We are happy to report that Openfund, the seed fund focusing on software, web & mobile services in Southeastern Europe, is sweetening its terms to entrepreneurs and providing them with an even more compelling offer.
The percentage that Entrepreneurs give to Openfund will drop from 20% to 15%. What they get in return is seed funding (between 25K and 35K Euros) as well as access to the expertise and business networks of an exceptional group of advisors.
We were very pleased with the number and quality of applications on the first round and with this move we are hoping to build even more momentum and attract an even larger number of high quality applications in Round 2 and beyond.
We are also adjusting the allocation of Openfund’s 15% share between investors and the Executive board, in favor of investors. 10% is allocated to investors, and 5% to the Executive Board. This makes the terms more favorable to our investors, recognizing the importance of their contributions.
We believe that these changes, effective from the currently open round, will ensure that Openfund offers a highly compelling value proposition to leading edge entrepreneurs and investors, and will result in the gathering of an even larger number of quality applications.
Applications for the second round are open till February 28, you may apply here.