ACCELERATION FUNDS

Complaints about “no-money-situation” are no longer legit! The money is there and it’s up for grabs.
In 2017, the government made a special EUR 15 million acceleration fund available through ALTUM (for the sake of convenience, we can call it “state development bank”), in hope to support Latvia-based early-stage startups. The fund was then equally divided between three professional fund managers who have their own startup focus and acceleration programme in place.
Rumour has it, this ball will keep rolling…  More funds will become available for the startups soon – this time, for the growth stage. The logic is straightforward: once the acceleration period is over and the acceleration funds are absorbed, a larger infusion of funds will follow – to help startups scale up and go global.

ALTUM co-operational acceleration funds and Startup Wise Guys:

Buildit

An Acceleration Programme with a focus on IoT and hardware startups from all over the world.
Key points*:

  • within the industries of hardware, IoT, mobility, productivity, smart living, energy, health-tech, etc.;
  • 3 month programme with 6 week intensive sprint;
  • must have an MVP or working prototype;
  • scalable business model for a growing market;
  • a team of at least 2 individuals with relevant experience. If only one individual - should find a co-founder in the process;
  • teams must live and work on the project in Riga, Latvia during the programme.

Buildit offers an investment of:

  1. up to €50k at the pre-seed stage;
  2. up to €250k at the seed stage.

*If you don't meet these precise requirements, but have a great product, Buildit invites you to apply anyway.

Commercialization Reactor

An Acceleration Programme with a focus on deep-tech startups.
Key points:

  • the business idea should be science or technology based with novelty and clear origin from the IP ownership position;
  • 3 month programme (entry and advanced level each);
  • must have an MVP or working prototype;
  • scalable business model on the B2B market;
  • a team of at least 2 individuals with relevant experience: one is an entrepreneur and the other is a technology developer;
  • teams must live and work on the project in Riga, Latvia during the programme;
  • enthusiastic entrepreneurs without a business idea are also welcomed for a special matchmaking with scientists.

Commercialization Reactor Fund offers investment of:

  1. up to €50k at the pre-seed stage;
  2. up to €250k at the seed stage.
Overkill Ventures

An Acceleration Programme with a focus on work environment efficiency and automation startups from Central and Eastern Europe in B2B market. 
Key points:

  • within the industries of artificial intelligence, machine learning, Internet of Things, blocks, extended and virtual realities, as well as other solutions for work and business efficiency. Focus on a smart workplace.
  • 3 month programme;
  • scalable business model on the B2B market;
  • must have generated an initial market revenue.

Overkill Ventures offers investment of:

  1. up to €40k at the pre-seed stage;
  2. up to €250k at the seed stage.

The acceleration fund is operating in a collaboration with Lattelecom and Accelerace.

Startup Wise Guys

An Acceleration Programme with a focus on B2B Fintech startups.
Key points*:

  • within the industries of fintech, proptech, regtech, cybersecurity, blockchain and insurtech;
  • 3 month programme;
  • must have an MVP or working prototype;
  • scalable business model with a potential of large market;
  • a passionate and solid team;
  • teams must live and work on the project in Riga, Latvia during the programme.

Startup Wise Guys offers investment of:

  1. up to €30k at the seed stage.

*Startup Wise Guys also offers 6-week Online Pre-Accelerator programme where they help early stage startups to build MVP, prepare the pitch and get into the right mind-set before the accelerator. 
The acceleration fund in Latvia is operating in a collaboration with Swedbank.

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