RegioHelden, a Germany-based local marketing platform backed by publisher Bertelsmann’s corporate venturing unit Bertelsmann Digital Media Investments, has been acquired by out-of-home advertising company Ströer, according to Deutsche Startups.
Founded in 2010, RegioHelden provides a local marketing service on search engine Google, delivering adverts only to users who are physically close to the relevant store.
The company secured €8m ($9m) in funding, though the sizes of individual rounds has not been disclosed.
Apart from Bertelsmann, RegioHelden’s backers include state-owned development bank KfW, Mountain Super Angel, NetStart Venture and angel investor Andreas Albath.
Newspaper publishers Nordwest Zeitung and Schwarzwälder Bote as well as investment fund MBG Mittelständische Beteiligungsgesellschaft Baden-Württemberg also invested in the company.
Ströer will hold a 90% stake in RegioHelden following the acquisition, with founder Feliks Eyser retaining the remaining 10%. All of RegioHelden’s 100 employees will remain with the company.
Eyser said: “Ströer is the ideal partner for RegioHelden to reach the next level. We have kept in touch for years and worked together on several pilot projects, which proved to us that joining forces would make a lot of sense.” [translated from German by Global Corporate Venturing]