 "Spark10 to facilitate $100-mn startup investments")
Spark10, India's first European start-up acceleratoraimed at helping early-stage start-ups turn their prototype or minimum viable product (MVP) into scalable investable business, is planning to facilitate investments to the tune of $100 million (around Rs 678 crore) in Indian start-ups over the next two years.
Spark10 aims to transform early start-ups into investable businesses with the support of over 500 global mentors, besides extending support of subject matter experts, angel investors, venture capital firms and alumni networks," Spark10 lead founder, Atal Malviya, told mediapersons.
Jon Bradford, considered as the god father of European start-up accelerators, launched the application process for the first cohort of Spark10 in Hyderabad on Monday. Spark10 invites start-ups with MVP in Internet of Things, mobile, Internet, smart technologies, analytics and machine learning.
"We plan to provide a seed funding support of Rs 20 lakh to each of the 10 selected start-ups in exchange of an eight per cent equity, besides providing them workspace as part of our 13-week accelerator programme," Malviya said.
