Germany-based media conglomerate ProSiebenSat.1 is to cease operating its start-up incubator 18 months after launching. The company said it will “henceforth no longer invest in the incubator.”
The accelerator, which focused on start-ups in online video, digital entertainment and gaming, recently opened a new office in Berlin.
ProSiebenSat.1 was a 3-month programme which offered coaching, mentorship, network and office space and up to €25,000 ($32,000) in funding for a 5% stake.
Management and a large number of employees will now leave the company.
ProSiebenSat.1 will instead focus its M&A activities on later stage companies. There will also be a focus on international start-ups and the entering of local markets.
The company says its wants to focus on “business development in its core business (for example, Studio 71, the web-TV producer and distributor or 7TV App, the network overview TV app from ProSiebenSat.1), partnerships with incubators and company builders in addition to co-invests in VC funds in the US, Israel and Europe.”