The savings Bank and 500 Startups launches accelerator for the Russian IT-projects

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The savings Bank and 500 Startups launches accelerator for the Russian IT-projects

Sberbank and the largest Silicon valley accelerator 500 Startups has launched in Russia the accelerator IT startups, according to Russian and Western media. He will work with beginning projects in areas such as electronic Commerce, digital medicine, advertising technology, cloud services, robotics etc.

The project will be able to participate a maximum of 25 young companies, which will receive 10 million rubles each (in the form of a convertible loan) and the ability to distribute its products in the ecosystem of the savings Bank. As explained by the representatives of the Bank, the specific amount of investment will be determined individually.

In addition, each accelerator participant will receive access to the community of graduates and pool of investors at 500 Startups. The winners of the Moscow stage of the competition will travel to Silicon valley, where during the month will study American business practices, and then will perform in San Francisco to Russian and international investors.

Applications will be accepted until October 6, inclusive. The potential participant must have MVP (working prototype) and first customers, and the company registration in Russia.

500 Startups is an international venture Fund and accelerator, which since 2010 has invested approximately 1,700 thousand startups. The amount of funds invested in each project is $125 000 in exchange for a share of 5%. In addition, the California company plays the role of a minority investor with a share of 10 to 25% of the total round.

It is noteworthy that the project of 500 Startups was intended to begin in Russia in 2015, but in 2017 and refused from this idea due to political tensions.

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