24 Sep 2012 Seedcamp helps put Europe on tech map
Seedcamp, one of Europe’s most well-known Internet accelerators, celebrates its fifth anniversary and to celebrate the management team has released a flurry of statistics.
The headline figures are below and you can read more about it on the official blog,but it is worth having a look at what Seedcamp has achieved in half a decade.
Seedcamp is an early-stage seed investment fund and mentoring program. It holds events around Europe and invests in the winning teams, offering €50,000 ($65,000) for 8-10% of the company.
According to co-founder Reshma Sohoni, one of Seedcamp’s biggest successes has been to help companies based outside Europe’s big tech centres—London, Berlin, Stockholm etc—to get publicity and profile. Estonia is well known as a tech centre, but Seedcamp has been to other cities such as Prague, Zagreb and Lisbon. Among its star names are payment firm Erply, based in Estonia, uberVU, whose founders are Romanian and is now based in London and Brainient also from Romania.
Ms. Sohoni said 8 or 9 of the 73 companies have failed; given that VCs work on a failure rate of about double that, its selection process is clearly functioning well.
Saul Klein, co-founder (and partner at Index Ventures) said if Seedcamp was a VC fund, “it would be an upper quartile fund”.