I think it comes down to the German attitude towards risk and entrepreneurship. Failure is still seen as a permanent mark on your CV here instead of something t

I think it comes down to the German attitude towards risk and entrepreneurship. Failure is still seen as a permanent mark on your CV here instead of something that gave you experience. German VCs are risk averse, so they are not taking big chances regularly which could create unicorns. The few newer VCs that think and act more "American" are to small to fund unicorns.