Julian Teicke, the founder of $3 billion insurance start-up Wefox, believes Germany's blue-chip DAX index will be taken over by tech names in the next decade.
While Germany is known for its prowess in manufacturing and sectors like autos and machinery, it is yet to produce a tech company the size of giants in the U.S. and China.
Alex Rinke, Celonis' CEO and co-founder, said ballooning funding rounds for German tech companies was reminiscent of the country's so-called "founders' period" in the late 19th century, an economic boom that preceded a stock market crash."When the internet first came up, the mistake the German companies did was they started companies with a German ambition. There was a Facebook for Germany, an eBay for Germany.
"I think this is why it is so important that Germany revives this entrepreneurial spirit that we arguably had in a big way more than a century ago."Teicke said Germany was seeing a new crop of German tech IPO candidates emerge after successful floats from the likes of Delivery Hero, Zalando and Hellofresh, which are now collectively worth over $75 billion.
"I do think Germany has a real advantage," Henry Gladwyn, a partner at Wefox backer Omers Ventures, told CNBC. "And that real advantage is the size of the home market and the cultural difference of the home market."
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