Am I directly invested in the startup as a co-investor?

What does "directly invested" mean?

• Your contract with the startup: The lead shares the deal; you conclude the investment with the startup yourself.
• Your investment: If you invest through beel, you see your investment in your own dashboard. Nobody holds it on your behalf.
• Your decision: You decide on every deal yourself whether, when and how much to invest.

What rights do you have?

Through beel, you invest in profit participation rights. They put you in the same economic position as a shareholder:

• A share of profit distributions as well as exit and liquidation proceeds (more on this)
• The right to receive the annual financial statements
• A put option, which the startup can restrict or exclude

No voting rights, no shareholder status and no entry in the commercial register. If you invest outside beel, your rights depend on the form you agree with the startup, for example a convertible loan or company shares.

How is this different from an SPV?

With an SPV, you are a shareholder in a special purpose vehicle, which in turn holds the stake in the startup. You are therefore only indirectly invested, and the SPV has to be set up and managed. In a syndicate on beel, this intermediate level does not exist (comparison of investment structures).

What role does the lead play?

The lead selects the deal and shares it with the syndicate. The lead does not hold your investment and does not decide on it. Through the finder's agreement (Tippgebervereinbarung), the lead receives carry if an investment generates returns or a profit (How does carry work?).