Sting Accelerate - grow faster and smarter
Sting Accelerate gathers Europe’s most promising digital startups. Twice a year, the program provides hand-picked startups with 400 000 SEK in funding, free office space in Stockholm, tailored coaching, recruitment support and access to Europe’s broadest network of early-stage venture investors.
For Sellpy, Sting has been a great support and a strong contributing factor for us getting to where we are today. Being in a context with other talented entrepreneurs and at the same time getting strong support from our coaches meant a lot. Even though we left Accelerate more than four years ago, we still feel that support today.
– Michael Arnör, CEO and co-founder, Sellpy
Who can apply?
To be eligible for the Sting accelerator program you startup should match the following criteria:
- Launched MVP of product or service
- Business idea based on an innovative business model or technology
- Your idea should solve a big and real problem
- Scalable product or service that has the potential to grow into an international success story
- Be a team of at least two founders. Needless to say, we prefer mixed teams with regard to gender and ethnicity
- We’re actively looking for companies working towards the UN’s sustainability goals (SDG)
Important dates for the next batch start, Sept 2020:
- Deadline for applications: 18 May
- Teams selected for pitch final are notified: 31 May, the latest
- Pitch finals (in Stockholm): 9-10 June
- Wildcard finals (in Stockholm): 19 August
- Companies are notified: weeks 27 and 35
- Batch start: 7 September 2020
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 400 000 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 5000 EUR.
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 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 will automatically receive an investment of 400 000 SEK through a convertible from Propel Capital V. The investment is made through a convertible note.
Want to know more?
* Clean terms, not required to buy any services from Sting.