The competition amongst accelerators in Europe and our region in particular is increasing, given the amount of choice that is becoming available. So it is no surprise that everybody is stepping up and trying to improve their offering. After all, an accelerator is also a business and needs to try to get only the very best.
To do this, the Lithuanian accelerator StartupHighway just announced that they are improving their financial deal by decreasing the equity stake from 10% to 7.5% while keeping the investment amount at up to €14,000.
In addition to the improved terms, they have also announced that as of next batch, they are partnering up with Practica Capital, a newly established but already rather active VC from Vilnius. They were founded in 2012 and have already invested in five startups. The partnership will involve a convertible note of €30,000 as well as a standard term sheet that is claimed to be “startup friendly”.
Practica’s managing partner Anatolijus Faktorovičius commented: “We want to support the best teams and we see a great job done by StartupHighway in finding them and helping to develop and become investable. We believe this partnership will help all of the community in general and will make Lithuania a better place for startups”.
This is timely as Lithuania and Latvia really need to step-up their game in order to catch up to the amount of startups that are coming out of Estonia. That being said, Startuphighway already has a very successful and well known Sellfy. Not to mention Dragdis, which nearly killed our servers with the amount of traffic the story received.
The deadline for applications is the 15th of April, if you want to join, you can apply here.