The Hive, collaborative work spaces at Virtuous Retail’s integrated lifestyle development – VR Bengaluru, has partnered with Spark10, India’s first European Accelerator to host its inaugural program in the city. Spark10’s 13-week acceleration program aims to brings international investors and mentors to five early-stage technology startups from the country for its Bengaluru cohort.
The program provides training, mentoring, coaching, international exposure, seed funding of Rs.10 lakhs to each startup and a platform to pitch to investors to raise the next round of funding. During the course of the program at The Hive, these startups will have access to aesthetically designed plug-and-play workspaces, along with state-of-the-art retail, hospitality, entertainment, and F&B services at VR Bengaluru.
Ankit Samdariya, spokesperson – The Hive, said, “It is our privilege to welcome Spark10 to Bangalore at our premises. We, at The Hive, aim to provide a stimulating, nurturing environment to the emerging enterprises, encourage shared learning and development. We hope that the existing firms at The Hive can contribute to the growth of this new batch of startups.”
Ravi Warrier, COO of Spark10 shared, “We are excited that we’ll be conducting this program from The Hive. The environment is just suited to what we have in mind for the teams and their development. Together with The Hive, we are confident to change the face of Bengaluru’s startup ecosystem.”
In this cohort, Spark10 has selected five startups, including a startup that’s using artificial intelligence to drive market intelligence to advertisers, a fitness tracking app that leverages the power of your community, a web-based community for fashion, a startup that’s revolutionizing information security and a customizable cross-industry CRM platform. From 9 teams of the first cohort 5 have raised follow on investment – “It is an impressive result”, said Paul Smith who is visiting Bengaluru to mentor the selected startups. Paul is founding advisor of Spark10 and Head of Dubai Future Foundation that runs Dubai Future Accelerator. Gouri Sridhara and LN Parimi from Spark10 UK were also present at the event.
80% of the investment into these companies of this cohort is remarkably from Non-Resident Indians. “This is the first step,” said Atal Malviya, CEO of Spark10, adding, “as we aim to bring more and more investments in the coming cohort from Indians residing elsewhere. The advantage of having international investors is that it opens up doors for startups that wish to raise funding from global investors or wish to expand to other countries for business. The idea is to allow the startups to get an instant exposure to capital, industries and markets outside India.”
The program was kicked off with an event – #SPARK10ORIGINS in collaboration with The Hive at the SkyDeck, VR Bengaluru, where over 100 investors and influencers attended the event. The five startups were announced and introduced to the world at this gala event. The program will commence on 27th February and Spark10 plans to have its prestigious Demo Day on June 9th 2017 in Bengaluru.
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