you.

Start-up investments are long-term investments. When a professional venture capitalist decides to invest in a start-up, it is always a long-standing commitment to the start-up team and the business model. A start-up needs planning security. It should invest all its energy in the development of its products or services and not constantly have to search for new investors. This is the only way for the start-up to transform itself into a successful company in order to attract the interest of a buyer or to go public. In this way, the companists in turn profit the most from their investment. The legislator has therefore stipulated that equity investments cannot be terminated in principle, but only end when the company is sold or the investor sells his investment.

• Basic Account: from 250 EUR, shares in the form of profit participation rights or stocks.
• Angel Club: from 10,000 EUR, GmbH shares or stocks, exclusive access to funding rounds.
• Angel Club members can invest in both phases.
• Angel Club members can benefit from the government INVEST grant. The INVEST grant is a BAFA program that reimburses 15% of the investment amount for eligible startups.

In the Angel Club, the minimum investment is 10,000 EUR, while in the Basic Account it is 250 EUR. A broad diversification across several investments is recommended.

With a complete and approved investor profile, you can access our investor database and connect with other investors to exchange insights about funding rounds or experiences. You also have the opportunity to contact our founding teams via the messaging feature and actively participate in our Q&A section. This way, you can directly reach out to the founder teams as well.

Yes, that is possible. At the beginning of the investment process, you can choose whether you want to invest as a private individual or as a company.

Companisto exclusively offers equity investments. For professional investors and business angels, equity investments are the means of choice for start-up investments. The investments are implemented with state-of-the-art venture capital contracts.

The Companisto equity investments can be deposited with the vast majority of securities accounts without any problems. This applies in particular to the large securities accounts and online brokers. However, there are also a few exceptions. Some securities accounts do not offer this service for various reasons.

We recommend the Onvista security account for investors from the DACH region. For investor from outside the DACH region we recommend FLATEX.

Here is a list of the exemptions:

• Augsburger Aktienbank (only traded securities)
• Degiro (only traded securities)
• DEKA Bank (only investment funds)
• ebase (to be checked on a case-by-case basis)
• Fund bank (only investment funds)
• Umweltbank (only sustainable stocks, traded)
• Union Investment (only investment funds)

Investors' equity investments are made either directly shareholders or indirectly via a special purpose vehicle. The type of investment can be found in the respective investment agreements of the company.

Since most startups regularly need additional capital for their future growth, Companisto contracts are optimized for follow-up financing by venture capital companies. This is to the advantage of both the startup and the company. Only startups that continue to have the opportunity to raise venture capital can grow and be successful in the long term. This requires contractually regulated coordination processes. To ensure that these can be carried out smoothly, the Companists' investments are pooled, i.e. bundled. The startup or venture capital company thus has a central contact for follow-up financing rounds. Without this pooling, a startup would no longer be interesting for venture capital companies who do not want to deal with a large number of contacts. More information on pooling can be found in our Academy.

In principle, each Companist is free to transfer his/her participation independently and in its entirety to third parties. The startup and Companisto have to be informed about the transfer and the buyer has to confirm that s/he will take over the participation. There is no regulated secondary market. This means that the shares can be sold privately if a buyer is found. There are no public marketplaces.

Diversification plays an especially important role within the Companisto network. Since startups can develop very differently, it is advisable not to invest in just one company but to build a broad portfolio. This way, you can benefit from exposure to various industries, business models, and growth paths, increasing your chances of achieving attractive returns.

Companisto supports you in this process through numerous funding rounds each year, exclusive reports, and practical insights — enabling you to expand your portfolio in a targeted and professional manner.

Companists benefit in several ways from investing in a start-up: On the one hand, companists benefit from the current profits of the start-up. The investors decide together annually on a dividend distribution. Since start-ups often reinvest their profits in the first few years in favour of rapid company growth, companists also participate in exit proceeds. If the start-up is sold to a major investor or competitor or goes public, this is referred to as an exit. In the case of an exit, the companists participate in the proceeds according to their shareholding quota.

