Behind CK Venture Capital stand the business angels Conny Hörl and Katja Ruhnke. They support in startups that make a contribution to a better future - their family office invests primarily in sustainable, visionary ideas in the areas of health, leisure, environment and technology.
The sisters and Munich-born women come from an entrepreneurial family; in their investment decisions they also draw on their wealth of experience from their own long-standing entrepreneurial activities.
We spoke with them about their investments and their self-image as investors.
Mrs. Ruhnke, with your sister Conny, you invest in startups. Why?
Katja Ruhnke: We would like to give back a part of the assets that have been built up over time by the individual family members and invest in sustainable, visionary and innovative projects and companies with the aim of making the world a little better.
Conny Hörl: The cooperation with young startup companies is very enriching for us. The young, dynamic founders and their innovative ideas are usually very inspiring. In return, we can look back on 20 years of entrepreneurship. Combining both has a very special appeal.
Before you became an investor, you were entrepreneurs. In which field were you active here?
Katja Ruhnke: We are still active as entrepreneurs. I work in the Munich-based group of companies together with another GF in the area of real estate leasing and development.
Conny Hörl: Together with my husband, I manage a group of companies in the health sector with a focus on fitness, nutrition, therapy and beauty, virtually a classic B2C sector - in contrast to our group of companies in Munich.
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Together with your sister Conny Hörl you have built up CK Venture Capital. How did this come about?
Katja Ruhnke: Last year I was looking for alternative investments far away from the classic stock market. My best man Philipp Sinn is the founder of the startup company Sinnpower. He took me to the BayStartUP Venture Conference last spring and I was immediately infected. After I took my sister to one of the business angel meetings, she felt the same way. So we decided very quickly to found CK Venture Capital and at the same time we already checked the first investments. We were carried away by the dynamics of the market and after a short time we were able to become active as business angels.
Conny Hörl: Last year I decided to hand over many operational tasks in our group of companies. The development with the startups therefore came at exactly the right time. I am also changing my point of view and moving into another perspective, which is very exciting. The proverbial view from above is sometimes missing when you are strongly involved in the company's activities.
Do you have a personal connection to the companies you invest in?
Katja Ruhnke: In the beginning we had the idea of investing only in startups where we knew the industry well, but it turned out that we also invest in unknown business areas as long as the overall picture is right. I think that's actually the particularly exciting thing about this form of investing. You learn more and more and always keep your finger on the pulse.
Conny Hörl: I have noticed that the more familiar you are with the topic, the more hesitant you are. Especially in the health and leisure sector, many potential investments have already been dropped precisely because you know your way around. Of course, we would like to be close to the topic and are happy when a good team of founders combines with a good idea within a topic that is familiar to us. This alone has the advantage that as a business angel you can get much more involved and better assess developments.
Blackwave, Traplinked, Medikura, Storybox - the topics of their investments are manifold. To which aspects of a startup do you pay attention to in your investments?
Katja Ruhnke: Idea, business case and founder, this triangle has to be right. And we attach great importance to the personality of the founding team. If the chemistry is not right, we don't invest, no matter how good the idea or business case is. In addition, I have to understand the product or the idea and I have to feel like dealing with it.
Conny Hörl: The topics seem to be diverse only at first glance, because there is a personal connection to almost every topic in some way. For example, I'm very much involved in video production and distribution, so I immediately found Storybox an exciting idea with a lot of potential. In the past, we had a waste disposal company and another relative runs a bakery, so we had enough connections to the topic of pest control (traplinked). Only with Blackwave, it was mainly the founders who were decisive for the investment. Dedicated founders, who on the one hand can inspire, but on the other hand also convey commercial understanding and sales skills, are the key.
You say that long-term mutual success is more important to you than a quick exit. How do you support founders in whom you are invested?
Katja Ruhnke: We try to motivate and encourage the founders, we share our experiences, give tips and contribute ideas. In addition, of course, we make our contribution with contacts and other assistance. We see ourselves as partners and try to build a relationship of trust with all stakeholders. I understand the term Business Angel literally. If we can help to build up a stable company that makes an important contribution for the future, that is much more important to me than earning a lot of money quickly.
Conny Hörl: In any case, we know the rocky road of an entrepreneur, which is characterized by ups and downs. We are aware that business plans do not always deliver what they promise. The Corona crisis is a - albeit extreme - example of this. As an entrepreneur, you always need staying power, endurance and discipline. As a business angel, we see it as our task, among other things, to promote these skills among the founders and to be a support for the founders even in difficult times.
How do you assess the financing landscape for startups in Germany?
Katja Ruhnke: The only thing I can say with certainty is that there are far too few female investors. That was the first thing I noticed at every meeting and event. The women present were 90 percent employees of funds and investment companies or wives or daughters of the investors. Women who invest their private money independently are a real scarce commodity in this asset class. In principle, however, I find the willingness to invest in startups in Germany to be relatively high.
Conny Hörl: I was surprised how big the startup landscape in general is and how much money is available on the other side. If you have a good idea today, can come up with a good team of founders and can present a comprehensible and realistic business plan, you certainly have no problems obtaining financing. Also the many subsidies that exist certainly have a supportive effect here. Good startups can currently choose their circle of investors. It remains to be seen to what extent this picture will change due to the Corona crisis. Incidentally, the fact that we are a purely female team has so far been more to our advantage than a hindrance.