Daily news bulletin on German startups

Today’s top stories: Facebook competitor StudiVZ is to lose it’s second Chief Technical Officer in the space of three months; Mysportsbrands has completed two successful funding rounds; Cashbits launches an online loyalty scheme for small- and medium-sized webshops to help keep customers; and Thomas Ruland explains the ins and outs of setting up a mini GmbH.

StudiVZ loses another CTO

StudiVZ loses another CTO Volker JansStudiVZ’s difficulties in holding on to a Chief Technical Officer continue with news that CTO Volker Schmidt is due to leave the social networking company in September. According to information from the blog VZlogs (German), Volker Schmidt is quitting in September, a little over two months after starting his new job. In June, former CTO Jodok Batlogg quit over differences of opinion with the executive board.

Mysportsbrands receives six-figure investment

Mysportsbrands receives six-figure investmentThe sports shopping club Mysportbrands has successfully completed two funding rounds. In the first round, , together with and the management of sports magazine Netzathleten Martin Junker, Florian Calmbach und Stefan Pfannmöller each made deals for 14 percent equity stakes, while eDarling founder and serial investor Christian Vollmann upped his stake from four percent to 5.3 percent. In the second round, Mysportsbrands wooed Grazia Equity, the Game Duel founders Kai Bolik, Michael Kalkowski and Boris Wasmuth, and several angel investors, to come away with a total investment in the high six figures.

Cashbits offers online loyalty scheme

Cashbits online loyalty schemeA new startup launched recently offering online shops a bonus-based loyalty system to aid customer retention efforts. Through Cashbits, web shops can offer buyers bonus points off future purchases. The Hamburg startup enters an already competitive segment, with Tamola and Andasa offering similar bonus programmes., but hopes to carve out a niche in service of small- and medium-sized web shops.

Setting up a mini-GmbH

Mini GMBH UG formationIt is easy to set up and allows budding entrepreneurs a low-cost entry into the business world: the UG, also commonly referred to as “ mini-GmbH“, takes a lot of the headache out of company formation in Germany. But what are the steps to setting up a UG and how does it differ from a GmbH. Our finance expert Thomas Ruland explains all in his article: „How to set up a mini-GmbH“.