TrueStart launches fourth retail start-up accelerator

Retail and consumer accelerator and investment fund, TrueStart, has opened applications for its Winter Collection, marking the fourth accelerator programme since the fund's inception in 2013.

The Collection aims to bring together the “most innovative and disruptive startups” in the retail and consumer sectors and works with them to develop and grow their businesses. The new programme is due to start on December 2 and will last for four months.

TrueStart is offering participants of the Winter Collection either 25,000 pounds for 4.5 percent equity, 50,000 pounds for 9 percent, or a zero cash deal for 3 percent, meaning that companies will receive mentorship and access to TrueStart’s retail network.

Baz Saidieh, chief executive of TrueStart, said: “As we open each new programme, the quality of the applicants continues to soar. Our expectations continue to be exceeded with each programme as we witness some truly innovative startups that are primed to disrupt our industry.

“We are attracting rock-star founders from all sectors that are set to change retail and consumer industries in the years to come.”

The Summer Collection in 2016 attracted more than 250 applications from over 40 countries and helped businesses including Hullabalook, Quikkly, BeeLine and Induo. Helped through funds as well as access to TrueStart’s strategic partners, such as John Lewis, Morrisons and River Island.

TrueStart opens Winter Collection accelerator programme

Saidieh added: “Our retail network, built up over many years’ in the industry, is what enables us to stand out from the crowd. This door-opening potential to some of the UK – and world’s – most leading retailers and decision makers in the retail and consumer industries provides support, advice and most importantly, scale our startups need. It is a game changer, for both the startups, but also the retailers looking for innovation.”

TrueStart’s retail network comprises over 3,000 members of senior management teams across a range of retailers in the UK and beyond. In addition, strategic partners Land Securities, River Island, John Lewis, Morrisons and Accenture are also part of the network and provide The Collection with support and access to buyers and decisions makers within their businesses.

The chosen start-ups will also have access to TrueStart’s Hub in Victoria and will be provided with desk space, in addition to a variety of mentorship services, accounting and legal aid, and regular masterclasses with leading industry experts.

One of the first investments made by TrueStart was into City Pantry, which closed its latest funding round worth over 1.1 million pounds. Another success story is Photospire who have gone on to work with Morrisons and John Lewis on customer engagement campaigns, and BeeLine and Hullabalook from the most recent Collection have, respectively, secured over 500,000 pounds in funding and will be announcing contracts with a number of leading online retailers.

Applications for the Winter Collection close on October 16, 2016.

Image: Truestart website