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The autumn round of financing startups with 75,000 € and 200,000 € of seed capital from the Slovene Enterprise Fund has begun!

/22.8.2016, Author: Stanislava Vabšek
On Friday, 26 August, a series of nine roadshow events across Slovenia will start this year’s autumn round of financing startups. Slovene Enterprise Fund’s products SK75 and SK200 enable innovative companies with rapid global growth potential to obtain a 75,000 € convertible loan or a 200,000 € public equity investment, and to enter intense accompanying supporting programmes. The last deadline for applying to the pre-selection procedure is 8 September 2016. As entrepreneurs say, this is currently the most beneficial and accessible startup capital allowing startup to quickly and effectively test the key assumptions for developing business and preparing for bigger venture capital investments. So quickly register for a roadshow event in your town and get a comprehensive package of information and experiences of those who are already establishing themselves on markets at home and abroad with help of SK investments.
Beneficial and accessible financing that effectively fills a gap!

Products SK75 and SK200 are currently the most beneficial and accessible form of financing, with which the Slovene Enterprise Fund and the Ministry of Economic Development and Technology fill a gap in the riskiest starting stages when startup companies find it most difficult to get capital investments from private investors.
 

Money for testing assumptions and getting new investments

The experience and statements of Slovenian startups that already obtained an SK investment show that such a form of financing enables them to quickly and effectively test key assumptions for developing business. This then makes them more interesting for bigger investments by angel or venture capital at home or abroad.

Jernej Mirt, co-founder of VIAR, also shares a similar experience with the SK75 investment in the video below. The company is currently developing in the American accelerator 9Mile Labs from Seattle, where they are also simultaneously preparing for a new investment round.
 



Scenario typical for the product/market fit stage

Such a scenario is usually typical for SK75 recipients of the 75,000 € convertible loan, meant for startups in the stage of finding their product/market fit. These are companies that already confirmed the existence of a problem with early users and developed an MVP for it. They need capital to further test hypotheses and functionalities, make contact with potential customers and finish product development in accordance with market demands in order to obtain a new investment round.

Tomaž Levak, CEO of Prospeh, explained how the SK75 investment allowed them to get the next investment from the German accelerator Finish. The startup will shortly launch their revised platform Foodko for giving local manufacturers of food, drinks and other delicacies faster access to the market. 
 
 


Seven companies successfully received new investments

The Slovene Enterprise Fund and Initiative Start:up Slovenia do not hide their satisfaction in the fact that such a scenario came true in seven out of altogether 37 companies that have received the SK75 or SK50 investment so far. The SK50 investment is included here, because in autumn 2014 companies obtained a 50,000 € convertible loan through the SK50 tender.
  • Team of the company VIAR, SK75 recipient, currently working and living in Seattle, where the 9Mile Labs accelerator confirmed an investment in the amount of 105,000 USD for developing new virtual reality products,
  • Company Prospeh, SK50 recipient, received a 150,000 EUR investment from the German accelerator Finish to develop the platform Origin Trail and its upgrade Foodko,
  • Team of Nizkocenovci.si, SK50 recipient, received 300,000 EUR from the Bulgarian fund Launchub and Czech fund Credo Ventures to develop the platform GoAvio, 
  • Company NERVteh, SK50 recipient developing the smart driving simulator Zetadrive, was accepted into the AB accelerator where they received additional launch capital and prepared for a new investment from Triglav Insurance,
  • Team of PricePilot, SK50 recipient, received an investment from Erik Lorenz from Hey Ventures Holdings, Jugoslav Petković and angel fund Silicon Gardens to develop and expand their on-line booking platform introducing dynamic prices,
  • Company ADORA-MED, SK50 recipient, developing an interactive medical screen ADORA, received 200,000 EUR from the patriarch of American investors, Tim Draper, and the Bulgarian fund Eleven.
  • Team of the company Trainers4me.com, SK75 recipient, received an investment of the Technogym corporation to develop a similar product, the web gym OnlineGym4me.com.


Who is the SK200 investment suitable for?

