Startup accelerator muru-D has opened applications for its fourth Sydney Cohort— the SYD4 program— calling for “the most determined and ambitious founders in Australia” to apply.
Founded in 2013 and backed by Telstra, muru-D operates in three locations— Sydney, Singapore and Brisbane. It has accelerated 44 startups, with $14 million capital raised so far by the startups. Collectively, the startups have generated $7.8 million with 269 jobs created by the companies.
muru-D invests in teams with innovative technology and global ambitions. It is credited with taking big, digital opportunities to global markets; startups have thereafter, entered into global alliances with 500 startups, HAX, Chinaccelerator
Each SYD4 program sees up to 10 companies go through the accelerator. This peer network will play a big role in individual startups success by enabling sharing of skills, connections and learning. To function in this collaborative environment, muru-D is looking for startups who want to help grow the startup industry.
The SYD4 program aims to take great digital ideas to a global market. The six-month program will provide startups with access to a purpose-built, co-working space and a global network of mentors, alumni, investors and partners.
The program hopes to build lifetime connections with fellow cohort entrepreneurs, whilst working with muru-D to create an acceleration path that is tailored to fit the startup’s business needs. This year, the accelerator has switched up its funding model for this intake.
Although the startups will still be offered up to $60,000 in funding, participants will be given $20,000 at the start of the program and a further $40,000 during the program in a Simple Agreement for Future Equity (SAFE) note. This will allow each individual startup’s valuation and in turn, muru-D’s equity stake, to be determined in the future.
The reason for this, muru-D states is that it will give stronger startups a better deal as they will be able to raise at the best valuation they can achieve in the wider market, as well as allowing it to accept more later-stage companies into the SYD4 program.
A SYD3 participant, Olga Oleinikova states that she looks forward to the program because it provides “access to the network of world-class mentors, global exposure and a first big investment.”
The accelerator’s third Sydney class, which graduated in July, included space startup Cuberider, food delivery service Drive Yello and a subscription box filled with crafts and activities for children under 10, Our Little Foxes.