Vilnius-based startup accelerator StartupHighway has opened applications this week for startups to participate in their newly designed acceleration programme, and get up to €25K in seed funding. Unlike conventional accelerators, startups selected for StartupHighway can expect a flexible tailored acceleration programme, alongside the opportunity to be based in the newly established Vilnius Tech Park.
As the first Baltic startup accelerator, expectations are high for Startup Highway. Interest in startups from this region are growing too; it was only last month that the UK-based Oxygen Accelerator geared up their open call for applications from startups in the Baltic Region.
Startup Highway’s programme focuses mainly on individual, tailored support to prepare the startup for growth and further increase investment readiness. Each programme doesn’t just follow a standardised duration or schedule; on the contrary, they are fully adjusted to each startup’s actual needs, and extended or shortened accordingly. The leaders and investors of StartupHighway are confident that paying major attention to individual business needs will positively affect the accomplishment of prosperous projects.
“A more personalised emphasis on startups and an intense teamwork, adapted to achieve specific goals of separate products or services, will enable us to implement the fundamental quality of the programme – the acceleration of expansion and growth of startup companies”, said Darius Žakaitis, one of StartupHighway’s co-founders.
Besides their unique approach, StartupHighway has announced more changes to the funding offered and it’s structure. This year the possible seed investment size has increased from €14K up to €25K, and will be distributed in separate amounts throughout the programme.
“Last year Igor Matsanyuk, the founder of IMI.VC and the Chairman of the leading game development company ‘Game Insight’, joined ‘StartupHighway’ as an investor. The establishment of this meaningful partnership has not only secured better funding conditions, but has as well enhanced [the] accelerator’s value with a wider network and greater expansion possibilities. It has made an advantageous impact and boost on the set of our competencies, therefore the importance of this partnership is significant to the success of our new acceleration programme”, co-founder Darius Žakaitis commented.
The size of the investment will depend on the number of startup co-founders and the prospects of the business idea; the funds will be in exchange for up to 7.5% equity in the business in question. The strongest teams will also compete for the working spot in the newly established technology centre, Vilnius Tech Park. Vilnius Tech Park is considered to become a major technology hub for startups and other businesses within the ICT sector in Lithuania. It’s expected that it will bring together both local and international talent from trending sectors, such as gaming, big data, cyber security and visual graphics.
This year, StartupHighway is organising its fifth round of investment. Since it’s establishment in 2011, it has already invested in 17 companies from Lithuania, Latvia, Estonia, Italy, the UK and Russia. In 2014 their portfolio was complimented with two new startups: Planner 5D and DevtoDev. More than half of their alumni startups, such as Mobofree, Place I Live, Dragdis and ManoDaktaras, successfully completed the acceleration programme and subsequently attracted further investment from business angels or venture capital funds.
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