The LAUNCHub Seed and Acceleration fund is about to launch new rockets this summer! Entrepreneurs with projects in the digital domain can now apply for a 30,000 EUR of funding in exchange for a minority stake in the company and if accepted participate in the mentor-led Acceleration Program that starts at the end of this summer. The tech startups may submit their applications via the LAUNCHub website by 2nd of June, 2013 and if they want to increase their chances, they can take advantage of the early deadline: 23rd of May.
Should the teams be accepted, they are expected to be fully dedicated to their business project and participate actively in the program that lasts a couple of months, with a 2-month of intensive period, and that is focused on customer development and growth. After proving traction and results, the startups may qualify for a follow-on seed investment of up to 200,000 EUR in total from LAUNCHub, which actually is the main focus of the fund.
LAUNCHub operates under the financial instrument “Entrepreneurship Acceleration and Seed” of the JEREMIE European fund and by 2015 is to invests EUR 9 million in total in approximately 100 startup companies, mainly from the ICT sector in Bulgaria and the region. It has already invested over 1.5 million Euros in 19 startups in both Seed and Acceleration phases. Among these are: iMediaShare, Coherent Labs, Imagga, StorPool, Cinematic, Ucha.se etc. Once a year, at the LAUNCHub Investors Day, the companies pitch in front of other investors and larger VC funds from Europe for a follow on funding.
The fund partners with the largest early-stage micro seed investment fund in Europe – Seedcamp and with the Cisco Entrepreneurship Institute Bulgaria. On an international level, these are the proven accelerators – Mozilla Web FWD and DreamIt Ventures.
The ideal applicants for the LAUNCHub program are expected to be committed entrepreneurs with an idea that has a potential to grow and are capable to present either a prototype, or a clear plan how to develop their product or service. The LAUNCHub team encourages ideas, which will “disrupt” the so far established models of work in spheres like education, healthcare, entertainment, finance and other. The fund provides not only an open door, or a “hub” towards mentors, business network and expertise, but also an individual approach towards each team. Due to the ICT and entrepreneurial background of the LAUNCHub team, it provides supporting expertise, more in the form of advice and recommendations, rather than a direct hands-on management in the given business.
So, what are you waiting for?