Back in January, Bristol-based internet incubator Webstart Bristol gave 10 startups £10,000 (or more for larger teams), a 10-week incubation service and a chance to pitch to investors, all in exchange for a 10% equity stake.
Several of the startups found success as a result. Wriggle has reached thousands of users, connecting masses of hungry Bristolians with empty tables.
WebStart is now preparing for a third group of startups to begin the incubation process and you can invest money into helping the projects succeed at their Seedrs page.
Half the funds raised will be used as direct investment, whilst the other half will cover the cost of running the initiative. Webstart has already raised over two thirds of its target, with £81,000 provided by 82 investors.
Local support sought
Despite the great work Webstart have been doing in Bristol, funding has sadly been neglected by investors in the South West. Founder Mike Jackson told The Insider, “I’ve had more investment from Berlin than I’ve had from Bristol.”
“I’ve had more investment in WebStart Bristol from Berlin than I’ve had from Bristol.”
“It’s quite likely that this campaign will be successful and we’ll raise the £100,000. But it’s equally likely that the only investment that will come from the region is £10.”
Jackson added, “Up until now, our investments have not been made into WebStart Bristol Ltd, but directly into the startups we house. A lot of people have said that what we’re doing is great, and would be keen to invest in our business.”
- You may like: Tech Incubator Profile: WebStart Bristol
WebStart’s successes are not hard to find, Wriggle’s fledgling app has now received over £150,000 of funding from investors working through Seedr, and may soon be expanding to other sectors, having received “approaches from a hot-air balloon company, a theatre and even an osteopath”.
Wriggle founder: Rob Hall
And Wriggle is just one of several startups which have benefited from Webstart’s support: Independent discount provider Huskr have also had a successful launch, and Missionly, the company bringing together students and employers, currently have a functioning live beta program.