Sberbank opens startup accelerator to foreign firms

Unlike the previous two editions, in its third one entries can be sent from Israel, Belarus, Kazhakstan, Latvia, Lithuania and Estonia.

"All great and successful companies were once immature beginners with huge dreams and were looking for market partners who would believe in them. The Sber500 project is our helping hand for talented startups, a springboard for disruptive business models, products, and services," said Lev Khasis, Sberbank's first deputy chairman.

We would like to thank dozens of the largest Russian and international corporations that are participating in this project with us and supporting startups in their dark hour. This year we’re welcoming to the accelerator not only Russian but also foreign technologically advanced teams who dream of changing the world for the better.

Sber is Russia's largest ecosystem for startups, which 500 ventures participating with an especially strong focus on business IT.

The closing date for entries is 10 January, 2021.

Besides the broader geographical make-up of firms in the current edition, the third edition has been broken down into two phases.

The first phase will consist of a 'boot camp' for the top 500 startups, with the 25 best of those then moving into the second and main accelerator stage.

Startups will however still be supervised throughout the entire process by mentors from Silicon Valley and international experts.

Outfits participating in the first two editions attracted RUB400m of investment from third-party investors and RUB190m from Sber, as well as entering into partnerships with ecosystem companies and partner corporations.

Furthermore, the best startups from the current edition will be competing for investments from the Fort Ross Seed Fund and more than ten other partner funds.