Warrantly is the first Serbian startup in Prague accelerator Startup YardBY Zoja Kukic ON April 7
Warrantly, web service which moves your warranties online, received an investment from Czech accelerator Startup Yard, member of Techstars global network. Besides 10.000 € investment, team will spend three months in Prague with provided accomodation.
It can be said that three founders have been waiting for an investment for a log time, considering that they started pitching last April. But, it is important to know that none of them was focused solely on the development of this startup, but developed it after work. By entering Startup Yard they will finally dedicate their full time to this project.
Warrantly, one of the teams from Startup Academy enables the sellers to issue online warranties instead of the clasic, paper ones while buyers can convert the ones they already have in a digital form, so that they cannot lose them and thereby also lose the right for service in the warranty period.
The product is in Beta and its first part will be soon released – application for users to import their warranties. Their plan is to use the time in Prague to continue with the development of the second part of the product – issuing online warranties and defining ways to get more and more people to use it. Wtihout the significant number of costumers it is almost imposible to attract big producers, which is their long-term goal.
Nikola Todorovic, one of the founders, believes that Prague accelerator will help them to focus and that they will benefit not only from the mentors, but from other teams as well, since the startups get admitted by specific areas of work:
This accelerator specialize in one specific field for every batch and this year the focus is on data, search and analytics, so all accepted startups have great need for analyzing big data. They take only 6 startups per year, which is why we hope that the quality of programme will be high.
Warrantly is the first startup from Serbia in StartupYard, and its CEO Cedric Maloux on that occasion gave a statement exclusively for Startit:
StartupYard launched its acceleration program in 2011 in Prague. This is why the program focuses on Central and Eastern European startups from the very beginning. We know there’re many promising startups, with great engineers and coders.
We’ve heard a lot about Serbian ecosystem, from recent Seedcamp and Startup Weekend events. We hope Warrantly is just the beginning for us to be closer to Belgrade.
Warrantly also plans to follow a significant industry trend: selling of extended warranties. In Europe this market is worth 7 billion, and in USA even 5 times more, so in the future their plan is to become a platform for the sale of these warranties.
Sixth team from Startup Academy to get an investment
Last year the first generation of Startup Academy has graduated and it has proved to be very successful. DataMaid and Farmia are part of Eleven accelerator, Pubsonic received an investment from Blackbox from the Valley, and TruckTrack from Seedcamp. There is also a non-refundable grant Brides2Bride has received from Innovation Fund.
According to Nikola, contact with mentors who helped them find the right way and develop good roadmaps, were very important to them:
Startup Academy with its lessons covers whole life cycle of a startup. Somebody comes with less knowledge on how startups work, somebody with more and then they strenghten it during that period, so I can say that at the graduation we were capable enough to run our own startup.
I couldn’t choose one specific lesson, but let’s say that the pitching technique for the investors was brought to perfection. We also learned one important thing – when to search for various type of investments.