Each year, Companists receive an overview of all profits, exit proceeds, and other income from their investment. In addition, they are given access to the published annual financial statements and quarterly investor updates, which provide information on the current course of business.

Participations are also associated with obligations. This includes an obligation to maintain secrecy with regard to all matters of the startup that are marked as confidential. The investor also obliges him-/herself to inform Companisto of his/her tax ID and to keep his/her bank details and email address up to date at all times. There are no further obligations resulting from the participation. There is no obligation to make additional contributions for subsequent investments.

The respective dates for year-end reports and investor updates are stored in the Investor Area of the respective startup for Companists to view at any time. Startups that launched an equity crowdfunding campaign on Companisto after 01.08.2014 are obligated to address the following points in the investor update:

• Revenues of the last completed quarter
• Gross profit
• EBIT
• Comments on liquidity
• Strategic orientation & product
• Marketing & sales
• Personnel and press

Note: Startups that still have old contracts with Companisto (before 1 August 2014) are encouraged to use these key figures as a reference.

Investments in startups offer great opportunities but are also associated with high risks. We are dealing with venture capital. In the worst case, there is a risk of total loss of the entire investment. However, there is no obligation beyond this (obligation to make additional contributions). Companists can minimize risks by spreading investments over several startups. This strategy of risk diversification is also used by professional investors. Moreover, startup investments should not be used to provide for retirement. It is advisable not to invest more than 10 percent of one's available assets in venture capital.

No, there is no liability risk for investors. If a startup becomes insolvent, Companists run only the risk of a total loss of their investment. There is no obligation to make additional contributions beyond the contribution. Companists, therefore, do not have to invest additional money under any circumstances.

Investments in startups are designed for the long term, and accordingly, the distribution of information is deliberately focused on key points in time. As an investor, you receive:

• Quarterly reports with current figures and information on business development

• A financial plan by January 31st

• The annual financial statements by June 30th

• Extraordinary updates in the event of exceptional circumstances

• Invitations to pooling votes whenever resolutions require investor approval; these are accompanied by explanatory updates

In addition, you can contact the founding team directly and ask questions at any time via the comment function in the investor area.

Please note: The development of startups typically progresses more slowly than that of publicly listed companies. Nevertheless, transparency is always ensured throughout the investment period.

The participation contracts are concluded directly between Companists and startups. Accordingly, an insolvency of Companisto would have no influence on the investments. The Companists' holdings in the startups would thus continue to exist even in the event of Companisto's insolvency.

Every startup financing round has an investment threshold and a financing target. The investment threshold must be reached in order for the investment via equity crowdfunding to take place. The threshold is usually € 100,000. The startup has two months to reach the investment threshold. Once the investment threshold has been reached, the financing runs until the financing target is reached.

The financing target is the amount that the startup would like to achieve in its financing round. If this goal is reached, the startup can end its campaign at any time or collect a sum exceeding the goal. A financing round is completed when the maximum duration of 12 months has been reached, the financing goal has been reached and the campaign has therefore been terminated by the startup, or when the maximum amount has been reached. According to existing laws, startups operating as limited liability companies (GmbHs) can collect a maximum of € 2.5 million via Companisto. Since 27^th of June 2018, stock corporations (AGs) can raise up to € 8 million annually via Companisto without a prospectus.

As soon as the investment threshold is crossed, financing is considered successful. Should the investment threshold not be reached by the time limit, financing will not be achieved. In this case, the Companists who have already invested will be refunded their money in full.

The funding rounds within the Companisto network range between EUR 500,000 and EUR 8,000,000. Thanks to the strength of the network, million-euro rounds take place regularly. (Examples can be added if desired.)

Companisto generally finances corporations, specifically limited liability companies (GmbHs) and stock corporations (AGs).

