DLD Ventures, the corporate venturing unit of Germany-based publisher Hubert Burda Media’s Digital division, has invested in Israeli venture capital fund Lool Ventures and promoted Markus Scheuermann to managing director (MD).
Lool invests in early-stage Israeli digital start-ups serving global markets. Its current investments include Tonara, a tablet application (app) for the sheet music industry; Wibbitz, a text-to-video service; Zooz, a mobile payment service; and MyPermissions, a program to administer the access of apps and services to personal information.
Avichay Nissenbaum and Yaniv Golan, co-founders of Lool, have previously founded their own companies and been angel investors.
Scheuermann said: “Our investment in the venture capital fund Lool enables us to indirectly invest in promising early-stage start-ups with convincing, innovative business models. We are planning to step up our activities in the technology growth market Israel in the future.”
Scheuermann became MD alongside Jörg Lübcke in December after Marcel Reichert (pictured), MD of DLD Ventures for three years, left to join publishing group Bertelsmann as executive vice-president of digital development and partnerships.
Burda is also a limited partner in its former corporate venturing unit, Acton, which spun off to raise external money.