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MasterCard and Silicon Valley Bank launch incubator programme for commerce startups

12 February 2014  |  8932 views  |  0 buy and sell button

MasterCard and Silicon Valley Bank have joined forces to launch an incubator programme designed to help early-stage commerce firms navigate their way to series a funding.

The Commerce.Innovated programme is inviting applications from US-based firms "innovating in the commerce ecosystem" that have already secured seed funding and have a live or planned beta in place and a first customer locked in.

The six successful applicants will take part in a three-month programme between April and July, during which they will work with experts to set out a strategy and roadmap to get getting series a funding.

A mentor will work with each firm as a dedicated subject matter expert helping, through onsite and virtual meetings, with one core area of the startups' choosing, such as stress testing or customer acquisition strategy.

At the end of the programme the participants will take part in a graduation day where they will present their execution plan for getting to series a.

As part of the deal MasterCard and SVB will have the right, but not commitment, to invest in the firms and say that they may introduce them to other potential investors.

Interested startups have until 21 February to apply.

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