This chapter discusses another type of entrepreneurial finance, namely equity finance. The two main equity providers are venture capitalists and business angels. The chapter commences by discussing the size, organization and features of the venture capital markets in the USA and other countries around the world. A non-technical summary of theories of entrepreneurial equity finance contracts is then given, followed by evidence on the value-adding roles of venture capital and the private and social returns to this form of entrepreneurial finance. For completeness, literature on corporate venture capital is also reviewed, before turning to consideration of business angels, who tend to transact smaller deals but whose aggregate investment dollars match those of formal venture capital.