Unlike SK75, the product SK200 is meant for innovative startups that already found their product/market fit. These companies are already generating their first profits and have a private investor. They need additional public capital to launch rapid global growth and organize their company professionally. Or as Uroš Čadež from Ledcom (received the SK200 investment to globally market XVIDA magnet accessories for tablets and phones) says: “If you have a good product and the willpower to get it to the global market, a lack of money at the right time can make the product obsolete and the willpower disappear. SK200 is thus an excellent opportunity for an actual investment with fair company valuation.”


To the roadshow for information, quick knowledge and rich experience

Like in the previous years, this year’s autumn roadshow events will also be dedicated to:
  • Lean and agile methods for product development,
  • Conditions for registering and the timeline of the pre-selection procedures for SK75 and SK200 products,
  • Intense accompanying supporting programmes for SK75 and SK200 recipients,
  • What the local entrepreneurship ecosystem has to offer to support startups, and
  • First-hand advice that SK startuppers, mentors and entrepreneurship consultants will share with the participants.
 

Choose a location and book a place!

Between 26 August and 2 September 2016, we will organize and carry out nine roadshow events:
  • Murska Sobota: 26 August at 9.00 in Pomurje Technology Park
  • Maribor: 29 August at 14.00 in Venture Factory
  • Ljubljana: 30 August at 14.00 in Technology Park Ljubljana
  • Koper: 31 August at 11.00 in UIP
  • Nova Gorica: 31 August at 16.00 in Primorska Technology Park
  • Novo mesto: 1 September at 10.00 in Podbreznik Incuator
  • Ljubljana: 1 September at 14.00 in Ljubljana University Incubator
  • Celje: 2 September at 10.00 in the Savinja Region Incubator
  • Velenje: 2 September at 15.00 in the SAŠA incubator
Choose the location and date that suit you best and submit your obligatory registration for the event. The event is free, but the registration is obligatory to make sure you get a seat.

 

Timeline of this year’s autumn round

Startups that will compete for the convertible loan in the amount of 75,000 € or public equity investment in the amount of 200,000 € will have to submit the application for the pre-selection procedure until 8 September 2016 at the latest.
 
Participation in the pre-selection isn’t obligatory, but it is recommendable, because companies can obtain up to 40 (from altogether 100) points needed in the tender. The entire timeline for this year’s autumn investment round is in the table below:
 
Stage SK75 SK200
Deadline for pre-selection registration 8 September 2016 8 September 2016
First pitch in front of the jury 16 September 2016 16 September 2016
DEMO DAY rehearsal
(perfecting the business model, pitch training and preparing for the SK investment; from 9h to 17h)
22 and 23 September 2016 20 and 21 September 2016
DEMO DAY
(obligatory pitch of the entrepreneur or team)
29 September 2016 30 September 2016
Application deadline for the Fund’s tender 7 October 2016 7 October 2016
Start of the intense accompanying supporting programme November 2016 November 2016

 

Join the family of 44 SK startups! 

So far, 44 startup companies that applied last year and two years ago have received Slovene Enterprise Fund’s SK75 and SK200 investments. Soon we will also introduce startups that applied to this year’s spring SK75 and SK200 tenders and are now finishing up with the processes of due diligence and signing contracts with the Slovene Enterprise Fund.

 

Do you have any other questions or dilemmas?

If you have any additional questions or dilemmas before registering for or participating at the roadshow event, write to us at info@startup.si. Otherwise, we’ll see you soon and talk in person!

 
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Author of content: Stanislava Vabšek,
Communications and PR Start:up Slovenija
 
Start:up Slovenia eng
The Initiative Start:up Slovenia is an active facilitator and promoter of public and private stakeholders of the Slovenian startup ecosystem. In collaboration with them, we also carry out and promote national programmes for supporting innovative entrepreneurship. With all listed activities and partners, we are trying to place Slovenia on the map of established European startup hubs. The leading partners of the Initiative are the strategically connected Venture Factory and Technology Park Ljubljana. Members of the Initiative are Primorska Technology Park, Pomurje Technology Park, Savinja Region Incubator, SAŠA Incubator, RC IKT and RCR Zasavje. You can find all Initiative’s partners at www.startup.si/en-us/stakeholders. More...
 

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