Techstars, a startup accelerator based in US has selected 10 startups for its second edition –second year running- of Barclays Accelerator in Cape Town. Techstars is an accelerator that gives startups mentorship and seed-stage investment services in order to grow their startups.
The accelerator program organized by Techstars and Barclays, was launched last year by RISE. The accelerator concentrates on FinTech innovations. The accelerator spans for a period of three months where the startups are intensively focused on.
The first edition of the accelerator was a huge success and it also consisted of 10 startups across the world. The startups are selected from the FinTech category. There were about 400 people in attendance for the accelerator.
The second edition just like the first edition selected 10 startups from across 52 countries, with the innovative startups also being FinTech.
“Each of the ten successful companies have an amazing founding team and unique solution that we believe has the potential to become a significant and relevant player on a global scale. We are extremely impressed with the quality of this class’ founders, many of whom are on their second or third business,” said MD of the Barclays Accelerator, Yossi Hasson.
The process for selecting the startups was very stringent and extremely competitive. The startups chosen to take part in the accelerator are from South Africa, USA, Israel and Kenya. The names of the startups are FOMO Travel, Byte Money, Howler, Spatialedge, eCOIDA and The Sun Exchange from South Africa; Flexpay from Kenya; Avenews-GT from Israel, and Abe.ai from USA.
Benefits the startups will derive from the accelerator are the mentorship from Techstars’ mentors and unlimited access to Barclays Africa Group – one of the accelerator’s organizers- and access to 12 million customers in ten African markets. They’ll also be able to accelerate their business growth and expand globally.
Another benefit the startups will get is US$45,000 each which will be in exchange for 6-8% equity in their businesses.
The accelerator program will start on 9 May 2017 at RISE Cape Town and the program will be brought to summit with a Demo Day on 2 August 2017.