Sting Accelerate gathers Stockholm’s most promising digital startups. Twice a year, the program provides eight hand-picked startups with an exclusive package of 300 000 SEK in funding, tailored coaching, support with financing and recruitment, access to Sting’s wide network and free office space at Sting.
Important dates for Spring 2018
|April 23||Applications open|
|May 24||Application closes|
|June 4||Applicants get notified|
|June 13-14||Pitch final (in Stockholm)|
|July 6||The 8 selected companies get notified|
|September 3||The program starts|
Without Sting Accelerate we would not have been where we are today. The close support of the coaches and the entire Sting team, the investment and the SUP46 office has given our company a strong identity. We have been introduced to investors and other important people who have had an impact on our success over the past year. Actually, one of largest customers to date, we met the first time at Sting Demo Day.
– Alexander Gradin, CEO and co-founder, Beatly.
Who can apply?
To be considered for Sting, your startup should match the following:
- Launched prototype/alpha
- Business idea based on an innovative technology
- Solves a clear and big problem
- Some early “proofs of concepts”
- Scalable product or service that can become an international success story
- Team of at least two founders who are strong in both tech and biz dev. At least one founder should work full time in the startup. We favor mixed teams with regard to gender and ethnicity.
- Your team should be ready to sit in Sting’s offices.
What do we get if we are accepted?
- Weekly coaching and monitoring sessions with Sting’s business coaches and sharing with other accelerate-companies
- Breakfast seminars, lunch workshops and discussions on key activities that are relevant to your business
- Access to Sting’s network of investors and advisors
- An investment of 300 000 SEK from Propel Capital, support within financing
- Exclusive networking events including the final event Sting Demo Day
- Access to 30 hours of expert coaching in areas such as SEO / SEM, UX and Conversion Optimization
- Recruitment support from Sting’s Talent Management Team
How much ownership do you take?
Sting has the right to sign a stock option corresponding to 2 percent of the shares in each participating startup. This 2-percent stock option will be diluted when the startup raises own capital. When sting companies become large and the entrepreneurs choose to make an exit, Sting also gets paid via the stocks if Sting decides to sell the stock option. If Sting does not subscribe to the shares from the option, a cash payment will be paid to Sting of least 50,000 SEK.
Sting is a non-profit organization. All proceeds go back to the accelerator to help new startups become successful. It is a way for each participating startup to “pay it forward”.
The funding of 300 000 SEK from Propel Capital is separate from this stock option. The investment from Propel is generally made through a convertible bond, which you can read more about below.
How does the investment from Propel Capital work?
All companies accepted to Sting Accelerate in spring and fall 2018 will automatically receive an investment of 300 000 SEK through a convertible from Propel Capital IV, which you can read more about here. The investment is made through a convertible note. To get the full conditions, please fill out the form below: