If you answer ‘yes’ to any of these questions - please don't apply! Everyone else - regardless of your gender, origin, religion, etc. - we want to hear from you!!!
We accept teams that are creating exciting and fresh solutions in the following areas:
Solutions for Industry (B2B):
Smart Living (B2C):
We offer more than the 'average' accelerators. Usually, accelerated teams find it hard to get a follow-on funding to keep working on the product. Therefore we're bridging that gap in the market and have what we like to call a 'full-stack accelerator' - a Pre-Seed fund & Accelerator Program (3 months) and additional Seed fund with a follow-on support program (2+ years).
In the Pre-Seed stage we're ready to invest up to 50,000 EUR as a convertible loan with discount and valuation cap. The payments are set in 3 tranches - 20k at the beginning of the program and 15k twice during the program.
Since each team might be in a different development stage, we'll set the milestones and KPIs individually at the beginning of each Program stage. Evaluations whether the investment is being spent wisely and there is a visible development of the product according to the KPIs will also be made case-by-case to make the decisions of follow-on funding.
Yes, we think that a good working practice brings better results and growth to the startup faster. Therefore we require our startups to bet at the office on workdays, except for business trips or similar occasions.
The Accelerator program consists of 3 stages:
At the end of the Pre-Seed Program, you'll have the necessary skill-set to successfully move on to the global startup and investor hubs or take your product to crowdfunding.
During the Pre-Seed Accelerator program, you're expected to live and work in Riga, Latvia. Our team and family of advisors will do their utmost to help you with establishing the necessary legal entity, opening a bank account, finding accommodation and settling in.
Yes, that is fine. We'll help you with the registration and legal settlements.
The Follow-on program (or “Build-On” stage, as we call it) is an ongoing tailored mentoring program for the best of the crop. For the brightest of the shiny. For the crème de la crème of the Accelerator graduates. You will have an appointed advisor to follow the progress, attract the necessary mentors & experts and make the intros.
Yes, if you are selected for the “Build-On” stage, Buildit will invest up to 250,000 EUR and either lead the round or serve as a guaranty for other investors who are interested in investing in your company.
The equity we're taking depends on the valuation before the Seed Round and other potential investors joining the round.
A: To maximise the chance of getting selected, the teams should have:
Our Acceleration program is pretty hard-core (pun intended) and the chances of survival are much higher if you have a team to share the tasks with. We'll accept your 'one-man team' if you show that you can take the startup to the next level on your own but are willing to find co-founders in the process.
Yes. Global startups from all around the world are welcome to apply. Mind that we expect the teams to be in Latvia for the whole duration of the acceleration program.
The Pre-seed Accelerator program is most useful for Early-stage & Pre-seed companies. Regardless, even teams that have worked together for several years and already have traction on market can benefit as the program can be tweaked to fit the needs of the founders.
Yes, we do. Recently many startups decide to go through more than just one accelerator since different accelerators work with startups in different phases. As long as you feel that our programme is what you need - go for it!