The Fund’s Accelerator Program will deploy relatively small amounts of capital ($25-30,000 to each company in exchange for 12% equity stake) to a cohort of up to 5 startups at a time for 3 months.
As part of the investment there will be a $2,500 Program fee that comes out of the investment to cover expenses inc. legal and office space. So net funding is between $22,500 – 27,500 after expenses.
Can you make it to Silicon Valley?: In addition, if a startup is strong enough at the end of the program, we can fastrack your application to our partner investor 500Startups Accelerator in Silicon Valley which qualifies for $100,000 investment and US re-incorporation. Cardplanet became the 1st startup to do this.
Applicants will be chosen through an online application and interview process but successful teams should apply with not just an idea but an initial prototype, early customers and revenue.