GP Accelerator launches 5th Batch of Startups
The Grameenphone (GP) Accelerator launched its 5th batch of startups on its 4-month long programme through an event on Sunday at GPHouse.
The new batch follows 21 startups that have already been supported through the programme since the inception in 2015, according to a press release.
GP Accelerator received over 1000 applications for batch 5 in just a span of two weeks. After a rigorous screening process, 35 teams were called to participate in a two-day long boot camp, from which 15 startups were selected for further rounds of assessment, face-to-face interviews and pitch presentations.
Finally, after fierce competition, five extremely promising companies were selected for as Batch 5 in the GP Accelerator programme.
The five startups companies selected for batch 5 of the programme are Search English, cWork Microjob Limited, OnuServer, Digital Manush and Parkingkoi.
GP Accelerator is an innovation platform that offers a 4-month curriculum-based mentorship program with several international and local mentors.
The selected startups each receive $15,000 as seed funding against 8 per cent in equity. Additionally, the startups get around $11,200 worth of Amazon Web Service credit (AWS), and office space in GP House.
Throughout the 4-month program, teams get the opportunity to learn from local and foreign mentors, industry experts and professionals on critical development elements like term sheet, valuation, financial modeling, branding, etc.
On the top of that, the platform also helps connect the startups with potential investors to accelerate their business. The total value of all the support provided to each team is approximately BDT 65 lacs.
The previous GPA batches were startups from various industries and are now doing a great job in the market. On average, the alumni of the program have been able to quadruple the value of their companies in just six months.
Two, out of twelve active startup companies, have already crossed the USD 5 million valuation mark.
Welcoming the guests to the event GP CEO Michael Foley said there is immense young talent in Bangladesh who just need a lift to succeed, and GP was engaged with such a fantastic programme to back the young talent
GP Chief Strategy and Transformation Officer, Kazi Mahboob Hossain, Minhaz Anwar, Head of GPAccelerator and Mustafizur Rahman Khan, CEO of Startup Dhaka, also spoke on the occasion.