Ignite100 has launched a £1m startup accelerator programme that will invest up to £100k for each of ten teams in the North East of England.
Building upon the success of its predecessor, The Difference Engine, ignite100 will deliver a 13-week acceleration programme alongside £100k of investment capital.
Funding has been provided by the Finance for Business North East Technology Fund managed by IP Group plc, Finance for Business North East Proof of Concept fund managed by Northstar Ventures, and angel investors including Hotspur Capital Partners and Green Lane Capital.
Initially, up to £15,000 investment capital will be made available at the outset of a 13 week programme, with the remaining balance of the £100,000 invested upon the successful completion of the programme and assuming other pre-agreed criteria is met.
Jon Bradford, Executive Director at Ignite100, said:
“Difference Engine was the first major acceleration bootcamp programme in Europe. ignite100 redefines acceleration programmes again and will be the first acceleration programme in Europe to offer up to £100k per team. With a mix of investment capital, intensive business development support from experienced mentors and external advice from key partners such as Google, Microsoft, Paypal and Amazon Web Services, we believe we can build a portfolio of innovative high growth businesses that will redefine the digital industry in the North East. The offer of £100,000 from two leading technology-focussed venture capital businesses and the participation of angel investors makes the ignite100 programme a very compelling opportunity for digital companies.”
Those interested in applying to ignite100 should visit the ignite100 website, and the closing date for applications is Sunday 17th July at 23.59 PST. The programme is scheduled for a September launch.