German Startups Group - Strategic refocus in progress
German Startups Group (GSG) returned to its profitable path, with four exits, one partial disposal and several upward revaluations of key portfolio holdings recognised in H117. The successful IPO of Delivery Hero further supported results and will assist liquidity in H217. Management recently announced a cost savings initiative, while the general partner decided to forfeit one percentage point of its management fee. The joint effect of these actions should bring cost savings of €0.72m pa from H217, according to management. GSG’s shares trade at a 27% discount to NAV.German Startups Group GmbH & Co KgaA. German Startups Group GmbH & Co KgaA is a Germany-based venture capital company. The Company invests in startup companies in the seed, early, mid and growth stages. In addition, the Company acquires secondary shares of startups from founders, business angels and early stage investors. Its portfolio includes Ayondo, Customer Alliance, Cybits, DaliaResearch, Delivery Hero, eWings.com, ePetWorld GmbH, Fanmiles, Fanmiles, Itembase, Juniqe, Lingoda, Medlanes, meinKauf, Mister Spex, Returbo, Shutzklick, Soundcloud, and Wummel Kiste, among others. In addition, the Company operates a majority stake in Exozet Berlin GmbH, through which, it offers its portfolio companies access to a range of services: realization of Web and applications, development of online marketing campaigns, consulting of brand development, modifying business models and selecting technology.
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