Russia-headquartered financial services firm Sberbank has initiated the third cohort of its Sber500 accelerator together with early-stage venture capital firm 500 Startups.
The closing date for applications is January 10, 2021, and the scheme will include a pre-accelerator bootcamp to be held online, from which 25 startups will progress to the final stage.
Sberbank and 500 Startups have also extended the geographic remit of the initiative beyond Russia to include several countries in the surrounding region – Belarus, Kazakhstan, Lithuania, Latvia and Estonia – as well as Israel in the Middle East.
Each startup will receive coaching to perfect their business models and the chance to raise funding from more than 10 venture capital investors including Fort Ross Seed Fund, a vehicle focused on the Russian ecosystem that counts Sberbank as a limited partner.
Target sectors for the accelerator include process automation solutions, marketing and advertising, mapping and geolocation, education technology, human resources, medical devices, sport technology, data analytics and smart home technologies.