Transfercar, an online relocation services that calls itself “the free rental company,” has been selected as one of the startups for an accelerator program run by 500 Startups, a venture capital seed fund and startup incubator based in California’s Silicon Valley.
Auckland-based Transfercar is one of only 30 companies chosen from thousands of applicants worldwide to take part in this four-month program. Additionally, it is the first New Zealand company to receive this honor since the program was founded in 2011.
Through this program, Transfercar would be given the opportunity to learn from some of the best entrepreneurs and to pitch ideas to Silicon Valley investors, says the company.
‘’This is huge for us,” said Espen Grimstad, Transfercar’s chief technology officer. “We are going to learn from the impressive 500 mentor network, which includes key managers from Google, Facebook, Apple, Twitter and Paypal to name a few. It is also going to be a rush. With so much knowledge being passed on to us every day, we’ll be going through a startup MBA in just four months.’’
Along with the invitation into the accelerator program, Transfercar receives a capital injection of $100,000 from 500 Startups — with the expectation to raise further funds after the program is completed.