Overkill Ventures has opened their doors, being the first of three accelerator funds mandated by the government to launch.
On July 13th Overkill Ventures launched their accelerator, in cooperation with Lattelecom and the Scandinavian accelerator, Accelerace. They are the first to launch of the three accelerators that were selected to manage a 15 million euro large fund to invest in early-stage startups in Latvia.
Over the period of three years, Overkill Ventures plans to invest in 50 startups at the pre-seed level at a 40,000 EUR ticket size, as well as 10-15 seed stage startups, for up to 250,000 EUR. Their first batch is planned to be launched in August of this year, and they are currently sourcing participants from Latvia, the Baltics, as well as Central and Eastern Europe. The selection process is underway, and the program proves to be interesting to startups - already several hundred applications have been received. All interested startups are invited to apply here.
The director of Overkill Ventures, Peteris Marculans, highlighted that the accelerator will be different than others in that they are looking for already established startup ideas that have already demonstrated some level of traction in the B2B area.
Additionally, based on the selected startups that will be chosen to participate in the accelerator, mentors will be hand-picked within the specific niche markets of the participating startups. Marculans emphasizes that this will be the most important value added, as the startups will gain not only the generic startup support available in most accelerators, but very specific support that can benefit them the most.
Marculans has experience in working with several internationally recognized startup accelerators, having worked to implement new TechStars accelerators as well as having worked with Startup Wise Guys for one year. He jokingly adds with a laugh "Accelerators are all I know". It's clear that the accelerator participants will be in good hands.
Participating in the launch event was also Juris Gulbis, the head of the board at Lattelecom, the accelerator's strategic partner, as well as the provider of the accelerator's space (Overkill Ventures is located on the first floor of the Lattelecom central building). The telecom giant is interested in the development of new startups from a telecoms innovation perspective - hoping to support useful initiatives that may one day become a partner of Lattelecom's.
Reinis Berzins, member of the board of Altum, was also present, as well as representatives from the Ministry of Economics and several other Latvian startup ecosystem representatives.