Spain-based telecommunications company Telefónica has opened its incubator programme, Wayra, in the UK. It has plans to take equity in approximately 20 local businesses after a selection process.
A spokesman said: "Wayra is very much aimed at early stage start-ups. Each of the 10 projects that make it through the Wayra Week selection process and then move into the Academy receive an investment of approximately €50,000 ($660,00) for 10% of their business. This sum can change depending on the business but generally each start-up receives about €50,000."
He added: "In the case of the UK which we announced yesterday, we will take 20 projects from the selection process to invest in."
Wayra was developed in Latin America before moving to Europe. For its other programmes, Telefonica has received over 5,092 applications from start-ups, news provider Cinco Dias said. The selection has already been completed in Spain, Argentina, Brazil, Colombia, Peru, Mexico and Venezuela, where Telefonica has selected more than 70 start-ups. The selection process is currently underway in Chile. Telefonica has received 1,217 applications from start-ups in Peru, 897 in Argentina, 664 in Venezuela, 581 in Spain, 518 in Brazil, 500 in Colombia, and 387 in Mexico.