The building in Berlin’s alternative Kreuzberg district is not the kind of place you’d expect to see managers from Deutsche Bank. But the graffiti-sprayed 1970s office block is home to Axel Springer Plug and Play, or ASPnP, one of the leading “accelerators” in Berlin’s thriving startup scene.
A collaboration between German publisher Axel Springer and California’s Plug and Play Tech Center, ASPnP picks promising startups, finances them for 100 days, then chooses the best to continue to support. Now Deutsche Bank is joining the venture.
The cooperation was announced Monday. Deutsche Bank will sit on the ASPnP selection committee, picking the hottest technology startups to enter the program, including new firms in banking and insurance. The companies chosen will be offered finance and development help. For Deutsche Bank, that means offering know-how and access to the bank’s customer base.