Techcelerator, the accelerator in Romania that supports financially tech startups via its exclusive partner, GapMinder, finalized the selection of the best applications for the second round of the program. These will benefit from intensive business level mentoring for a 10 weeks period, plus 25.000 Euros investment from GapMinder venture capital fund, co-financed through the Competitiveness Operational Program.
For the second batch of the Techcelerator program 172 startups from Romania and abroad applied. Following a thorough selection, after meeting with Techcelerator and GapMinder teams, 8 tech innovative startups were selected during a bootcamp session and invited to join the program. Techcelerator targeted companies in the Minimum Viable Product (MVP) phase from areas such as IT and software, cyber security, artificial intelligence (AI) or machine learning (ML), digital transformation, IT solutions for health sector, FinTech (including applications in the blockchain area). Team members and their cohesion represented another important factor in the evaluation process.
The start-ups that will be part of the second batch of Techcelerator are:
- BAAM, real estate marketplace based on AI and Blockchain which engages real estate customers to buy properties overseas timely, wisely, securely and seamlessly.
- DCDN, decentralized content delivery network that creates a transparent and equitable ecosystem for content sharing and revenue distribution.
- FormulaDB, database and low-code platform allowing business users to implement their own data-intensive applications. No programming skills are required.
- uVibe, real time city guide for the choosing the best places in town based on social signals.
- LiveCare, hardware and software solution for monitoring the hospitalized patients, in real-time. LiveCarePatch is wireless, small, water resistant, easy to wear and designed for daily life use.
- Beez, free and fun application that helps you start saving today, and which will allow you to achieve financial stability through budgeting planning and tow-click investing, effortless.
- XVision, automated x-ray analysis application that can output a diagnostic for a common x-ray by providing a heat map of areas of interest in the image.
- Stockberry, artificial intelligence and advanced statistics app that computes a relevant sentiment indicator and evaluates the risk of your stock or cryptocurrency portfolio.
The 8 startups will each benefit from a first round of 25.000 Euros investment from the exclusive GapMinder partner, in return for a 6% stake in the company. At the end of the program, startups that proved traction and good progress have the chance to be invited to a second round of investment up to 75,000 euros, convertible into shares.
“The selection of the finalists of the second round was even more difficult because the quality and potential of some of the pitched solutions increased. We learned a lot following the first batch and we decided to value more including other aspects which might seem less relevant, such as the cohesion of the teams. One can have a brilliant solution, but if it doesn’t have the proper team to scale it, it remains just a great idea. We were more selective because we wanted to give our best to the most deserving teams,” said Alexandru Ruff, partner GapMinder VC.
Techcelerator acceleration program which started in November runs during a 10-week period, both in Bucharest and Cluj-Napoca, with the support of 50 Romanian and foreign mentors. Techcelerator includes intensive business coaching sessions, mentoring, industry-specific startup expertise, and marketing services. Startups will also have access to international communities for scaling and exposure in the global marketplace. At the end of the acceleration program, these startups will publicly present their projects at a DemoDay event.
About GapMinder Venture Partners
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.
The fund is co-financed through the Competitiveness Operational Program 2014-2020.
Techcelerator is an acceleration program targeting Romanian technology start-ups. Headquartered in Bucharest and Cluj-Napoca, two important centers of Romanian innovation, Techcelerator is the first accelerator in Romania to allocate funds for the development of companies in the (pre)acceleration phase. Financial support is provided through the exclusive partnership with GapMinder. Young innovative companies, which believe they have high potential for international development and expansion in growing industries such as: software, cyber security, artificial intelligence, digital transformation, IT solutions for health, AgTech, FinTech and others are targeted.
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.