Using a sample of 2,373 unique capital contributions from 437 VCs over subsequent rounds into 961 start-ups during the period 1995-2005 in Germany we disentangle the circumstances under which lead VCs engage in syndicate relationships with partner VCs. The results indicate that syndication is...

Recent years have seen an upsurge of novel sources of new venture financing through crowdfunding (CF). We draw on 54,943 successfully crowdfunded projects and 3,313 venture capital (VC) investments throughout the period 04/2012-06/2015 to investigate, on the aggregate level, how crowdfunding is...