Millions for CEED Tech will help fund startups

Originally posted in our partners Wayra website – http://www.wayracee.com/cee-summary-5m-for-ceed-tech-27-5m-for-gooddata/

More seed money for less equity, that is the promise from CEED Tech, European Commission backed consortium of 5 CEE tech accelerators – Startup Yard in Prague, Digital Factory in Budapest, The Spot in Bratislava, Startup Wise Guys in Tallinn and Open Coffee Club in Vilnius.

How can CEED Tech give such a promise to aspiring entrepreneurs? It recently scored $5M grant from EC for investments and other supporting activities. The money partly goes to startups as pre-seed investment of up to $30k (for 5 to 15 % equity). Later on, after 3 to 6 months in the acceleration programme, the best startups qualify for the follow-up investment of up to $250k.

“The CEE region has produced many quality startups over the years and this extra support from the EU will only help build more sustainable businesses. The combined resources and extra funding will spark and enable innovation throughout the region. This EC grant will allow CEED Tech to distribute much more money to startups in the region, at a much smaller cost of equity,” said Calum Cameron, Managing Director at Startup Wise Guys.

At the moment, CEED Tech has established a portfolio of nearly 100 companies, working with over 100 investors and 450 mentors from relevant fields. With this new grant and several upcoming acceleration programmes (the actual one is open for application till half of December) CEED Tech surely hopes to raise the number of companies it has invested in.

published on September 16, 2014