VC firm APX secures funds from Axel Springer and Porsche to invest in early-stage startups
Berlin-based investor APX has raised additional funds from its two backers – media and tech company Axel Springer and sports car manufacturer Porsche, bringing its total investment potential to €55 million, the fund told in a press release. It also announced a new investment strategy.
APX is known for its tailor-made accelerator program that was launched in April 2018 in Berlin. The participants could receive €50,000, hands-on venture development, and access to its network of hundreds of mentors, experts and portfolio companies in exchange for 5% equity. In total, APX has invested in more than 70 startups since the program has started.
According to the new strategy, APX moves away from being an accelerator to becoming a very-early-stage investor. It will focus on supporting pre-seed startups with digital business models, investing up to €500,000 in chosen projects. APX is planning to increase its company portfolio to 200 companies by 2022.