Enterprise software firm SAP announced a $US35 million (£28 million) fund on Thursday that will be used to back promising early stage software companies.
SAP said the “SAP.iO fund” has been set up to support the existing SAP.iO programme, which is designed to get SAP employees and startups using SAP’s data and application programming interfaces (APIs).
In addition to the new fund, SAP.iO has also launched its startup incubator programme in Berlin and San Francisco. The incubator programme, known as the SAP.iO Foundry, is already in operation in New York and Tel Aviv.
Deepak Krishnamurthy, chief strategy officer at SAP, said in a statement: “In addition to empowering our employee innovators, SAP.iO will use its fund and foundries to invest in entrepreneurs that develop industry-changing software.”
SAP, headquartered in Walldorf, Germany, is the largest software company in Europe, with a market cap of $US121 billion (£97 million).
Bill McDermott, CEO of SAP, said in a statement: “We have a message for entrepreneurs: if you have a bold dream to solve one of the world’s most significant challenges, join us and let’s chase your dream together.”
More from Business Insider UK:
- A cosmetics brand lets you custom design nail polish in house — here’s how it works
- Arctic and Antarctic sea ice just hit record lows — here’s what would happen if all the ice melted
- Whole Foods is losing at its own game (WFM)
- How much cigarettes cost in the 10 most expensive cities in the world
- ‘Grexit’ is back
Business Insider Emails & Alerts
Site highlights each day to your inbox.