Sberbank and 500 Startups launch Russian IT accelerator program

Sberbank and 500 Startups launch Russian IT accelerator program

Sberbank is teaming up with international accelerator 500 Startups to launch a programme for for young Russian IT firms working in areas including fintech and ecommerce.

The 13 week accelerator programme will be open to startups in sectors as diverse as digital medicine and advertising tech.

The first cohort will include 25 teams, with each receiving seed investment of up to 10 million rubles (about $145,000) and the chance to promote their products in the Sberbank ecosystem.

Towards the end of the programme, a demo day will see Sberbank execs and VCs pick the top seven startups, which will then go to Silicon Valley for more guidance and to present their projects to potential investors and clients.

Lev Khasis, first deputy chairman of executive board, Sberbank says that during the programme "large Russian companies and Sberbank will become customers of the start-ups. Thus, participation in our programme will let them test their products in real conditions and find future clients."

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