Co-working space River City Labs has announced a three-year partnership with muru-D under which the Telstra-backed startup incubator will deliver the ‘River City Labs Accelerator Program’.
The agreement follows a pilot last year. The six-month accelerator program involves up to 10 teams, each eligible for up to $60,000 in funding in exchange for 7 per cent equity.
Ollo Wearables co-founder Ken Macken has been appointed lead ‘entrepreneur-in-residence’ for the program.
“The program, in alliance with muru-D, is an excellent opportunity for local startups to plant important seeds for growth,” River City Labs CEO Peta Ellis said in a statement. “The opportunities that will be afforded to these startups will be second to none as they will gain firsthand, real-world guidance from an experienced team of mentors and trainers.”
Telstra launched muru-D in 2013.
The Queensland government earlier this year announced that River City Labs would be an early tenant in Brisbane’s ‘Startup Precinct’.