Bucharest, October 19, 2020: Techcelerator selected 11 startups for the NEXT FinTech acceleration program, rolled out with the support of the European Fund for Southeast Europe in Luxembourg and partners GapMinder VC, Google for Startups, Seedblink, TechAngels, RoFintech Association, and Stripe.
In the pre-selection phase, 33 startups with projects targeting this market segment applied. The companies in the program that will benefit from intensive mentoring and potential funding are:
- 22Trust Venture – B2B product dedicated to retail banks that allows them to offer dynamic prices, using AI technology in their lending activities;
- AlphaBlock Technologies introduces the Alphabot, a smart chatbot application that helps capital market investors implement investment strategies with a passive level of risk, but with active levels of performance;
- ENSO business – a web platform that redefines the way companies connect and interact with their suppliers;
- Finpathic – digital financial advisor which analyzes the user’s financial data, by using an extended financial database, and suggests the optimal investment portfolio;
- Investory Toy Factory uses game-based learning to help children understand finance;
- KidsFinance is a product for parents and children that promotes financial education and comes with with an associated prepaid card for children;
- Leaseman – the platform for renting and managing the available commercial spaces;
- OptimRent -the first platform for real estate owners and tenants that aims to automate the processes involved in property management;
- SSIF GOLDRING – solution for easy financial control of investments in pension funds;
- TimedFx – platform that offers the best exchange rates for companies which use several currencies in their business, thus helping them to minimize foreign exchange losses;
- ZoomReport – platform that provides users with integrated, geographically located public data, and helps them analyze local socio-demographic and economic environments for business decisions.
Over the previous four rounds of acceleration, Techcelerator has provided support to nine other FinTech startups that are currently enjoying success in the local and regional market: # 1 – ialoc, Uhura solutions; # 2 – Beez, BAAM, Stockberry; # 3 – Confidas, Prokuria; # 4 – Credia, Data Against Data.
“We have selected 11 teams that develop products for which we see significant potential for the FinTech core area, but also its adjacent areas, such as the PropTech market or the financial education market. We will work together with the best mentors to improve the product and market strategies of the startups. Our goal is to attract as many relevant partners as possible to facilitate the start of pilot projects and the raising of investment rounds”, said Cristina Țoncu, Director of the Techcelerator program.
The acceleration program, taking place online until the end of January 2021, will include four intensive mentoring modules: sales & matchmaking with financial institutions in the region, product marketing, transition strategies to the international market and investments readiness. These will be delivered by experts and investors in the area of FinTech and business development. The program will end with a Demo Day event, in which startups can highlight their progress and attract funds from investors.
The 11 startups will also be able to access Google Cloud credits, Stripe credits, HubSpot accounts for startups, software products from Freshworks, etc., with a total package value of over 150,000 euros.
NEXT FINTECH startups will be introduced to investor partners GapMinder VC, TechAngels, SeedBlink and have the chance to access a round of financing up to 200,000 euros.
Techcelerator is an acceleration program targeting Romanian technology start-ups. Headquartered in Bucharest and Cluj-Napoca, Techcelerator is the first accelerator in Romania to allocate funds for the development of companies in the (pre)acceleration phase. It targets for acceleration and investments young innovative high-tech companies with enhanced potential for international development and expansion in growing industries such as FinTech, PropTech, software, cybersecurity, artificial intelligence, digital transformation, IT solutions for health, and others. Techcelerator benefits from the strategic support of GapMinder VC and collaborates with other relevant local and European investors to support the local tech ecosystem. Techcelerator proudly supported over 40 startups during its previous batches and also during various assistance programs organized standalone or in partnership with other ecosystem entities. In only 2.5 years since it is established on the market, the accelerator portfolio benefited from a cumulated investment of over 5 million euros from the investment rounds attracted until now.
About GapMinder Venture Partners BV
GapMinder is a 45 Million USD venture capital fund investing in high technology companies born in Romania and Central Europe and scaling-up at the international level, at Seed or Series A-stages. GapMinder’s partners have a hands-on approach as investors, enhancing companies’ growth via strategic advisory and direct involvement in operational streamlining, corporate governance, and financial discipline. GapMinder’s portfolio includes companies such as FintechOS, TypingDNA, SmartDreamers, Deepstash, Frisbo, etc.
The fund is co-financed through the Competitiveness Operational Program 2014-2020.
About the EFSE Development Facility
The Development Facility of the European Fund for Southeast Europe (EFSE DF) was created in 2006 to support the fund’s development finance mandate. It deploys effective, targeted, and innovative technical assistance to maximize the impact and extent of the fund’s development finance mandate in target countries. The EFSE Entrepreneurship Academy is an arm of the EFSE DF that specifically focuses on providing entrepreneurs with the resources, training, opportunities for financial backing, and other means necessary to turn good ideas into successful enterprises.
Managed by impact asset manager Finance in Motion, the facility operates independently from the fund in a fiduciary arrangement under Luxembourg law. The Development Facility Committee, comprising members nominated by KfW Development Bank, the development bank of Austria OeEB, and the Dutch development bank FMO, is responsible for assessing and approving all project proposals and providing strategic guidance to the facility.
For more information on the European Fund for Southeast Europe, please visit www.efse.lu
For more information on Finance in Motion, please visit www.finance-in-motion.com.
About Google for Startups
Google for Startups is an initiative that brings the best of Google’s products, connections, and best practices to startups through our global network of partners and online resources. Our goal is to help startups thrive across every corner of the world.
SeedBlink is the most important equity crowdfunding platform in the region, which supports investors and democratizes investments by “matching” them with innovative startups. Our commitment and mission are to support the development of the entrepreneurial ecosystem, allowing startups seeking financing access to the platform and, first of all, facilitating the choice of preferred startups by investors.
Investments in startups are considered worldwide as a risky business and investors should allocate to this approach only the amounts they can afford to lose. Some of the ways to reduce risks are to diversify investments and to choose with preference the areas in which investors have experience and / or in companies whose products they strongly believe.
TechAngels was created in 2013 to fill the need of having a common “meeting place” between early-stage technology startups and the investors looking for investment opportunities.
The group has two main directives: to educate and support young entrepreneurs through investments, access to acceleration programs, and a sum of various other resources needed to grow their business, and to encourage potential business angels to take their first steps in this area of expertise.
As a member of TechAngels, whoever is taking into consideration becoming a technology business angel investor has access to a considerable number of startups looking for funding, can benefit from the investment-focused workshops, shared experiences from the other members, and you can make your first investments – either as a private investor or as a syndicate partner – with guidance from the most experienced technology business angels.
Senior Advisor, Corporate Communication, DiFine PR
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