Axel Springer continues investing big in digital publishing. German media giant announced today that it is acquiring a majority stake in digital media company Vertical Media which operates tech and startup blog Gründerszene and English-language local blog Venture Village. While Axel gets 90% of the shares, Vertical’s co-funder Mark Hoffman will keep the rest and stay on board as Managing Director.
According to Meedia who first broke the news, the money Axel agrees to pay is somewhere around “lower single-digit millions”.
Gründerszene started 2005 as a personal blog of internet entrepreneur Lukasz Gadowski. In 2008, Vertical Media GmbH was founded under the investment company Team Europe. The English-language startup blog Venture Village was launched in 2011. In 2012 the company received a growth funding from business angels and PDV Inter-Media Venture GmbH.
Berlin-based Vertical also organizes Heureka! and Spätschicht as well as the CEO Dinners.
Following the closure of the deal, the companyVertical Media will be annexed to WELT Group under Axel Springer. Stephanie Casper, the Managing Director of the Group, said Vertical Media covers topics for a “very interesting” target group and will add “an exciting facet to the economic competence of Axel”.