CEED Tech, a consortium of Central and Eastern European technology accelerators announced that it had secured €5 Million in grants from the European Commission, to be directly invested in newly forming software startups. The funds will be distributed to startups that are accepted through an open call, beginning today, and running through December 15th, 2014, with a second call following in 2015.
“It’s very exciting and a testament to all of our hard work to be a partner in CEED Tech. The CEE region has produced many quality startups over the years and this extra support from the EU will only help build more sustainable businesses. The combined resources and extra funding will spark and enable innovation throughout the region,” said Calum Cameron, Managing Director at Startup Wise Guys, one of 5 accelerators located in Estonia, Lithuania, Slovakia, The Czech Republic and Hungary. “This EC grant will allow CEED Tech to distribute much more money to startups in the region, at a much smaller cost of equity from those startups, while increasing our pool of applicants, and helping startups find the right fit in an accelerator.”
Startups that are accepted into one of the five programs will receive up to €30,000 in up-front seed capital, and will undergo 3 to 6 months of “acceleration,” in which they will be advised by relevant experts in their fields from among 450 mentors, and will launch their products to the public while also seeking further investment.
As part of the EC Grant program, participating startups will use open source FIWARE technologies, along with a range of perks. Up to €250,000 in follow-up financing will be available for projects that show the greatest potential. “We especially welcome projects in the areas of data, cloud services, analytics, transactional technologies, fintech and e-commerce, B2B technologies, location based services, and security,” Cameron said, “we’re selecting up to 50 teams between us, so we expect to see a great range of applicants.”
On CEED Tech:
Ceed Tech is a consortium of established software accelerators, specializing in mentorship and investment in high potential, scalable businesses led by proficient founders, helping them to launch fast, and gain further investment. Its members are StartupYard in Prague, Digital Factory in Budapest, The Spot in Bratislava, Startup Wise Guys in Tallinn, and Open Coffee Club Vilnius. They have established a current portfolio of nearly 100 companies, working with over 100 investors and 450 mentors from fields relevant to their startups.
CEED Tech is managed by Civitta. Information is available atwww.ceedtech.eu, or by email at email@example.com. The five participation accelerators can be found at these websites:
Digital Factory (Hungary) digitalfactory.vc
Open Coffee Club Vilnius (Lithuania)
StartupYard (The Czech Republic) startupyard.com
Startup Wise Guys (Estonia) startupwiseguys.com
The Spot (Slovakia) thespot.sk
For more information, please contact Erik Anderson firstname.lastname@example.org from Startup Wise Guys.
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