Techcelerator announces the 7 tech startups from the third batch of the acceleration program benefiting from the intensive mentoring program and a first round of € 50,000/company as investment from GapMinder Venture Partners BV in exchange for a stake in the company, followed by convertible note shortly. Initially, 185 startups sent their projects for evaluation, out of which 26 were preselected.
Techcelerator is the first accelerator in Romania to provide also financial support to Romanian technology newly established companies through its strategic partner, GapMinder Venture Partners BV, co-financed through the Competitiveness Operational Program 2014-2020 and implemented by the European Investment Fund. GapMinder announced in April that it has reached the threshold of €36 million as fund size.
The startups that are part of the third round of Techcelerator acceleration program are:
- Confidas – an online platform that helps small businesses get paid on time by providing unique credit reports for more than 600,000 active Romanian companies, can receive alerts when changes occur in customers’ reports and can record bad credit customers to encourage them to pay.
- Cyscale – an cybersecurity platform for real-time visibility into Multi-Cloud Providers (AWS, GCP, Azure, IBM and Oracle), Cloud Assets Inventory, Compliance Assessments, Secure Cloud Visual Design and Automated Incident Response. The solution has a Microservices Architecture, meaning that the built technology can easily be integrated into existing software by making use of standardized APIs.
- Flixier is an online video editing tool that dramatically speeds up the editing workflow saving editors and remote teams a lot of time with 1-minute video exports on any computer, streamlined communication features and real-time Google Docs collaboration style for video editors.
- OmniCare is a SaaS for small and micro companies that decreases the cost of managing multiple customer support channels, by aggregating customer messages from multiple messaging app like WhatsApp, Telegram, Slack and FB Messenger to a preferred single channel.
- Prokuria provides cloud-based sourcing and procurement solutions that help organizations automate procurement and achieve cost and time savings.
- Securifai developed a state of the art video analysis AI technology which, unattended, can isolate abnormal events, track and classify vehicles or other objects, pedestrians with their emotions and heart rate fluctuations. The range of professional systems covers real-time response and is widely open to the adaptation of particular contexts.
- Vetted – the first online marketplace that manages the selling of electronics, allowing buyers to acquire second hand devices verified and selected by experts.
The companies selected for this acceleration batch also benefit from the involvement of Globalworth, EY Romania and Banca Transilvania, focusing specifically on three specific areas: PropTech, Digital Transformation (Automation) and FinTech.
The current batch of Techcelerator began in April 2019, had a duration of 10 weeks, and took place both in Bucharest and Cluj-Napoca with the help of 50 Romanian and foreign mentors. Techcelerator included intensive business coaching sessions, mentoring, assessment of the eco-system specific to each startup and marketing services. Startups also had access to international communities for development and exposure to the global market and sessions offered by Google Developers Launchpad, the Techcelerator partner.
These startups will publicly present their projects at the Demo Day which will take place on Friday, June 14, as part of the technology festival iCEEFest UPGRADE100. Tickets for the whole event are available here.
17 startups that have completed the first two rounds of accelerated development of Techcelerator benefited from a total investment of € 1 million from the GapMinder Venture Partners venture capital fund.
About GapMinder Venture Partners BV
GapMinder Venture Partners BVis 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.
Techcelerator is an acceleration program targeting Romanian technology start-ups. 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.