Deutsche Telekom startup support venture Hubraum is teaming up with peers in Tel Aviv to bring early-stage Israeli tech startups to Europe.
The new initiative, announced today, is a three-month acceleration programme in Tel Aviv and Berlin that will cover the cost of bringing companies to Europe (€10,000 plus an extra €5k per team member up to €20k), give access to a shared co-working office space in Berlin, provide participants with coaching, mentorship and help setting up potential customer meetings.
In exchange, participating companies must give Deutsche Telekom’s venture capital arm T-Venture the option to “participate in a future financing round as co-/follow-on investor with up to €300k and 20 per cent discount”. Participants must also spend a “reasonable” amount of time actively working on business development and sales in Berlin/Europe.
Israeli accelerators TheTime and The Junction are supporting the Hubraum Tel Aviv programme. The first company to sign up and be accepted is Tel Aviv startup Screemo, which develops real-time interactive and shared-screen products for sports fans. The Screemo team will use their time in the programme to roll-out three pilot projects in Germany.
Image credit: Flickr user israeltourism
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