About the Propeller Seed Accelerator Fund
About the Propeller Seed Accelerator Fund
The Propeller Venture Accelerator was established in 2010 with funding of €1 million from Irelandia Investments. The aim is to accelerate early stage technology start-up companies, both Irish and international, in Dublin. The Propeller Accelerator has taken the successful US TechStars accelerator model and adapted it to the Irish/European context.
The Propeller Venture Accelerator has an emphasis on software, Web 2.0, applications, informatics and clean-tech start-ups. The accelerator programme is a mentor-led, three month incubation with free space and services and an additional €30,000 cash investment in each company. In total a deal worth €45,000 to each company. This is in return for 6.5% equity stake.
In a study conducted in conjunction with DFJ Mercury and commissioned by the Kauffman Fellows, Propeller Venture Accelerator was awarded “7th Best Accelerator in Europe”.
The first Propeller Programme which started in February 2011 had an initial six companies - who were:
Approximately 70 early stage companies either applied to or made an expression of interest in the accelerator, including applicants from Brazil, US, UK and Europe. These companies are in areas such as social media, cloud-based software, online gaming, cleantech, Facebook applications and mobile applications.
From the first programme 4 of the 6 companies have raised money, combined this figure stands at 1.75 Million USD
Propeller 2.0 received 137 applicants (almost doubling the amount from 2011) and included applications from Australia, China, Canada, India, Brazil, Israel, South Africa, Rwanda, USA, Iran, and several European countries. The 6 companies chosen are:
Propeller start-ups will have access to and advice from over 60 mentors, which is a key part of the programme. The mentors are senior corporate executives as well as seasoned entrepreneurs in the technology area. Another benefit of the programme will be a package of corporate and service support including marketing, accounting, legal and intellectual property advice. Companies such as Sage, Arthur Cox (largest law firm in Ireland), Tomkins IP (intellectual Firm of the Year in 2010), Enterprise Ireland, Irish Small and Medium Enterprises Association (ISME), the HALO Business Angels Network, the Irish Technology Leadership Group and Arizona State University in the US have agreed to partner on the programme.
PROPELLER Brochure - Click Here
For more details contact:
Terence Bowden, Propeller Accelerator Coordinator - terence.Bowden@ryanacademy.dcu.ie - Tel: (01) 7007763
