News, Startups

Silicon Valley based accelerator 500 Startups opens up its 007 batch for applications

Silicon Valley based startup accelerator, 500Startups has now started accepting applications for its 007th batch. Its global strategy has already attracted startups from various countries in its earlier batches.

Just like the sixth batch, this time also startups can submit their applications for the Fall 2013 Accelerator Program through AngelList till August 16, stated the blogpost. The batch will start from Oct 7th this year.

Majority of the startups chosen in the program previously were based on recommendations by the 500Startups partners or by the trusted #500Strong network. But ever since its sixth batch, 500 startups has started focusing less on referrals and thus started using direct application process, in order to get more diversity of applications.

It will select a batch of 25-35 startups and provide them with exposure and mentorship for 4 months in Silicon Valley with a final demo day to pitch investors.

500Startups has positioned itself as a global accelerator by expanding its presence in various markets. Its international expansion began after it hired George Kellerman and Bedy Yang to head up Japan and Latin America, respectively. It also acquired LatAm startup accelerator ‘Mexican. VC’ and later got Pankaj Jain & Rui Ma to help with investments in the Indian & Chinese market respectively.

Recently, it had also launched a USD 10 Million micro fund, 500 Durian for SEA markets and hired Malaysia-based entrepreneur Khailee Ng as its newest venture partner.

500Startups 6th batch had  presence from South east Asia and Greengar, a Vietnam based startup. This time it hopes to see founders from Middle East, Latin America, Asia, Southeast Asia, Africa, and European countries.

500startups runs an accelerator program twice a year, providing mentorship, bootcamps, and the tools needed by the startup. Additionally, it also invests in startups outside of accelerator. Every startup which is finally selected in the program receives an investment of $50,000 for 5% equity and companies that have raised more than $250K prior to joining the accelerator, it splits the terms on the $50K.

Few of the companies that have gone through the accelerator program include Punchd (acquired by Google), InternMatch, 9GAG, Snapette, ToutApp, Vayable, Cardinal Blue, Fitocracy, SafeShepherd, Spinnakr, TokyoOtakuMode, and Happy Inspector.

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