We investigate AlGaAs vertical cavity surface emitting lasers for optical excitation and current modulation. The epitaxial Bragg reflectors of the lasers have a reflectivity of larger than 98.9%. For optical excitation the threshold power is 18 mW and the one-sided differential quantum efficiency 33%. Single longitudinal and transversal mode emission is observed up to 10 mW cw output power. Current modulation is shown to be as efficient as optical excitation. The devices are well suited for two-dimensional array formation.