After the Antler leak, the question arises: How do other top German VCs work? Gründerszene asked.
The leaked insight into the work culture of early-stage investor Antler has sparked debate in the VC scene (and on Linkedin). The crucial question is: How much hustle belongs to venture capital – and where does the labor law problem begin?
What happened: An internal document from the Berlin Antler office, which is available exclusively to Gründerszene, recently caused a stir. Among other things, it describes: core working hours from 9 a.m. to 7:30 p.m., severely restricted home office and a traffic light system for illness. Labor lawyer Pascal Croset described parts of it as “unlawful”. Antler objected and spoke of a non-binding, now outdated working paper.
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Regardless of the individual case, the leak raises the question: How do Germany’s top VCs work and how do they balance performance, private life and leisure time?
Gründerszene asked the VCs Earlybird, HTGF and Redalpine.
A lot of presence, little duty – and a lot of interpretation
What is striking is that hardly any VC talks about clear rules, but many talk about clear expectations.
At Earlybird there are no formal core working hours and no fixed attendance requirement. Nevertheless, the office is a central part of the work. “Many of our discussions, investment decisions and learning moments work best in direct exchange,” says Theresa Bruckner, Head of People & Culture at Earlybird to Gründerszene. In practice, most teams would “typically work four days a week in the office” – not out of obligation, but out of a shared belief about how best to work together.
The High-Tech Gründerfonds (HTGF) also relies on flexibility – but with a clear line. 50 percent office attendance is the lower limit, at least on days without travel. “This is both a duty and a wish,” says HR boss Jessica Lingenfelder to Gründerszene. What matters is not the individual week, but the average.
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Redalpine puts it a little more directly: two days in the office are mandatory, three to four are desired. “And it also makes sense for the team dynamic,” says HR manager Lisa Saegert to Gründerszene.
The tenor: Presence is important – but rarely strictly regulated. Instead, it arises more from team dynamics or implicit expectations.
No core hours – but clear performance requirements
A similar picture emerges when it comes to working hours. Formally, both Earlybird and the HTGF forego classic core working hours.
“Our work is characterized by speed, uncertainty and important decisions,” says Bruckner from Earlybird. That’s why it’s less about fixed times than about accessibility and responsibility. This means that when investments come up, things can get more intense. After the deals it was a little quieter again.
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Redalpine gives at least an approximate time frame of 9 a.m. to 6 p.m., but “handles it flexibly.” What does that mean specifically? Redalpine puts it this way: “When it’s our turn to make an investment, it means all hands on deck.” A work-intensive phase can then be expected.
Flexibility, yes – but within the system please
What about illness and home office? Here the VCs take a different approach than Antler. While an internal traffic light system there provided for a distinction between office, home office and complete absence depending on the symptoms of illness, the other funds focus more on personal responsibility and clearer separation.
At Redalpine the following applies: “It is important what is done, not when exactly. Those who complete their tasks do not have to justify their time management.” Doctor’s appointments or minor restrictions could easily be accommodated by working from home.
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The HTGF goes one step further in the direction of care: children’s sick days are possible from the first day without a certificate, and longer periods of illness should also be cushioned through additional benefits such as increased sick pay.
Earlybird, on the other hand, completely foregoes formal regulations for such cases and instead relies on trust and personal responsibility. It is crucial that teams remain able to work and coordinate well.
Overall, it is clear that home office is not only a model for flexibility, but also an instrument for dealing with illness pragmatically.
Where the VCs want more flexibility in German labor law
Redalpine would like to make it easier for employees to “work from one of our offices in Zug, Berlin and London for a few weeks,” but sees tax and legal hurdles. Earlybird also argues similarly: The regulatory framework must “enable modern forms of collaboration” and accommodate international teams.
The HTGF puts it even more fundamentally: Labor law “does not always do justice to the very different roles and work realities”. More leeway is needed, especially for employees who work very independently.
Between demands and burdens
Founder Scene asked the VCs where they would place themselves on a “hustle” scale. From 1 (yoga commune) to 10 (hustle culture).
Redalpine gives itself an 8 out of 10 on the Hustle scale. The HTGF sees itself at a 7. Earlybird refuses to classify it – and fundamentally questions the logic of the scale.
“High performance does not come from self-exploitation,” says Bruckner, but rather through responsibility, excellence and the will to get better every day.
And yet it is clear from all of them: the demands are high. The HTGF speaks openly about “phases in which the stress is high”. Deadlines for financing rounds or exits are often externally driven. “Financing rounds and exits don’t wait. Deadlines can often not be defined by us. Easter and Christmas have been high season for years, that’s part of the business,” says the HTGF. Redalpine describes similar peaks around investments. At the same time, all three emphasize that recovery and personal responsibility must be part of the performance culture.