Peter Würtenberger, Chief Marketing Officer of Axel Springer, and Philipp Rösler, German Federal Minister of Economics and Technology and Vice Chancellor, at Plug and Play Tech Center in Sunnyvale (copyright: Norbert von der Groeben)
According to Jens Müffelmann, Head of Axel Springer’s Electronic Media Division, they plan on providing seed funding for “some twenty young startups this year”.
The new programme – appropriately dubbed the “Axel Springer Plug and Play accelerator” – begins this May and is aimed at young German and European companies in the area of media, internet and mobile. The three-to-six month programme will offer €10,000 to €50,000 in capital, office space in Berlin, and mentoring. In return, participating startups will sign five per cent of their company shares to the accelerator.
Additionally, selected companies will be given the opportunity to pitch their ideas to VCs at Plug and Play’s “Demo Day” in Silicon Valley. The programme also wants to provide growing US startups with guidance and support to help them expand to Germany and Europe.
With Axel Springer’s recent investment in startup event and competition hy! Berlin and today’s announcement, it is clear that the company wants to continue strengthening ties with the city’s startup community. But Axel Springer isn’t the only media giant with eyes set on this space – ProSiebenSat,1 Media AG also launched its own accelerator last month to get involved with startups in the early stages.
Interested in the new accelerator programme? Startups can begin submitting applications online from 15 March.
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