STING FastForward is searching for its third class, which will participate in a four month acceleration period starting in August and ending in a Demo Day in January 2015
The application process to be in the third class at Scandinavia’s first and only accelerator program started this week and this session the accelerator will also accept international startups.
STING FastForward, which is part of incubator Stockhom Innovation & Growth (STING), on May 12 started accepting applications to be in its next batch of startups that will participate in a 4-month acceleration period starting in August and ending with a Demo Day in January 2015. Accepted startups with receive 250,000 SEK (roughly $38,104) from Swedish business angels and get connected to 20 investors and their network.
STING will select seven to eight internet startups to participate in its program that introduces companies to entrepreneurs, coaches, investors and experts, along with the methodology and financing to increase their business development and ability to succeed. The investments are made through SPARK, an investment company set up by angels, and come in the form of a convertible note that can be repaid in three years with 6% interest or converted into equity when the startup can issue shares valued at at least 1 million SEK to new investors.
Opening up the class
While STING has historically only accepted Swedish startups, it will now accept international startups due to significant interest from abroad, it said. It is even offering housing in apartments (at self cost) in cooperation with real estate group Einar Mattsson.
The program takes place in the center of Stockhom at the SUP46 co-working space. Applications are due June 1 and selected applicants will be invited to pitch their companies on June 17. The new class will be announced June 25.
Previous STING FastForward companies include 30minMBA, which provides 30 minute summaries of business books told in the form of stories; Apprl, a social ecommerce site; Codarica, which teaches children about programming languages; Competencer, an online advice forum; Dreams, a mobile bank service that helps users save money; Mondido, an online payment platform; Picay, a private photo sharing platform; and Spontano, which sells tickets for events happening in the next 48 hour.
Founded in 2002, STING coaches Stockhom startups dealing with internet, media, cleantech and life sciences. It evaluates about 150 to 200 projects annually, but accepts about 20 to participate in its programs such as STING FastForward and STING Excelerate, which is a less intensive acceleration program. STING Excelerate provides startups with a personal business coach who visits the company at least a half a day per week for 6-18 months to help the company grow.