Each year, members of the Companisto network collectively invest around 30 million euros in innovative startups and growth companies. This makes Companisto the largest private venture capital provider in the DACH region and gives investors access to one of the most active business angel networks in Europe.

If the company has generated profits, the investors jointly decide on a dividend distribution. Investors can already benefit from current profits and do not have to wait until the company is sold.

In the case of private individuals, profits from the shares are considered income from investment of capital and are thus subject to the capital gains tax (25 % plus solidarity surcharge).

The capital gains tax is withheld and paid to the tax authority directly by the start-ups.

In the case of corporate investors, the profits from the shares are subject to corporate income tax and trade tax. Thus, the capital gains tax withheld by the start-ups may be deducted from the corporate income tax and the trade tax.

Profits from shares in start-ups whose equity-based cr

Capital gains tax (25 percent), solidarity surcharge (5.5 percent on capital gains tax) and, if applicable, church tax (8 percent or 9 percent on capital gains tax, depending on the federal state) are payable on all forms of participation on Companisto. This results in a maximum total tax burden of 26.38 percent.

The capital gains tax is paid directly by the startups as withholding tax. In the case of venture loans, there is no direct tax deduction for regulatory reasons. Investors must declare the taxes themselves and pay them to the tax authorities. You can find more information on the taxation of startup investments in our Investors Academy in the Tax Guide and in our article on offsetting losses.

Yes. If it is a withholding tax, it is paid directly by the startups. As an investor, you will then receive a corresponding tax certificate.  In the case of venture loans, the taxes must be paid by the investor him-/herself. For regulatory reasons, there is no tax deduction on the distribution of venture loans, which is why the startup only issues an interest statement. Investors must declare this income themselves in their income tax return (see Annex KAP) and, if necessary, pay tax on it.

The documents can be found as follows:

• Login to Companisto.com
• Click on "Investor Relations" under the menu item "My Account" on top.
• Here you will see your portfolio with your startups
• Click on the desired startup
• On the startup page, you will find your investment amount on the right and various tabs underneath.
• Interest statements/tax statements are stored under the Payout Documents tab.

Yes, as an investor you can apply for an exemption order from the start-ups. You can do this here on our platform, but only for those investments for which a tax is already due at the time of payment. Please note that exemption orders can only be issued by private investors taxable in Germany and only for investments in German companies.

Bei Auszahlungen (z. B. im Rahmen eines Exits) schreibt der Gesetzgeber vor, dass die anfallenden Kapitalertragsteuern vorab durch einen von der BaFin zertifizierten Zahlungsdienstleister – in unserem Fall die Secupay AG – abgeführt werden. Erst danach wird der Auszahlungsbetrag an die Companisten überwiesen.
Das bedeutet: Sie erhalten Ihre Auszahlung bereits netto, also nach Abzug der Steuern. Eine separate Steuerabführung Ihrerseits ist nicht erforderlich. Die entsprechende Steuerbescheinigung stellen wir Ihnen aus.

When a startup generates profits, the Companists participate according to their participation rate. The decisive factor for profit distribution, however, is the annual financial statement under commercial law. It is possible for the annual financial statement under tax law to be positive, while the annual financial statement under commercial law may be negative (e.g. due to depreciation).

As an investor in the Companisto Business Angel Network, you are not only a provider of capital but also a co-entrepreneur. Through the Angel Pooling structure we organize, we consolidate the votes of all investors, allowing you to exercise your voting rights efficiently and professionally. Important resolutions – for example, on capital measures, shareholder agreements, or exit decisions – are discussed collectively and decided by vote. This ensures that, even with a large number of investors, interests are aligned and effectively represented toward the startups. At the same time, you benefit from the expertise and exchange within the largest business angel network in the DACH region.

At Companisto, you receive all the necessary documents for your investments that you need for your tax return – clearly organized and available digitally in your account. However, we are neither allowed nor able to provide individual tax advice. For personal questions, we therefore recommend contacting a tax advisor directly. This ensures that your tax matters are handled professionally and tailored to your individual situation.

