Buildit - Accelerator of Things

Choose the right programme

• Pre-seed accelerator if you have a working prototype or MVP and a team of at least two people.
• Build-On seed stage is for accelerator graduates who have early traction and a customer base. You are selected for it from the accelerator.

How applications work

• Apply through the F6S application form for Buildit Accelerator.
• The pages say applications are always open, but the homepage says the current investment period is over. Confirm the current intake before you apply.
• You can update your application as your product or team develops.
• If you are not selected, the pages invite you to reapply in the next batch.

How selection works

• Selection is made twice a year and about 10 teams are accepted per batch.
• Selected teams are invited to an interview round.

What reviewers look for

• A working prototype or MVP.
• A strong team with relevant skills and experience.
• Willingness to be coached.
• A clear unique selling proposition in a growing market.
• Dedication and visible progress on the product since the last application, rather than aggression.

Buildit is a Riga, Latvia based accelerator and venture fund for early-stage hardware, IoT, robotics and industry software startups. It runs a short pre-seed accelerator and, for the strongest graduates, a follow-on seed stage it calls Build-On. The programme is hybrid, mixing online sessions with face-to-face work.

How programmes work

The pre-seed Accelerator Program takes about 10 teams per batch. Its pages give the length as either four months or three months, so confirm the timetable before you apply. Teams work on problem and solution fit, positioning, storytelling and pitching, fundraising and financials, and manufacturing and product development. ESG topics are part of the programme too.

Buildit says the pairing is deliberate. Accelerated teams often struggle to find follow-on funding to keep building the product, so the accelerator is linked to a follow-on stage rather than ending at the programme.

Buildit takes equity. At pre-seed it invests as a convertible loan with a discount and a valuation cap, and in some cases it invests straight into equity.

Build-On is an ongoing, tailored mentoring programme for selected accelerator graduates. Each team gets an appointed advisor who follows progress, brings in mentors and experts, and makes introductions. Buildit can invest seed capital there and either lead the round or act as a guarantee for other investors. The equity it takes depends on the valuation before the round and on the other investors who join.

Who can apply

The accelerator is aimed at early-stage teams in Industry 4.0, robotics, automation, IoT, big data and software. Its stated focus areas are industry solutions, such as IoT and connected industry software for productivity, and smart living, including energy, mobility and HealthTech.

Teams should have a minimum viable product or a working prototype, a scalable business model for a growing market, and a team of at least two people with relevant experience. A single founder can still apply if they can take the startup forward alone and are willing to find co-founders. Teams that have been through another accelerator are accepted. Buildit also invites teams that do not meet every requirement but have a strong product to apply anyway.

Founders from any country may apply. The company must incorporate in Latvia during the accelerator, and a company already incorporated elsewhere can still apply. Buildit says it helps with registration and legal setup. Its pre-seed investment focus is startups incorporated in Latvia or mostly running their business there. Follow-on seed investment prefers the Baltics and the Nordics and is open to other EU countries.

Locations

The registered office is in Riga, Latvia, at 12 k-3 Lastādijas iela, LV-1050. The programme is hybrid, so teams should expect both remote and in-person time.

Scale

Buildit describes 18 batches and about 3,500 applications received. Its pages give different counts for the startups it has supported, so read those figures as approximate.

Who runs it

Buildit describes itself as both an accelerator and a venture capital fund. Its about page says its journey began in 2013 in Estonia as a hardware-focused accelerator, and that it has since grown from early seed tickets into a fund that can invest in visionary startups. Its mentor bench includes more than 90 people from over 15 countries, with expertise ranging from engineering to product design.

Current status

The pages do not agree on whether Buildit is taking teams now. One page says applications are always open, with selection made twice a year. Another says the current investment period is over and that a new fund is being raised. Confirm with Buildit before planning around a batch date.