German accelerator ProSiebenSat.1, managed by the media group of the same name, has announced a call for startups to apply by July 15 to join their sixth class, which will begin the 3-month program in September.
ProSieben has not been accelerating projects long, having only accepted the first round of projects in April. But they are already changing the offer that they make to projects, going from 25K Euro at a fixed 500K Euro valuation (thus taking 5% equity) up to a deal that includes 500K Euro worth of TV time and 25K Euro in cash, offered in the form of a 175K Euro convertible note, which can later be turned into equity. Thus, ProSieben no longer puts a fixed valuation on the companies and does not include a cap on the convertible note. In addition to the funding, the accelerator offers access to a group of VCs that includes BrainsToVentures AG, Earlybird, e.ventures, Holtzbrinck Ventures, and Lakestar.
It can be difficult to judge the success-rate of accelerators as startups may succeed or fail for a variety of reasons, but one indicator is the degree to which alumni obtain further funding. A representative from the accelerator tells me that 60% of their alumni have gone on to obtain additional funding. Notable successes at this point include CASHBOARD, an online-investing platform which won 4 million Euro worth of TV advertising time at the SevenVentures Pitch Day and raised a round with a group of high-profile European VCs (Lakestar, Earlybird, 500Startups, and Heilemann Ventures), as well as Kinematics, which claims seven-figure VC funding and ran a successful Indiegogo campaign for Tinkerbots, its modular robotics product. This year, the accelerator had a handful of startups go on to raise funding “in the high six-figures” this year, including shipping platform Eurosender, legal-advice marketplace Jurato, re-glazing shop Eyeglass24, recruiting enterprise-software startup Talentry, and parking-spot marketplace ampido.