Daily news bulletin on German startups

Today’s top stories: LinkedIn competitor Xing’s half-yearly results show impressive growth for the business networking platform; the Investment Bank Berlin invests in the young professionals‘ jobs board Absolventa; and auto parts marketplace daparto closes a successful funding round with T-Venture and the IBB.

Xing reports 20 percent revenue growth

Xing reports 20 percent revenue growthSet against our five-year forecast predicting the fall of Xing, the business network’s latest financial results are particularly rosy, showing impressive growth for the first half of the year. Revenues increased in the first six months of this year by 20 percent comapred with the previous year to € 25.86 million. Xing now claims  9.63 million members worldwide, with 4.07 million in the German home market. It posted an EBITDA profit of € 3.74 million in Q2, the highest quarterly earnings in the company’s history.

Absolventa gets funding from IBB

Absolventa gets funding from IBBBerlin-based startup Absolventa, a jobs board for students, graduates and young professionals, is to receive a fresh injection of capital. The Investment Bank Berlin (IBB),  a federal investment vehicle, will provide equity capital under its ProFit programme. Absolventa said the growth funding will be used for „technological development of the modular structure of the Absolventa platform and the launch of a white-label solution.“

T-Venture and IBB invest in daparto

T-Venture and IB invest in DapartoDaparto, an online marketplace for automobile parts, has closed a successful round of funding with T-Venture, the venture capital division of Deutsche Telekom, and the VC Fonds Technology managed by the IBB. Founded in 2009 by former eBay executives Stefan Friemel and Christian Koeper, daparto brings together auto parts stores with potential buyers, allowing users to take advantage of structured search matching and price comparison to find the best deal on spare parts.