Despite its German name, Uber has had no real connection to the country from which its name originates. In fact, Uber was met with a pretty hostile rejection from most of the German cities it tried to operate in. But now it is getting a little of its German namesake back after German media conglomerate Axel Springer announced it has put a financial stake into the ride-hailing startup, validating Uber’s desired expansion into the European market.
“another example of a leading German company that shares this same vision”
Seeing as the Axel Springer name is most often associated with news media, an investment into a ‘technology’ company like Uber may seem an odd fit. Though it isn’t completely out of line — in 2012, the media company invested money into AirBnB for an undisclosed amount that was consider to be minor.
Following the news of the Axel Springer investment, an Uber spokesperson issued a statement saying they are “committed to providing reliable and accessible transportation that improves European cities by cutting congestion, pollution and parking. The investment by renowned digital publisher, Axel Springer, is another example of a leading German company that shares this same vision.”
Does this mean Uber can once again stake part of its future in the German transportation scene? Realistically, fans of the service shouldn’t get their hopes up too high. Like the AirBnB investment, Axel Springer’s undisclosed stake in the company is said to be a small one, and while it does have some power behind the name, German regulations require more than just that to invoke change.