As soon as you complete your first investment, a portfolio section is automatically created in your personal Companisto account. There, all your holdings are clearly listed – including the invested amount, your ownership share, and other relevant information. With each subsequent financing round, the current value development of your portfolio is displayed. In addition, you regularly receive updates directly from the startups. The date of the last and the next update is also shown in the overview, allowing you to transparently track the business progress of your investments. Your Companisto portfolio thus serves as your central overview of all your holdings within the network.

In principle, you can sell your shares as soon as you have acquired them. For this purpose, the Companisto secondary market is available, where you can sell your holdings to other investors. This secondary market offers you the flexibility to restructure your portfolio whenever needed.

The Secondary Market is a central and digital marketplace for investments. Here you have the opportunity to offer your investments for sale and to purchase investments of already funded startups from other Companists.
Our Secondary Market is thus a supplement to the actual financing rounds to offer you more freedom and flexibility when investing.
It is possible to purchase GmbH shares, shares, profit participation certificates, participatory subordinated loans and sub-participation in silent partnerships.

Any person of legal age and capacity who has an account with Companisto identified through our partner IDnow can access the Secondary Market. Secure access is granted through a two-step verification via SMS code. 

Communication during negotiations takes place via a chat integrated in the Secondary Market. After agreement, Companisto receives a notification from the buyer and seller and informs both of them about the next steps via email at short notice.
Depending on the type of investment, the next steps differ. In the last step, the investment is transferred from the Companisto account of the seller to the account of the buyer.

Using the Companisto Secondary Market is safe for all participants. Every user of the secondary market is identified, as required by the Money Laundering Act. This way we always have the personal data of the buyer and the seller. Furthermore, the access is additionally protected by the two-step verification.

On the Secondary Market, investments are purchased by private individuals. Trading is exclusively between the buyer and seller. The process of posting offers, trading, and reaching an agreement takes place without any intervention from our side, as we are not allowed to have any influence on the market for regulatory reasons.

Offers from startups that are in the process of liquidation or insolvency are excluded from trading. It is also not possible to offer for sale shares in startups that are currently in a financing round on Companisto. Only shares that are already in the possession of the seller may be offered for sale.
In the case of participation certificates and shares, the securities must already be in the seller's securities account, and in the case of GmbH shares, the seller must already be entered in the commercial register.

Buyers can request information about the investments directly from the seller and additionally view the campaign profile in the Investments section, with which the startup presented itself in the financing round.

VC compatibility: As a professional investment platform, Companisto has coordinated the investment agreements with venture capitalists (venture capital companies and business angels) and corporate finance specialists. In over 85 percent of our start-ups, venture capital companies and business angels have also invested alongside the venture capitalists, making it clear that the two models are easily compatible in any order.

Reach: A relatively small minimum investment enables many people to invest in a company. This immediately pays off for start-ups. They not only attract investors, but also potential customers and brand ambassadors. They can also draw on the professional expertise of individual investors.

No administrative effort: The start-up benefits from a broad audience, but has no additional administrative effort. Companisto pools the investments and serves as the start-up's main contact.

Marketing: In addition to funding, Companisto provides the start-ups with an excellent marketing tool. The start-up can present itself to a broad audience and thus considerably increase its level of awareness. This gives the start-ups publicity, marketing and their own fan base.

Open Innovation: If the companists themselves are involved, then they also have a strong self-interest in the positive development of the company. They are therefore particularly motivated to get involved and support the company in the best possible way. Through the crowd experts network, investors can contribute their expertise to the start-up.

Startups can easily apply directly via our website. Simply click on "Apply as a Startup" and fill out the application form. There you will also find more detailed information about the application process.  

