Digital transformation is challenging existing ways of conducting business. It threatens organizational survival while providing the opportunity to leverage digital technologies to create digital business models (DBMs) and ensure firm growth. Incumbents, however, face difficulties in dealing with change fueled by digital transformation. Maturity models (MMs) assist them in managing digital transformation and achieving higher digital maturity. Therefore, the objective of this study is to develop and validate a new MM for corporate DBMs. To achieve this objective, we adhere to a five-step MM development approach based on the combined description of Becker et al. (2009) and Bruin et al. (2005). Preliminary results include a list and detailed description of dimensions and levels relevant to DBMs. Findings contribute to the existing literature on digital entrepreneurship by providing a more concrete definition of the concept of DBM. In addition, they provide scholars and practitioners with guidance for increasing DBM maturity.