For the third time, DNB and StartupLab are inviting startups to the DNB NXT Accelerator.
The DNB NXT Accelerator is not just for your traditional fintech startups. We are looking for entrepreneurs who are pushing innovation across all financial services and work with big data, artificial intelligence, cyber security or blockchain and any other aspects of banking and payment services for the future, in particular startups that:
• Automate banking systems
• Streamline or disrupt payment solutions, personal banking, customer insight or SME services.
• Develop additional services on the DNB's infrastructure (PSD2/Open Banking)
• Create new insurance products or solutions
• Working on new PropTech concepts
We are looking for ambitious teams consisting of at least two people with global ambitions. The companies should preferably have launched their product, or have plans to launch within the next six months.
The core team must be able to move to StartupLab in Oslo for the period between 14. March and 13. June 2019.
From DNB, the participants will get:
- A mentor from a relevant business area of the bank
- A sponsor from top-management
- Full and free access to relevant expertise as needed
- A vast network consisting of internal and external resources
- Potential access to millions of customers
All accepted companies will also get access to a wide range of credits and free services.
StartupLab will invest 1-3 MNOK in the companies accepted into the program, for a targeted ownership of around 10%, and with a flexible investment approach. We are open to discuss different investment amounts and ownership percentages on a case by case basis.
The investment is done in the form of an investment with a valuation cap, and optional conversion on our side. For all practical matters this is works like a convertible loan, meaning your company maintains the ability to incentivize early employees long-term with stocks, while simultaneously being able to pay salaries short-term. Ensuring the company has the best possible foundation for future growth.
With the funding prodvided through the investment, founders are able to apply for all early-stage public funding in Norway which requires matching capital. This means most founders can get an additional 1,5MNOK in non-dilutive (soft) funding. For most early-stage tech companies, this should equal 12-18 months runway; enough to reach a significant value-increased milestone.
When we convert, we take common stock in the company, and we do no futher investments in any company. Put differently; from there on out our incentives are 100% aligned, as we dilute with the founders.
We invest in Norwegian Aksjeselskap (AS). All selected companies have to pay a program fee of 20 000 NOK to cover office space for the program period.