Porsche Ventures invests in accounting software startup Nitrobox

By Ellen Daniel

Software startup Nitrobox has completed a financing round involving Porsche Ventures, the venture capital arm of Porsche.

Nitrobox is a Hamburg-based payment, billing and accounting digital platform that automates financial processes for organisations from a number of industries and helping them bring new digital products to market.

It already works with several companies in the automotive industry, including Porsche, on automating processes such as car sharing, functions-on-demand, digital parking tickets and charging services.

The funding round, which raised an unspecified amount “in the single-digit million euro range”, was also led by the NeueCapital Partners fund.

Henner Heistermann, founder and CEO of Nitrobox said that the funding round could help accelerate the startup’s growth:

“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 monetisation models. With Porsche we see great opportunities to expand our market position in the mobility area. NeueCapital Partners from California supports our entry to the US market with a large network of partners and clients.”

Earlier this year, the startup completed the APX accelerator programme, a joint venture between Axel Springer and Porsche.

Nitrobox said that the funding round was in the “single-digit million euro range” and that it plans to use the funds to expand its market position in Germany and to prepare for entry into the US market.

Stefan Zerweck, COO of Porsche Digital, a subsidy of Porsche AG, said:

“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 through to subscriptions. In addition to the platform’s flexible customisation and integration capabilities, we are very impressed by the Nitrobox team and its visionary approach.”

Read more: Hyundai and Kia invest £100m in electric car unicorn Arrival.