Sberbank, 500 Startups Accelerator Accepts International Entries for its 3rd Batchby Fintechnews Baltic December 7, 2020
Sberbank, state-owned Russian banking and financial services company, and 500 Startups, early-stage venture fund and seed accelerator, now accepts international entries for its third IT startup accelerator. The closing date for applications is January 10, 2021.
The accelerator is a tech entrepreneur programme relying on the capabilities of Sberbank as well as the expertise and experience of 500 Startups.
The third batch of the accelerator is said to differ from its previous ones. The accelerator has expanded its geography by accepting applications from startups from beyond Russia including countries like Israel, Belarus, Kazakhstan, Latvia, Lithuania, and Estonia.
In addition to that, the accelerator has also amended its approach to mentoring and the programme will consist of two stages.
The first stage is two-week online bootcamp for the top 500 startups from seven countries. During the bootcamp, teams will work out a value proposition, learn how and when to establish communication with different target segments, and learn to push customers to make purchases.
The second is the main accelerator stage, which will welcome the 25 strongest bootcamp-tested startups. All stages of the acceleration programme, as before, will be supervised by mentors from Silicon Valley and international experts.
The accelerator training will end with a demo day where startups will present their projects to more than 500 investors, business angels, and corporations.
Startups that want to apply have to be registered as a company, have their first sales, and a minimum viable product (MVP) in the following industries; Marketing & Advertising Solutions, Process Automation Solutions, Mapping and Geolocation, EduTech and HR Tech, MedTech, SportTech, Data Analytics Solutions, Smart Home Solutions, etc.
During the first two batches, the participants attracted over RUB400 million in investment from third-party investors and RUB190 million from Sberbank. They entered into partnerships with ecosystem companies and partner corporations.
The startups selected from the third batch will compete for investments from the Fort Ross Seed Fund, more than ten partner funds, and an individual approach according to market conditions.
Lev Khasis, First Deputy Chairman of the Executive Board, Sberbank said,
“The Sber500 project is our helping hand for talented startups, a springboard for disruptive business models, products, and services. We would like to thank dozens of the largest Russian and international corporations that are participating in this project with us and supporting startups in their dark hour.
This year we’re welcoming to the accelerator not only Russian but also foreign technologically advanced teams who dream of changing the world for the better. Expanding the geography of the project will increase competition among startups and help promote the strongest and coolest ideas and solutions in the market.”
Updates on the accelerator can be found on their Telegram channel.