StartupYard, a tech startups accelerator based in Prague, and focused on Data, Mobile, and Analytics projects from across Europe, announced a call for applications to its next accelerator round, backed by a combination of private and European Commission funds. This effectively triples funds available to new applicants to StartupYard over previous rounds.
As it is known, StartupYard is a seed accelerator for technology startups and its goal is to help companies build viable products, launch fast and successfully raise capital. It follows the philosophy, methodology, and standard of world-class accelerators such as Y Combinator or TechStars. Since September 2011 StartupYard has accelerated 29 companies, out of which 4 were acquired, 19 are still active, and 10 have raised investments for a total of $2.5 Million. It is a member of the accelerator consortium CEED Tech, a group of Central and Eastern European technology accelerators which have secured €5 Million in grants from the European Commission, to be directly invested in newly forming tech startups. The funds will be distributed to startups that are accepted through an open call running through December 15th, 2014, with a second call following in 2015.
The fact is that StartupYard will accept 10 qualified teams and they will be accepted on the strength of their ideas, which may be in various stages of development, or exist only on paper. Startups will receive seed investments, and will spend 3 months in Prague, where the accelerator helps its member teams to incorporate and design business plans, culminating in a major Demo Day, where entrepreneurs will pitch to investors.
Startups accepted at StartupYard will receive €30,000 in up-front seed capital in exchange for 10% equity while some projects that show the greatest potential will be able to receive up to €250,000 in follow-up financing from among CEED Tech’s accelerators.
Teams will experience near daily mentorship and conferences with StartupYard’s impressive stable of mentors made of successful entrepreneurs, investors and tech professionals, with the goal to launch their products to the public while seeking further investment.
Cedric Maloux, Managing Director at StartupYard said: “It’s very exciting to be back, and be able to offer so much more to Central European Startups. The last accelerator round produced some fantastic products, and really impressive teams, and with triple the initial investments, we’re looking forward to attracting some of the best talent in the region. This EC grant allows us to accelerate young startups at a much smaller cost of equity. That’s only good news for this upcoming round.”