Axel Springer Digital Ventures and Porsche Digital will establish 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 in which they operate. 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 setting up of the joint venture is subject to approval from the relevant antitrust authorities.