Seeqnce kicks off startups competition

Budget higher than last year

Local Internet startup accelerator Seeqnce is preparing to launch its second acceleration program in the third quarter of the year, said Samer Karam, founder of Seeqnce.

Seeqnce is currently receiving applications and will be choosing over 100 startups to participate in the acceleration. Karam said: “For the first annual program in 2012 we chose eight out of 436 applications. This season, we will be granting this opportunity to many more potential projects and ideas.”

Seeqnce used to host the startups in its Hamra offices, but this year, winning startups won’t be forced to move in and will have the liberty to work from different locations.

The new acceleration program will begin in the coming few months and will select top-class web and mobile startups with regional or global potential. The acceleration phase will extend for more than six months, Karam said.

The budget allocated to the competition is over $1 million. Karam said: “Prizes will vary depending on each startup and will not be similar to last year’s program where all startups got the same financial support.” Seeqnce will be working in collaboration with several venture capital funds.

Not all startups will receive an equity-based funding this year, said Karam: “The financing model will depend on the case of each startup.”