Germany has created a US$12 billion fund to speed up the growth of startups in the technology sector. The country sees such companies as key to creating the jobs of the future. The money will be used to address the difficulties startups face when trying to raise venture capital, Bloomberg reported.
“Startups are motors of structural change,” Economy Minister Peter Altmaier told reporters in Berlin on Tuesday, June 22. “They create jobs and secure the basis for future prosperity and growth in Germany and Europe.”
German Finance Minister Olaf Scholz said that female founders are underrepresented in tech startups, a problem that should be dealt with soon. Scholz is running on the Social Democratic Party ticket to succeed Christian Democrat Angela Merkel as chancellor.
Such German startups as FinTech N26, air-taxi maker Lilium and travel platform Omio raised about US$4.5 billion last year. However, the biggest rounds were led by foreign investors, according to consulting company EY.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
UK’s CMA Investigates Education Software Company for Market Abuse
May 14, 2024 by
CPI
Schumer Urges FTC Caution on Chevron’s $53B Hess Deal Over Gas Price Fears
May 14, 2024 by
CPI
Amazon Urges US Judge to Block FTC Probe into Data Preservation
May 14, 2024 by
CPI
Colorado Makes History: First State to Enact Comprehensive AI Legislation
May 14, 2024 by
CPI
Class Action Settlement Reached in Cheerleading Monopoly
May 14, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI