The myTips team has been accepted into the famous American incubator 500 Startups, and has moved to San Francisco. The team received an investment of $75,000 from the incubator, and now intends to develop its business in the USA.
myTips is developing interactive online tutorials for complex interfaces without coding. Previously, the startup had already incubated in a famous foreign accelerator – London SeedCamp. From them, the team received an investment of 25,000 euros for 5% of the company and spent the funds on the development and refinement of its product.
“This year, we were faced with a goal of opening an office in the USA. We planned to complete this task in October-November, but we made it to 500 Startups earlier,” said myTips CEO Bogdan Suchik in an exchange with Ukrainian online publication AIN.UA. “There is still a lot of work to finalize the product in a new direction. Much of the money will go to development, the building of our customer base and the testing of marketing channels.”
The 500 Startups program began on June 14 and will end in mid-October. The tenth cycle of 500 Startups has 27 startups, in addition to the Ukrainian firm. The incubator invests $100,000 in the start-ups for a 7% stake, of which $25,000 is deducted to pay for the acceleration program, including office space allocated for the team. Thus, myTips will receive an actual $75,000 investment in ready money.
In addition to the investments from SeedCamp and 500 Startups, myTips also received a 240,000 hryvnia grant from the Global Technology Foundation (GTF), a Ukrainian grant fund specifically devoted to IT startups.
myTips is not the first Ukrainian startup to have received funding from 500 Startups. Previously, the US incubator invested in LeadScanner, a lead generation service bringing sales leads from social media in real-time, and in TRData, an English-language financial platform designed for professional traders, brokers and analysts.