If you want to take your new company out to burn some rubber, you might want to consider the StartupHighway. CEE region focused accelerator program announced a few days ago of an extended partnership agreement with major Lithuanian VC, Practica Capital. This means a new €200,000 fund for future investments in accelerated startups.
StartupHighway’s and Practica Capital’s collaboration begun last year and has since turned into a major partnership and several co-investments. Now the Lithuanian VC is ready to pump in some more money as last years results have been good, both as investments and experiences.
“[When] we started our cooperation with Practica Capital and we have already co-invested in several companies. Our co-investments were channelled into Dragdis.com, which has received the best technology award this year, and the portal www.kurgyvenu.lt, which publishes the most detailed publicly available real estate information. We greatly appreciate this partnership; therefore, we are able to offer over 200 000 EUR co-investment this year” says Rokas Tamošiūnas, managing director of Startup Highway.
The 13-week startup accelerator offers intensive one-on-one mentoring as well as pre-seed funding of up to €14,000 (€2,000 for the idea plus €3,000 for each founder) in exchange for a ~10% share in the future company.
So far, 15 companies from all over Europe have completed the program. More than half of these graduates have attracted further investment from business angels or venture capital funds. The 4th round of StartupHighway is now open for new applications, which are due to March 1st, 2014.
The top teams of this round will receive a further six months of acceleration in SkyDeck, a Silicon Valley based incubator that will provide the participants a useful hotspot of working space and accommodation in the Mecca of all startups.
Finally, the Investor meetings will be tagged with the demo days which are bound to take place during Q3.
Hope it’s going to be a fruitful year for accelerators, as investment funds for startups are always good news.