Australia, 11 December 2015: Co-working community and startup hub, River City Labs announced at last night’s Demo Day for the inaugural, muru-D powered River City Labs Accelerator that the five participating teams will be eligible for a three-month extension program alongside a further $20,000 cash injection.
Each of the teams started their 14-week residency in early September, equipped with $20,000 of seed investment from the River City Labs Accelerator fund and muru-D.
Entrepreneur in Residence for the program, Aaron Birkby, said: “Demo Day marked the three-month milestone for the five startups in the Accelerator program and we were stoked to be able to showcase the rapid traction the teams have achieved in such a short period of time. We’re excited to see their continual growth over the course of the next three months.”
Team highlights over the 14-week residency include:
· GreenSocks, an online lawn-mowing platform, has achieved 646 per cent growth on bookings and has doubled its team size.
· Outbound, a social network for travelers, has achieved 25,000 downloads for its apps across 140 countries and has grown its active monthly users by 85 per cent.
· ParkFit, an app for outdoor fitness enthusiasts, has a number of Instagram influencers on board with a total of over 1.5M followers.
· ProcessPA’s foundation membership offer is over-subscribed with 12 paying associations using the beta version ahead of its official launch in January. It is set to secure more than $90,000 in seed capital by the end of the year and is looking to grow the team from two to three members.
· Puntaa, a peer-to-peer social betting platform, has grown 54 per cent week-on-week; is looking to grow the team from five to six members, and has secured early commitments of $150,000 for a raise of $750,000.
General Manager of River City Labs, Josh Anthony, said: “The bar has truly been set by the five teams of our first ever Accelerator program. It has been fantastic to see their consistent gains and achievements, and I am looking forward to their continual growth in the coming months and beyond.”
Entrepreneur in Residence at muru-D, Mick Liubinskas, added: “River City Labs has been leading a strong, world class technology ecosystem for years. Working with them on an accelerator program was a great opportunity and the quality of the team, mentors and entrepreneurs has been impressive. Many of these companies will be coming with us on a trip to Silicon Valley in January as a big next step on their way to creating a global tech company.”
About River City Labs:
River City Labs is Brisbane’s premier co-working community and central clubhouse for tech startups. They are a not-for-profit organisation aimed at fostering Queensland’s startup ecosystem.
Current membership sits at over 100 members ranging from early stage startups and founders to established startups and entrepreneurs who have successfully raised capital in the last 18 months.
River City Labs focuses on providing the right environment for entrepreneurs to make valuable contacts while learning from peers, mentors and industry experts helping them to connect, work and grow.
muru-D is the startup accelerator backed by Telstra, which aims to support the very best tech entrepreneurial talent that the Asian Pacific region has to offer. Through providing mentoring, tailored acceleration services and investment to early stage technology companies, muru-D’s goal is to help Australia and South East Asia become a centre for digital business.
 $20,000 for 3 per cent equity.
Photo credit: Kenneth Au