Venture Capital Startup APX Raises $67 Million From Axel Springer and Porsche

By Luigi Wewege Thursday, January 21, 2021

Germany-based venture capital (VC) startup APX said that it raised €55 million ($67 million) from its two major investors Axel Springer and Porsche.

A Porsche dealership with various car models in front

Increase Investments in Startups

APX, an early-stage investment company, will use the funds to deploy up to €500,000 ($610,000) in pre-Series A seed funding per company, compared to €100,000 ($121,000) when the fund started operating in 2018.

Right now, APX has currently invested in over 70 companies and plans to raise that figure to 200 by next year. Thanks to the latest business cash injections from Porsche and Axel Springer, the budget for investments has more than doubled.

The total volume of the fund is now a minimum of €55 million ($67 million). One of the reasons behind this is because investors are always able to allocate new business funding for outliers.

The company also said it is abandoning its 100-day accelerator program and that it plans a long-term commitment to its companies, including participation in future business fundings.

“We will try and invest into 50 or more companies this year — and we were at 35 last year. So this is quite some growth,” said Henric Hungerhoff, APX founding managing director.

“We think that our deal flow systems and our entire operations are settled in well enough that we can have quality founders in our portfolio. That’s our goal — and that might even increase to 70 the year after. […] We see really nice synergies or network effects within our portfolio, with founders helping other founders and learning from each other.”

Hungerhoff added that his company now feels confident about the ability to identify valuable business deal flows. He said APX has established a business scout program at major European universities in an effort to identify startup founders while also leveraging its network.

Jörg Rheinboldt, business managing director at the company and former chief executive of Axel Springer’s Plug and Play accelerator, said the VC never asks its founders to pitch. Instead, it holds a number of discussions with them about the product they want to develop.

APX’s business approach allows the company to invest quickly and the new funding will also enable their business to invest further into individual companies.


German early-stage VC said that two of its investors, Porsche and Axel Springer, have raised their investments into the company to a total of €55 million ($67 million).

About the Author

Headshot for author Luigi Wewege

Luigi Wewege is the Senior Vice President, and Head of Private Banking at Caye International Bank. Outside of the bank, he serves as an Instructor at the FinTech School which provides online training courses on the latest technological and innovation developments within the financial services industry. Luigi is also the published author of: The Digital Banking Revolution.

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