Money Talk: Avatech Graduates Raised 1.4 Million Dollars So Far

On Tuesday, August 18th, Avatech held a press conference, updating the media of its latest achievement and activities.
“Application for cycle #3 of Avatech Accelerator will be open until September 20^th”, said Mohsen Malayeri, CEO of Avatech.

“During the 3^rd cycle, 20 startups will be accepted for the pre-accelerator program. These startups will receive seed funding and access to a vast network of local and international entrepreneurs and experts”

These Startups will be provided with everything they need to develop their ideas. “Avatech offers them seed funding, trainings, mentorships and work space.” Said Malayeri, when talking about the values this accelerator could provide to startups.

According to Malayeri, 10 teams that were selected for Avatech’s cycle one in October 2014, got 1.4M USD funding from 9 investors.

Malayeri said 32 workshops and 12 public events with different subjects like legal challenges, marketing, product design, advertisements and team management were held for cycle one teams. The teams also got consultations from 56 mentors in 218 sessions covering the technical aspects of their startups.

Taskulu, 2nate, Lendem, Cafétunes, Navaar, Akhbar Rasmi, Webyad, KSNA, Reyhoon and Honari.com were the teams in the first cycle of Avatech.

According to Malayeri, there were 85 people working in the first cycle of Avatech’s teams, with an average age of 28 years old and 7 years of working experience. Also 70 percent of the founders’ educational field were relevant to their startup.

During the second cycle, from 220 applicants, 20 startups with different fields in e-commerce, mobile applications, video games, cloud computing and software services were selected for the pre-acceleration program. Right now 10 teams are going through the main acceleration program.

Avatech’s co-founder also showed some statistics of European accelerators investments. “Only in 2014, more than 39M USD of investments were attracted from this region’s accelerators for startups.”

“In the same year, startups from Latin America got 25M USD of investments from that region’s accelerators, and this shows a symmetric access to investments for startups all over the world”

“It’s necessary to create a similar condition for startups in Iran in order for them to thrive”, he added.

The demo day for the current cycle will be held on November 12^th 2015.

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