Porsche Ventures and NeueCapital Partners invest in German software startup Nitrobox
Nitrobox, a German software startup and a provider of a payment, billing and accounting digital platform, has closed a a financing round in the single-digit million euro range led by Porsche Ventures and Silicon Valley-based “NeueCapital Partners” fund. The company intends to use the proceeds from the financing round to further expand its market position in Germany and to prepare for its entry to the US market.
Founded in 2012, Nitrobox creates, automates and optimizes financial processes for Fortune 500 multinationals. The startup has developed a cloud platform which can be used for automatic monetization and billing of digital business models. The platform of the software start-up Nitrobox enables international corporations to handle financial processes via a central solution and to control them flexibly– from modelling the business model to digital payments, billing, account receivables management and compliance. This enables customers to bring new digital products and services to market quickly, while reducing their process costs.
“With NeueCapital Partners and Porsche as strong partners, we want to accelerate the growth of Nitrobox. Our goal is to become a leading enabler of new business and monetization models,” says Henner Heistermann, Founder and CEO of Nitrobox. “With Porsche we see great opportunities to expand our market position in the mobility market. NeueCapital Partners from California supports our entry to the US market with a large network of partners and clients.”
Nitrobox serves the needs of companies from a variety of industries. In the field of mobility, Nitrobox is already working with several car manufacturers, including Porsche. The start-up supports the order-to-cash process of new business models: services such as car sharing, functions-on-demand, digital parking tickets or charging services can be fully automated via the Nitrobox platform.
“Together with Nitrobox we are developing the necessary financial architecture to offer various billing models for Porsche Connect and Smart Mobility services: from time and volume-based approaches to subscriptions,” says Stefan Zerweck, COO of Porsche Digital GmbH. “In addition to the platform’s flexible customizations and integration capabilities, we were particularly impressed by the Nitrobox team and its visionary approach.”
Commenting on the funding, Christian Janson-Euterneck from NeueCapital Partners, said: “We invest exclusively in technology companies and support software start-ups seeking to enter the US market. In this respect Nitrobox fits perfectly into our company portfolio. The potential of Nitrobox is huge since every company worldwide hast to monetize and bill for their services. Therefore, we are looking forward to a successful and long-lasting partnership.”