The accelerator is after startups in the mobile, gaming, social commerce, eCommerce and audio/visual media segments that are in the seed stage. So far, only startups that are from Germany or looking to expand to Germany or Europe are the target. Investments start at €50,000 in a combination of funding and services from Audio Media Group – in the form of marketing tips and PR, legal representation, help with localising in the German market and sales.
The new accelerator is headed up by serial entrepreneur Thomas Bernik – founder of cooledeals GmbH, which sold to Qype/Yelp in 2011 – with a few members of the management team from Audio Media Group on board too.
So far, German Ventures has made three investments: Kwizzer, a mobile and Facebook quiz, iPAYst, a mobile payment app that scans QR codes, and WeHostels, a New York-based startup for hostel and budget hotel bookings with a social element. German Ventures is supporting WeHostels with its European expansion.
Audio Media Group joins fellow corporates Rewe, Microsoft, Brille Fielmann, ProSiebenSat.1, Deutsche Telekom and Axel Springer, which have all launched startup programmes to gain access to early-stage companies in Germany. While it’s all well and good that corporates are taking note of German startups, does Germany truly need another accelerator/incubator/conference/tech hub? It’s big exits that Germany really needs to boost the standard of its startup scene.
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