Startup
Posted: 2 months ago

Georgia’s First Internet Browser Stack Attracts 1 million EUR Investments

Georgia’s first intent browser Stack has been selected by the Austrian-American startup accelerator 360Lab after long and complicated selection process among 936 startups.

360 Lab is recorded among Europe’s top 5 startup accelerators. Victory of Stack program implies 3-phase acceleration and investments of 1 million EUR, of which 100 000 EUR has been already invested in the company in exchange for a small stake. The remaining 900 000 EUR will be allocated after the company has achieved objectives of the second phase:

Phase 1 – 4-month acceleration in Graz, Austria for business model validation and compatibility of products with the market. Provision of the so-called Product-Maket Fit.

Phase 2 – Venture Investment Round – 360Lab ensures conducting Demo Day after the first phase and it organizes 4-month period to attract 2.5 million EUR financial component as part of Stack project. 360Lab will invest 900 000 EUR of the mentioned sum in the company.

Phase 3 - quick growth in Silicon Valley – after successful completion of the round, 360Lab will allocate free working space for the company in California, in its own office and for 4 months we will work on quick growth.

After Austria and Netherlands the company will open its office in Georgia and the company is seeking Front-end Developer with salaries ranging from 5 200 to 6 500 GEL.

Stack is an international Georgian startup that represents Georgia’s first alternative of the Internet browser. The company launched operation in November 2018 and has already attracted more than 2000 active users from the USA, Japan and Europe.