Microsoft Ventures announces graduation of 13 tech start-ups1 min read . Updated: 30 Nov 2013, 12:06 AM IST
Microsoft Ventures Accelerator is now screening candidates for its fourth batch, which will start in January
Bangalore: Microsoft Ventures on Friday announced the graduation of 13 technology start-ups from its accelerator programme in Bangalore.
The 13 technology start-ups pitched in front of an audience of angel investors, venture capitalists, mentors and trainers during the demo day of the winter batch of the Microsoft Ventures Accelerator programme. This is the third batch of the accelerator.
Microsoft Ventures is a global initiative to provide entrepreneurs with the technological tools, industrial expertise and incubation space they require to build a company. The four month long acceleration programme helps a wide range of start-ups, from early stage start-ups to more mature start-ups, to scale their business.
“The companies in the batch ranged from first-time entrepreneurs to more seasoned, experienced entrepreneurs who have just hit upon their best idea with this venture," said Ravi Narayan, director, Microsoft Ventures in India. “I am extremely proud that we could make some really successful customer acquisition and investor connections for some of the start-ups."
The accelerator, which was until recently headed by Mukund Mohan, now director of Microsoft Ventures, shifted hands after the global reorganization that took place in July.
“It is amazing that 90% of the companies in this batch are running on revenues, as opposed to just 30% in the first batch. We are talking revenues of about $100,000. That is dramatic shift in the last one and half years," said Mohan, former CEO in residence, Microsoft Accelerator.
Among the companies that graduated on Friday are Chance, a video interaction application; Frrole, a media social intelligence platform; SignEasy, an online document signing application; and TommyJams, a Web platform that connects music artists to venues. All the graduating companies, except two, are close to getting funded, people with direct knowledge of the matter said.
Microsoft Ventures Accelerator is now screening candidates for its fourth batch, which will start in January.