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Wandeldarlehen als wirkungsvolles Investitions-Instrument in Frühphasen Start-ups

In: Praxishandbuch Finanzierung von Innovationen

Author

Listed:
  • Julian Collin

    (Trade Republic)

  • Simon Schmincke

    (Creandum Advisor GmbH)

Abstract

Zusammenfassung Wandeldarlehen stellen ein wirkungsvolles und immer beliebteres Instrument der Frühphasenfinanzierung für Start-up Investoren und Gründer dar. Situationsbedingt ermöglichen diese Darlehen schnelle und flexible Investitionsentscheidungen, oft ohne notarielle Beurkundung und wochenlange Verhandlungen. Dieser Hybrid zwischen Eigenkapital und Fremdfinanzierung wird mit der Absicht vereinbart, eine Darlehenssumme zu einem späteren Zeitpunkt in Anteile am Eigenkapital zu konvertieren. Die Rahmenbedingungen sind hierbei fest definiert und bemessen sich am Umfang einer noch nicht bekannten zukünftigen Kapitalerhöhung. In diesem Kapitel stellen wir die unterschiedlichen Elemente einer möglichen Vertragsgestaltung, und deren Vor- und Nachteile aus Sicht des Unternehmers, als auch aus der des Investors vor.

Suggested Citation

  • Julian Collin & Simon Schmincke, 2021. "Wandeldarlehen als wirkungsvolles Investitions-Instrument in Frühphasen Start-ups," Springer Books, in: Christian Hoppe (ed.), Praxishandbuch Finanzierung von Innovationen, chapter 0, pages 291-307, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-33116-0_17
    DOI: 10.1007/978-3-658-33116-0_17
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