Eleven Australian startups have been selected for the second intake of the muru-D accelerator program.
Backed by Telstra, muru-D provides $40,000 capital investment in return for six per cent equity in the startup. The startups train for six months at the accelerator, which is based in the Sydney suburb of Paddington.
A Telstra spokesperson said that muru-D provides mentoring and support for startups to build their customer base and “open the right doors for them.”
“Through our contacts and business mentoring/networking we take their businesses to the next level of their development,” the spokesperson said.
In August 2014, nine of the 10 startups that entered the first intake of the muru-D accelerator program graduated, with eight securing investors for the next stage.
Two startups who didn’t get into the program earlier this year went away and worked on their business and have now qualified for the second intake. These are online catering platform You Chews and digital marketplace Freight Exchange.
You Chews CEO Liz Kaelin said the muru-D mentor told her to hire a CTO, which she subsequently did.
“We simply wouldn’t be here if it wasn’t for the continued support and mentoring that the muru-D team gave us in round one. They inspired us to come back bigger and better and now we’re here – we couldn't be more excited,” she said in a statement.
According to Freight Exchange CEO Cate Hull, its idea was still in its infancy when the startup applied for the accelerator program. After spending two days at “muru-D bootcamp” the startup has accelerated its plans and progress.
- Keep Cup brews up value from international trade
Other startups taking part in the accelerator program are:
- FanFuel - a sponsorship marketplace where companies search, measure and secure their sponsorship deal
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