Bauer Media Group will invest €100m in digital technology through startups.
Bauer has set up a venture capital fund as an independent financial investor "Bauer Venture Partners" to invest in scalable startups in Europe likely to make a return on investments.
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Andreas Schoo, member of the executive board of the Bauer Media Group, said the investment fund will allow the media company access to new technologies, teams and innovations in the digital field.
The fund has been created in partnership with venture capital company Thomas Preuss, which has experience establishing companies in the digital sector.
Another German media company that has put its faith in startups is publishing house, Axel Springer. About two years ago, the company began a “digital cultural change” by working with digital media entrepreneurs, taking part in technology startup events and building internal incubators.
The three-month programme in Berlin encouraged startups to come up with innovative, media-related business concepts. Over the past year, 16 companies have come through the programme. Robin Haak, portfolio and operations manager of Axel Springer's Plug and Play accelerator, said the publisher has gone on to work with at least 80% of these startups in one way or another.
“Over the last 10 years, Axel Springer has changed to become a completely new company,” said Haak. “It will be an interesting time for every entrepreneur now there is a truly digital culture and mistakes are accepted as part of a learning process.”