MIL OSI – Source: Axel Springer in English – Press Release/Statement
Headline: Axel Springer and Porsche to set up joint start-up accelerator
Axel Springer Digital Ventures and Porsche Digital will be setting up a new, joint start-up accelerator. The companies signed an agreement on entering into a joint venture in which each holds a half share.
Together, both companies aim to support digital business ideas that have high market potential and the chance to change the sector they operate in. The objective is to invest in start-ups in the foundation stage. Besides financial support, the accelerator also offers young companies access to an extensive network as well as options to achieve qualifications and further develop themselves. The accelerator is to go into operation in the spring of 2018 and is open to further partners.
The Axel Springer Plug and Play Accelerator, a joint venture between Axel Springer Digital Ventures and the Plug and Play Tech Center launched in 2013, will be focusing from 2018 on the continued growth of the existing over 100 portfolio companies, and on providing support in new financing rounds, as well as in the exits that follow.
Dr. Ulrich Schmitz, Managing Director Axel Springer Digital Ventures: “In five successful years of build-up efforts we have become familiar with inspiring talents and have gained a share in the most promising companies. Big thanks go to our accelerator team under Jörg Rheinboldt and Frauke Mispagel, and our foundation partner Saeed Amidi. With this experienced team and a new partner, we now want to take the next step. What we have in common with Porsche Digital is the way we have consistently followed through in the process of digital transformation and our openness towards new business models.”
“Our aim is to work closely with company founders to get digital innovations up and running together as fast as possible. To achieve this, we are building an ecosystem across industries that helps start-ups in the early stages to develop their ideas in a way that is oriented towards customers and focused on success,” explains Thilo Koslowski, Managing Director at Porsche Digital.
The setting up of the joint venture is subject to approval from the relevant antitrust authorities.
Press contact Axel Springer SE:
Friedrich Kabler Tel. + 49 30 25 91 776 25 firstname.lastname@example.org
Press contact Porsche AG:
Tanja DeutschenbaurTel. + 49 711 911 278 email@example.com