Telstra-backed accelerator muru-D has this week opened applications for SYD4, the fourth intake of its Sydney program, calling on “the most determined and ambitious founders in Australia” to apply.
The accelerator has switched up its funding model for this intake. Though startups will still be offered up to $60,000 in funding, this will come in several forms. Participating startups will be given $20,000 at the start of the program; a further $40,000 will be invested during the program on a Simple Agreement for Future Equity (SAFE) note.
This will allow each individual startup’s valuation, and in turn muru-D’s equity stake, to be determined in the future. muru-D states this will give stronger startups a better deal as they will be able to raise at the best valuation they can achieve in the wider market, as well as allowing it to accept more later-stage companies into its program.
Participants will then be able to raise further funding from muru-D, its network of mentors and investors, and its Bardama Fund upon the achievement of specific milestones during the program.
With the program expanding its focus, Ben Sand, muru-D’s new Entrepreneur in Residence, said he is particularly passionate about computer vision for self driving cars, drones, AR, VR, or medical diagnosis; biotech; space; transformative edutech; and hardware.
Sand, of course, took part in Y Combinator’s Summer 2013 program with Meta, a startup creating augmented reality smart glasses and headsets. He left the company last December to work on new projects and consult for other startups, making muru-D a perfect fit.
The accelerator’s third Sydney class, which graduated in July, included space startup Cuberider, food delivery service Drive Yello, and Our Little Foxes, a subscription box filled with crafts and activities for children aged three to 10.
Its current Singapore intake, its second so far, includes Haftarent, a service matching qualified tenants to empty real estate and giving them access to a suite of online services to help manage the relationship; amtiss, a cloud-based asset management solution helping minimise an asset’s operating expenses and maximise its lifetime through predictive maintenance; and Zelos, a recruitment startup connecting talent to brands through a match making algorithm, social analytics, and an assessment test.
With a presence in Brisbane too, muru-D has worked with 44 startups since its 2013 launch; 41 of these are still in operation. Over $14 million in capital has been raised by its companies to date, with almost $8 million generated in revenue.
You can learn more about SYD4 here.
Image: Ben Sand. Source: Supplied.