Avatech announced its application opening of its 4th acceleration cycle in a press conference on February 29th. In the press conference a brief history on its previous acceleration cycles was presented by the founder and CEO, Mohsen Malayeri.
Including its current cycle, Avatech now has 30 startups in its portfolio since its launch in September 2014. There were a total of 90 founders so far, and these startups created 210 jobs during and after their acceleration phase. On the subject of money, a total of $1.5 million was raised by the startups graduated from the accelerator. All of the startups still operating from the first cohort have successfully raised a round, and the second cycle are still in the process with a few already closed deals. 70% of all the startups in the portfolio have successfully raised fund, according to statistics announced today.
Another interesting announcement from Avatech was on the subject of brain drain. According to the CEO, around 25% of the founders were bound to leave the country for immigration for various purposes. The opportunity created by Avatech prevented the founders from leaving the country, and ultimately led them to build their startups we see today.
Avatech also announced their 3 upcoming events in the upcoming Persian year, focusing on community building and educating aspiring entrepreneurs. One of the subjects of the events is on how to build an international company targeting the global market from Iran.
As we speak, Avatech is in the last months of its 3rd acceleration cycle. Applications for Avatech’s cycle 4 is officially open and will close on March 24th.