Lithuanian Startup Widerfi Enters the World’s Largest Accelerator
Widerfi, a startup established in Lithuania and formerly known as Cheap Data Communications, has joined MassChallenge – the World’s largest accelerator, and will compete for 500 thousand pounds and 1 million dollar prizes at the end of the year. Widerfi offers a new mobile internet model for travellers and is the first Lithuanian startup to participate in the accelerator which will be held simultaneously in Boston and London.
2200 startups auditioned for MassChallenge. The panel of experts selected 218 teams to take part in the accelerator. Widerfi will spend four months in London improving the product while consulting with top-notch professionals in their fields and expanding their partner network. Alongside with the Lithuanian startup, the Baltics will be represented by Jiffi startup from Estonia.
Darius Maikštėnas who joined Widerfi early this year and moved business development to London says that MassChallenge will help consolidate their position in one of the World’s key city for startups. “We are developing an international telecommunications product therefore it is particularly important for Widerfi to be where our partners are and where many customers come. I hope that an accelerator like MassChallenge will help us save a lot of time in terms of partnership development,” says Widerfi CEO D. Maikštėnas.
The accelerator was launched in 2010. The startups that took part in it have attracted a total of 947.3 million dollars in investments and created 5,105 jobs. MassChallenge provides startups with a workplace and offers expert consultations for four months completely free of charge. At the end of the program startups compete by presenting their ideas in a competition and the winner is awarded 500 thousand pounds.
“The 200+ startups that will be entering our 2015 accelerator include many of the highest-impact startups in the world,” said MassChallenge CEO John Harthorne. “From Boston to London to Israel and beyond, the global distribution of these early-stage companies highlights the universal need and opportunity to provide startups with access to key people and resources to help them launch and succeed.”
Widerfi offers international travellers unrestricted and unlimited mobile internet for a flat rate without having to change the SIM card in the mobile device. It is the world’s first mobile internet LBO (Local Break Out) solution developed and tested in a commercial telecommunications network in Lithuania. Formerly known as Cheap Data Communications, it now starts international development under the new brand name Widerfi and combines the efforts of a business development unit in London and a technical development and support team in Vilnius. Widerfi has already attracted investments from an early-stage venture capital fund Practica Seed Capital and venture capital fund Nextury Ventures.
The accelerator was launched in 2010. The startups that took part in it have attracted a total of 947.3 million dollars in investments and created 5,105 jobs. MassChallenge provides startups with a workplace and offers expert consultations for four months. At the end of the program startups compete by presenting their ideas in a competition and the winner is awarded 500 thousand pounds.
About Practica Capital
Practica Capital is a venture capital firm established in 2011 by investment professionals and entrepreneurs who exited of their businesses. The firm manages Practica Seed Capital fund of 6 million EUR and Practica Venture Capital fund of 15.7 million EUR, both established under the JEREMIE initiative, managed by EIF and financed from the EU Structural Funds under 2007-2013 Economic Growth Operational Programme of Lithuania.
About Nextury Ventures
Nextury Ventures is a Venture Capital Fund established by a prominent International Entrepreneur Ilja Laurs in partnership with Mindaugas Glodas, ICT business executive. Nextury Ventures invests in early stage startups and new fast growth and high potential value ideas.