One of our partners StartupHighway (www.startupHighway.com), a Lithuania based startup accelerator about to launch its third class this spring, is announcing a new deal for startups: StartupHighway now takes only 7.5%, down from ten percent, of equity from the startups that join the program for the same up to €14,000 investment.
The deal is available for anyone applying forward as well as for those startups that have already applied for 2013 spring program. StartupHighway’s managing director Rokas Tamošiūnas has this to say: “We are committed to building a great tool for startups and as the program matures we are constantly and tangibly making it better”.
As the quarter cut-back is announced, here comes the next big wave:
StartupHighway is announcing a partnership with Practica Capital, a newly established but very active Vilnius based VC. All StartupHighway participants who make it to the 2013 spring program will have a further €30 000 convertible note available from Practica Capital. StartupHighway and Practica Capital has worked out an optional standard term sheet that is startups friendly and enables them a quick access to the extra funding.
Rokas Tamošiūnas comments: “This is a major add-on for the program that enables entrepreneurs to go on building their business with a major boost. The fact that a VC in CEE is willing to back us as a great development for the early-stage investment environment is an approval of our program’s quality. Practica Capital has started off with a great haste and we are very happy to strike this partnership.”
Practica’s managing partner Anatolijus Faktorovičius adds his view: “We want to support the best teams and we see a great job done by StartupHighway in finding them and helping to develop and become investable. We believe this partnership will help all community in general and will make Lithuania a better place for startups”.
If you’re unfamiliar with StartupHighway, it is an intensive Vilnius-based 13-week acceleration program. Over two previous classes it has graduated ten startups, notably Sellfy – the one-click e-commerce platform for self-publishers – which has scored an angel investment from two Skype alumni in 2012 summer and tripled its customers since June last year. Relead – web-analytics and leads generator for customers in US and Canada – secured investment from UK angel investor James Welsh in the end of 2012. Llamas’ Valley – an interactive iPad magazine – has received Lithuanian angel investment in the beginning of 2012.
StartupHighway comments that more of its startups have existing investor relationships but this information is not ready for public announcement.
Practica Capital manages two EIF-backed funds in Vilnius and started actively investing in the end of 2012. Since then they have already invested in five startups.
For any information about the program, please contact Mrs. Agne Adomaityte (email@example.com).
All the best, Frank
written by Frank M. Saviane (CEO)