It is hard to be Berlin's rival: only 11 per cent of German startups are based in Munich, whereas the capital has 31 per cent. Yet Bavaria's largest city remains a major economic hub for European business. Many corporations, including BMW, Siemens and insurance firm Allianz, are headquartered in the city. These firms foster startups with investment and programmes."We usually think that these corporations are old-fashioned, but in Munich they seem really interested in inventive ideas," says Franz Glatz, managing director of co-working space and incubator WERK1. Mobility, insurance tech, biotechnology and the internet of things are startups' sectors of choice.Munich-based companies benefit from good infrastructure, Norton Support Number UK proximity to an international airport and access to graduates from top universities such as the Technical University of Munich and Ludwig Maximilians University of Munich. On the flip side, living costs are expensive by German standards. It costs about €1,000 (£846) a month to rent a one-bedroom, city-centre flat. This means that labour is expensive, too. "It's partly why Munich finds it hard to attract investment," Glatz says. "Even Munich-born investors often go elsewhere."
The top five startups in Munich
Tado is Europe's Nest. It specialises in smart thermostats and cooling products and has partnerships with UK-based energy companies.
Investment raised: €50m
Founders: Christian Deilmann, Leopold von Bismarck and Johannes Schwarz
Riskmethods offers a cloud-based system to monitor risk in a business's supply chain and act as an early warning system for managers.
Investment raised: £18m
Founders: Heiko Schwarz and Rolf Zimmer
Supported by Intel, GETTYLAB and Bayern Kapital, ProGove has developed smart gloves designed for use in industrial settings. The gloves have a built-in scanner which sends data wirelessly to a software solution, allowing easy tracking of goods through packing facilities and factories.
Investment raised: £1.1 million
Founder: David Levine
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