Axel Springer, the German media company, has teamed up with Plug and Play Tech Centre to set up a Berlin-based hub to encourage new businesses.
Berlin is a hotspot in the European startup scene. According to Bild, Germany has the sixth highest number of startups worldwide - approximately 8,500 every year.
Axel Springer Plug and Play offers new start-ups a programme that will include office space in the centre's Berlin HQ, funding and coaching. In return, Axel Springer Plug and Play will receive a 5% share in the business.
Source: TheLocal Germany.