Seedcamp, a London based technology startup funding company has expanded both its geographical and financial outreach in an attempt to diversify the range of startup companies it invests in. The changes will make Seedcamp more accessible to firms looking for funding as operations extend to cover other major European cities that are hot in the technology startup scene.
Seedcamp is a combination of a mentoring programme and investment fund that aims to aid fledgling companies in the internet based technology industry. Applicants to Seedcamp will have to pitch an idea for a product or service that they require funding or guidance in bringing to market. Events dubbed ‘Seedcamps’ are held in order to give developers and designers a place to show off their products to a selection of judges. Successful startups are normally offered €50,000 in exchange for an equity stake of 8-10% and since its infancy in 2007, Seedcamp has provided funding to 82 companies based across 33 countries.
In an effort to make Seedcamp more accessible to a wider range of startups, there are now three levels of funding available. The classic €50,000 for 8-10% is still in place while companies who have already attracted some funding can choose to opt for €25,000 in exchange for a 5% stake in their company. Startups that have already gained substantial amounts of funding from other sources can opt to apply for expert mentorship and training in exchange for 3% of their company. Seedcamp’s funding capabilities has also been doubled to €5 million with investments from big names in technology including ACT Venture Capital and Samos.
Seedcamp also plans to extend its reach to outside of London, where it has been primarily based until now. By running smaller, ‘Mini-Seedcamps’, they hope to gain access to startups based in cities across Europe and the Middle East including events in Dublin, Amsterdam and Tel Aviv. The major Seedcamp weeks will still be based in London but Berlin is set to gain the same startup status that London has enjoyed over previous years. Seedcamp is also planning on sending successful companies across the Atlantic in order to expand their contact network and travel to the centre of the startup universe, Silicon Valley.
If you’ve got a great idea for a digitally based product or service, you may wish to consider the Seedcamp format for acquiring funding and training to help your realise your vision. Due to the sheer amount of applications, those who don’t make it to the final selection the first time are encouraged to reapply.