Companisto finances start-ups and growth companies with a capital requirement of between EUR 500,000 and EUR 2.5 million from the seed and early-stage company phases. In addition, we offer an equity financing model for growth companies with capital requirements of EUR 3 million or more. We are looking for ambitious teams from all sectors that are based in Germany, Austria and Switzerland. The application must use a pitch deck to highlight the use case (What are the benefits of the company's offering?), the business case (How is the business model designed around the offering?) and the investment case (Can an interesting opportunity be created from a possible investment?). In addition to the three questions, it should also convey an initial idea and arouse the willingness to commit further resources to the project. Ultimately, the team and business model must convince the Companists.

Companisto’s selection process is faster than that of venture capital companies. It often only takes about eight weeks from the application for financing to the review of the application and the start of the campaign. You can find more information on our page for founders.

Companisto can be used to finance companies operating as limited liability companies (GmbH) in the amount of up to € 2.5 million without an investment prospectus. Stock corporations (AG) can raise up to € 8 million without a prospectus through Companisto. Financing beyond these sums is only possible with an investment prospectus.

Companisto's portfolio companies receive exclusive access to a large network of investors. Around 165,000 investors are currently organised in this network. These include many business angels and experts from various sectors of the economy who share their knowledge and expertise with their startups. In addition, portfolio companies have access to the Companisto Founders Academy. Guidelines on the topic of financing as well as offers from partners and other startups are published there. For more information, please visit our page for founders.

Companists are given the opportunity to provide startups with their knowledge and skills in their investor profile. This enables the startups to draw on the expertise of investors and get in touch with them via the messaging system. This contact can lead to a productive collaboration.

The platform directly regulates the acquisition of shares and the handling of payments. Neither the Companists nor the startup are subject to any administrative effort. The Companists' shareholdings are pooled and the startup has only one point of contact in Companisto.

Companisto collects a purely performance-related commission: "We win if you win! Companisto charges a performance-based commission of 15 percent of the collected investment sum from the companies for the entire handling of the financing round. This also includes the costs for the entire payment processing. In addition, there is a fixed administration fee of 0.65 p.a. percent of the funding sum for all administrative activities carried out by Companisto for the company.

Yes, Companisto's investment agreements are designed for follow-up financing. We already finance the majority of financing rounds with co-investors, business angels and strategic investors. The investment model has already been verified by the country's leading commercial law firms and further developed with them on a selective basis. Portfolio companies have received follow-up financing totalling millions from renowned national and international investors.

Go to the Companisto homepage and log in with your access data. At the top right you will find the tab "My Account." At "My Profile" you will find the menu item "Change email address & password."

You can find the menu item "Log In" at the top right of the Companisto homepage. Click on it. Below the fields for username and password, you will find the menu item "Forgot password." If you click on it, a new password will be sent to your email address.

User comments and questions are an integral part of Companisto. They enrich our content and also represent valuable suggestions and helpful feedback for our startups. The tone and quality of the comments are also important to us. We want to offer an environment in which all users are happy to participate on Companisto with ideas and suggestions. We provide advice and define some rules to follow when writing comments in our netiquette.

When interacting with the startups, it is important to bear in mind that these are usually small teams that often work on the development and success of the company for 60 hours or more per week. The startups try to answer questions in addition to the day-to-day business but have to focus first and foremost on their core business. This is also in the interests of the Companists who have invested in them. In this respect, startups should be able to count on the common understanding - to direct their energy towards achieving maximum corporate success - of their Companists.

Die Helpers Community ist ein Zusammenschluss von engagierten Companisten, die Startups neben finanziellen Mitteln auch mit ihrer Expertise, Erfahrung und Kontakten unterstützen möchten.
Wie das funktioniert? Damit die Gründerinnen und Gründern Zugang zum geballten Wissen der Companisten bekommen, formulieren sie eine aktuelle Challenge und stellen im Helpers Community-Bereich online.
Sie möchten Teil dieser Innovationscommunity der Zukunft werden und sich einbringen? Dann tragen Sie sich auf die Warteliste ein. Voraussetzung ist ein freigegebenes Profil und mindestens ein Investment auf Companisto.