Country’s first business accelerator that runs by the western model has been launched in Minsk, as reported by the executive director of accelerator’s management company Nikolai Lyakhovsky.
Fenox IT accelerator provides startups with everything needed to start a business - support, connections with investors and financing. That is sufficient to devote a few months to the project development.
AVI Investment Company manages the accelerator. It is an Investment Managing Company specializing in investment attraction as well as mergers and acquisitions (M&A) in Belarus, and the company also manages the leading investment company BM Capital, which invests in Internet projects. Initially, AVI Investment Company was established as a venture capital fund manager and expanded its scope in the process and offered a full range of services related to financial and investment advice to both private and corporate clients.
Each team passed the selection and got into Fenox IT accelerator will receive initial investment in the amount of $20K for a minority stake (from 10 to 20%). In addition to financial support, the projects will receive full legal and expert support, a permanent office in the center of Minsk for daily work on projects development, weekly conferences with mentors from Silicon Valley.
The most successful companies will pass the next round of investment up to $ 1 M. Thus, FENOX Venture Capital, located in the heart of Silicon Valley (San Jose), has financed about 5 IT-projects since 2012.
Belarus has no lack of ideas or commands at the moment. There is a lack of business experience among these teams, as well as professional investors willing to invest in these projects at early stages and ensure the release of the projects to the global level - the accelerator explains. - It we do not restrict ourselves to Belarusian projects; we are interested in teams and projects from all CIS countries. Moreover, we are ready to consider projects at later stages that need investments to scale the business. In general, in our opinion, Minsk is a more suitable city for start-ups launching and developing than, for example, Moscow.
The accepting of applications to the accelerator is , and some projects are already at the stage of negotiations.
FENOX Venture Capital is a part of holding company, which has more than 8 areas of activities: from the production of auto parts and retailing to investment in high technology. FENOX Venture Capital is venture capital company, which is located in the heart of Silicon Valley (San-Jose). The company was registered in 2011 and became a member of five investment projects by early 2012. The priority markets of FENOX Venture Capital are the U.S. and Japan, and investments in East and South Asia are also planned.
Key areas for investment are rapidly growing consumer Internet technologies, software, biotechnology and medical software, consumer sector and all the innovative ideas from other industries.