The newly launched incubation program of Dubai-based FasterCapital awaits Hungarian applicants as well, with chosen projects receiving up to HUF 600 million worth of investment, says a press release sent to the Budapest Business Journal.
Startups may apply even with projects still in the idea phase until September 15, notes the press release.
Within the framework of the investment, FasterCapital realizes the entire IT background development needed for the creation of the given service or tech product, with help provided by the companyʼs own team of more than 100 developers.
Furthermore, the chosen startups may participate in a mentoring program involving FasterCapitalʼs international network of 1,000 experts. Teams may receive accounting, HR, marketing, legal, business development, and PR advisory services.
FasterCapitalʼs model is considered unique in the business, as the startups participating in the incubation program do not have to physically move, with the entire incubation program taking place online. The company is primarily looking for projects involving a technological idea, but lacking the necessary IT development ability.
"FasterCapital has been conducting active startup incubation activities since 2014," says Imre Hanyecz, FasterCapitalʼs representative in Hungary. "In the past five years, a total of 26 startup companies had the opportunity to take part in the incubation program, with 20 of them already on the market, and 286 teams received acceleration services."
Hanyecz adds that the incubator is conducting an extensive international expansion, looking for investment opportunities in innovative technological projects in Hungary as well.
The incubation model is based on co-founding and co-financing, meaning that FasterCapital joins the projects as co-founder in exchange for the incubation and technological investment. The company provides up to 50% of the capital requirement (in exceptional cases an even higher proportion, but never 100%), and involves an external investor as co-financer to provide the remaining capital requirement.