German media group Bauer has announced that it is going to invest €100 million in digital start-ups and early-stage technology businesses across Europe.
The organisation, behind magazines such as FHM, Grazia and Zoo and radio stations such as 4music and Absolute, said the money will be spent over the next 10 years through the newly created “Bauer Venture Partners” subsidiary company.
The privately-owned media giant claims to be Europe’s largest publishing house, with over 300 magazines in 15 countries, in addition to multiple websites, TV stations and radio stations.
Thomas Preuss, former managing partner of early-stage German venture capital firm Neuhaus Partners, will head up the fund as managing partner and CEO.
He said: “We perceive ourselves as partners at eye level and would like to help the founders to build the companies and to develop them jointly further up to the point of a successful exit for all shareholders.”
Andreas Schoo, member of the executive board at the Bauer Media Group, believes the fund will give the organisation access to “new technologies, teams and innovations in the digital field."