There are actually several other casual gaming startups in Hamburg e.g. Bigpoint GmbH which followed a more American model of growing as fast as possible and selling out early, so I don't think it's a German/European thing necessarily. Given one of Jimdo's competitors Wix is IPOing this year after an enormous marketing spend, it doesn't seem industry niche-specific either. (Disclosure: I work at Jimdo, feel free to ask me anything)