Polyfunctional polyisobutenes (PIB) have been synthesized by cationic copolymerization of isobutene and chloromethylstyrene. Their potential applications with focus on their use as macroinitiators (MI) for oxazoline polymerization were discussed. The "grafting from" reaction led to tailor-made graft copolymers with various backbones and adjustable graft arm length. Graft copolymers with hydrophobic PIB backbone and poly(2-methyloxazoline) graft arms have unusual viscosity properties due to their amphiphilic character and show aggregate formation.