How much funding do startups receive through TRAVEL TECH 1 SCR?
As soon as they are accepted, all Top Seeds Lab companies receive € 50,000 in cash automatically. In the future, there could be additional investment in rounds of higher volume, but normally the total investment in a company could be around € 500,000.
In exchange for approximately 10% of common shares, a startup wich is accepted as part of the TRAVEL TECH 1 SCR portfolio also receives:
- Corporate mentoring by members of the Advisory Board of Top Seeds Lab, formed by more than 50 of the largest Travel and Digital companies
- Advice to obtain public financing from ENISA, Emprendetur, CDTI, etc .
- Presentation to investors in Travel sector.
- Networking and PR opportunities.
- Access to the advantages provided by the Top Seeds Lab partners, as part of their integration in the Global Acceleration Network.
What kind of companies do you fund?
We only fund startups preferably less than two years old, dedicated to the category of Travel Tech, with B2B and/or B2B2C business models, domiciled in Spain or LATAM, which are in the acceleration phase, that is, already have a product or service marketed and have metrics that demonstrates traction. Please, if you do not strictly comply with these conditions, do not submit an application, since TRAVEL TECH 1 SCR, as an official and regulated Collective Investment Institution, can not change its investment criteria.
Are we the best option for Travel Tech startups?
We can only say that Top Seeds Lab is the only accelerator belonging to the prestigious Global Accelerator Network focused exclusively on the Travel sector. We are based in Spain, one of the world leaders in tourism, and we have an agreement with the Ministry of Tourism of Spain to work together to expand the tourism innovation ecosystem.
We have a unique Advisory Board, where senior executives from more than 50 of the largest Travel and Digital companies help us to draw our roadmap. And our Venture Capital Society, TRAVEL TECH 1 SCR, regulated by the CNMV, is exclusively focused on startups in acceleration or initial growth stages, being its main shareholder FondICO Global, the “fund of funds” of Spain.
But the decision is always yours!
Do you fund companies that are competitors to each other?
Normally we don’t fund companies thar are competitors to each other, unless we see possibilities to join efforts in a larger business project. In the event that competing companies exist in the portfolio, there would be no exchange of sensitive information without their authorization.
Why does Top Seeds Lab want stock in my startup?
Like you, we are entrepreneurs. We think that the value of the learning, networking, and mentoring provided by the Top Seeds Lab ecosystem is of tremendous value and will provide you with the healthiest possible start and greatly improve your chances for success and sustainability. Once we invest through TRAVEL TECH 1 SCR, we are motivated to help you succeed by introducing you to people assisting you with strategy, finding more investors, and generally helping you win all along your entrepreneurial journey. That is a good deal for both of us!
Can I submit my application directly to the General Partners of TRAVEL TECH 1 SCR? After having made the application, can I write an email to all members of the Advisory Board so that they are interested in what I am doing?
Quite not. We receive hundreds of requests per year, so we have an application process as per GAN regulations. As a regulated company, subject to the supervision of the CNMV, we follow a strict investment selection procedure, which must ALWAYS be initiated with a request through this form, We do not answer direct emails nor do we have meetings prior to the formalization of the request through the form.
Writing an email systematically to some or all members of the Top Seeds Lab Advisory Board will hurt you more than helping you (as members will complain about it). The members of the Advisory Board are dedicated to helping the startups we select, but they are not part of the selection process, which depends on TRAVEL TECH 1 SCR, an entity regulated under the CNMV that must comply with a strict procedure to choose their investments, led by Javier Gonzalez-Soria and Ignacio Macias. Please do not spam. Thank you!
Can I stop by your offices to say hello?
Please do not stop by our offices without an appointment. It is not a good example of persistence on your part and can negatively influence your request. We pride ourselves on being very strict with our costs to improve the profitability of our Limited Partners, which is why our structure is very small. This means that we do not offer advice to startups in which we have not invested, and we don’t give explanations as to why we have decided not to accept an application.
Do I have to be in Madrid?
We do not ask you to be based in Madrid, not even in Spain. Being a company owned by TRAVEL TECH 1 SCR requires a great commitment, and we hope to have you nearby when necessary, especially in meetings and events with members of the Advisory Board and with investors. However, it is your business, so live where you want, it is OK with us.
Can I register if our company or founders are not from the EU? Can you help us with visa and immigration issues?
Anyone from anywhere can apply, and we’ve funded many non-EU companies in the past. You do have to be legally in the EU during the program, of course. We cannot help with legal/immigration issues. On the other hand, we strongly recommend to establish a new branch in Spain as it will make more feasible to access to public financing.
What sort of control am I giving up?
Top Seeds Lab, through TRAVEL TECH 1 SCR, wants to be viewed as a co-founder. In a word, we do not want any special type of control or interests in your company. Yes, we demand a position in the Board of Directors and assume financial and accounting information commitments adjusted to those that TRAVEL TECH 1 SCR itself must comply with the CNMV and BE. You will remain in charge.
I am a single founder. Can I be accepted or do you just look for equipment?
While it is true that we do not accept requests simply because of the number of founders, a single founder makes things somewhat more difficult. We look for good and balanced teams that have many skills. We recommend you look for co-founders that balance your own abilities. For example, if you are a good developer, you should consider incorporating someone with business or marketing experience, if you are a business person without a developer, it is very unlikely we will accept you into the program, so go find a super developer to join your team .
Is my age a factor in your selection process?
When will I hear back about my application?
We try our best to notify applicants in the next 15 days after remittance of the application.
Do I need to send in a business plan?
No. Just fill out the online application – that is all you need for us to start the process. If the process goes along, it will be the time to know your business plan.
When is the deadline to apply and what’s the overall timeline?
In principle the process is always open until December 31, 2018. However, in the case of the Battleground of each Travel Innovation Summit there are specific deadlines that must be consulted on the web.
I am concerned that if I apply, you will not protect my intellectual property. Should I be worried about this?
We are certainly not in the business of stealing ideas, and we treat application data as confidential information. Each year, we see hundreds of applications and many of them include similar ideas. For this and other practical reasons, please do not ask us to sign an NDA. Our application does not ask for your “secret sauce” and there is no reason you have to disclose this to us if you are not comfortable doing so. We really hope that our reputation speaks for itself on this topic.
My team outsources software development. Are we still qualified to apply?
Yes. We think it is best not to outsource what you are, but it obviously works in some cases. We are happy to consider any application. Just remember that we are primarily focused on the team and the technological side of the company.