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published 23 Jul 2013 by Stefanie Rauchegger in Latvia 1 minute 36 seconds to read

Latvian incubator Eegloo has officially launched

The Riga-based programme accepts applications from IT startups

Latvia incubator IT startups European startups entrepreneurship Riga Eegloo

Latvian incubator eegloo is open for business and offers revenue-focused startups a place (no, not a snowhouse) to take their globally oriented idea or prototype off the ground. Founded last May, the Riga-based incubator has 200.000 euros in funding for the first year, expecting to support 5-8 startups. Teams at any stage are accepted at any time, so go and apply here.

Who are they looking for?

CEO Jean Mauris and co-founders Maxim Yemelyanov and Anthony Dmitriyev are looking for startups capable of delivering web, iOS and Andoroid products. Teams can join the incubator for up to 12 months and should be able to launch their first prototype within 6 weeks.

“The startups will get fully equipped and a highly motivated team of professionals will be committed to their product,” Mauris told inventures.eu, adding that seed funding of up to 10.000 euros is a possibility for the most promising entrepreneurs.

Eegloo’s share of equity depends on the project’s development stage. Teams with a prototype will share 10-30% of their equity with the incubator. For applicants with one founder and a prototype, eegloo will take up to 60% share. The incubator claims a 70-90% share if one founder hasn’t more than a great idea written on a piece of paper, considering the risk the incubator would take to invest resources into a single project.

Why Latvia?

“The Latvian startup scene is rapidly growing right now,” Mauris said, noting that there is great interest and demand. Although eegloo has only received applications from Latvian startups so far, they are open for entrepreneurs and startups from any European country.

“Our long-term goal is to create a European-wide community with offices in Riga, Stockholm, Paris, Berlin, Milan, and London,” Mauris said. “We want to provide entrepreneurs with an infrastructure to launch their product on major European markets.”

Eegloo sure sounds like a much cozier place than its icy counterpart, so delay no more and apply now!

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