They can register here by November 6, 2019. Approximately 10 selected startups can receive 50,000 euros each, in exchange for a stake in the company, followed by convertible note/s by the end of the program according to progress made, worth another 25-50,000 euros. The financing is provided by the strategic partner, GapMinder Venture Partners BV, co-financed through the Competitiveness Operational Program 2014-2020.
Techcelerator targets companies in the Minimum Viable Product (MVP) or in Beta testing phase. The vision regarding the commercialization on the global market, the quality of the team and the feasibility of the product will get higher scores. The focus will be on fields such as FinTech, cyber security, MedTech, digital transformation solutions, including applications in the blockchain, business process automation, artificial intelligence (AI) or machine learning (ML) areas. The program accepts applications from any vertical should the founders prove their product potential.
"Starting with this edition, the acceleration program aims at closely working together with local business angels who can recommend projects in the acceleration phase or who are interested in co-investing in this round, together with the accelerator and the VC fund. We target projects that have proven that they can attract, together with the founders’ team, a valuable network of advisors involved in reaching the first signs of traction of the developed technology", said Cristian Dascălu, GapMinder VC Partner and Co-Founder of Techcelerator.
The fourth batch will start on December 5th, 2019 and will end mid June 2020, taking place both in Bucharest and Cluj-Napoca, with the support of corporate partner companies and approximately 60 Romanian and foreign mentors and business angels.
Startups from the fourth round of Techcelerator will benefit of intensive business coaching sessions, mentoring, specific know-how depending on the startup industry and marketing services. Also, startups will have access to international communities for growth and exposure in the global market.
At the end of the acceleration program, the attending startups will publicly present their businesses during a Demo Day event, thus being able to attract additional funds from other investors.
"We are increasingly demanding. The program has grown, we have gained experience in evaluating the potential of the products and the founders. The value of the investment has also increased since the third round, from 25,000 euros to 50,000 euros, with the possibility of accessing new rounds of up to 200,000 euros from the venture capital fund, GapMinder Venture Capital. We have gathered around the program a number of renowned partners who complement the services of the program and increase its relevance. And this trend will continue", says Cristina Țoncu, Manager of the Techcelerator program. 27 startups have completed the first three rounds of acceleration provided by Techcelerator, benefiting from a total investment of € 1.35 million from the venture capital fund GapMinder Venture Partners.
About GapMinder Venture Partners BV
GapMinder Venture Partners is an investment fund set to provide capital for early stage companies with traction and for developing technology SMEs in expansion phase both on local or international level. The focus is on technology and services, sectorial diversification, product-centric and team-centric targets. GapMinder invests in Series A, Seed, and pre-Seed rounds.
Fund’s partners have a hands-on approach as investors, enhancing companies’ organic growth via direct involvement in operational streamlining, corporate governance, financial discipline, and coaching management.
GapMinder is mostly co-financed through the Operational Program Competitiveness 2014 - 2020.
Techcelerator is an acceleration program targeting Romanian technology startups. Headquartered in Bucharest and Cluj-Napoca, Techcelerator is the first accelerator in Romania to allocate funds for the development of companies in the (pre)acceleration phase. Thanks to the strategic partnership with GapMinder Venture Partners, are targeted for acceleration and investments young innovative companies with high potential for international development and expansion in growing industries such as: FinTech, PropTech, software, cyber security, artificial intelligence, digital transformation, IT solutions for health, AgTech and others.
About European Investment Fund
European Investment Fund (EIF) is part of the European Investment Bank Group and is the main venture capital for SMEs in Europe, via venture capital instruments, guarantees and microfinance. In Romania, the EIF implements financial instruments funded through structural and investment funds: JEREMIE 2007-2013, SME Initiative and financial instruments from PO Competitiveness, Regional Operational Program and NRDP.
About the Competitiveness Operational Program
The Competitiveness Operational Program 2014-2020 (POC) supports investments to meet the needs and challenges of low levels of economic competitiveness, in particular with regard to (a) insufficient support for research, development and innovation and (b) infrastructure developed by Technology Information and Communication. POC benefits from a € 1.33 billion allocation from the European Regional Development Fund.