Hubert Burda Media, the German media and technology company, announces the backing of fast-growing social network nebenan.de.
The investment round totals 5.5m € and will be used to further enhance the consumer proposition focused on connecting neighbourhoods and to accelerate the nationwide rollout.
“We are excited to be investing in a fantastic team that brings neighbourhood networks to Germany. Nebenan.de has shown impressive growth since its start in 2015 and consumers love the product. We are thrilled to support this journey”, explains Martin Weiss, Managing Director at BurdaPrincipal Investments.
Nebenan.de is a free local platform to establish and maintain relationships among neighbours. The network is already active in 30 cities in Germany covering around 1.000 neighbourhoods. User numbers are already well into the six figures. In a space protected by an address verification process, real neighbours offer practical support, exchange local information, find help and make and deepen social contacts.
“Burda has a long-term investment focus and believes in the concept’s sustainability and positive social effect. It has already helped Xing – another social network founded in Germany – to successfully pursue a high growth path. And, last but not least, Burda looks at things from an entrepreneurial perspective, so we founders will remain at the helm”, says Christian Vollmann, explaining the decision to take on Burda as an investor.