Update: BetaGlide will be awarded $1 Mn in convertible debt as opposed to the originally intended $1oo,000 prize money. The original amount was altered owing to interests and commitments from various investors, including angels from TiE.
“Mercury felt that if they invest the $100,000 in a convertible debt stock, it would not take us anywhere. They decided that instead of giving $100,000, they’d give us $1 Mn. So that’s basically the investment prize that we have got, and after due diligence that will take 35-50 days, the prize will come in the form of an equity structure,” said Amritanshu Anand, founder, BetaGlide to NextBigWhat.
The BetaGlide team will move to a Bay area office in June that will also serve as their headquarters.
Earlier: Cloud based app testing platform BetaGlide has won $1 Mn prize via the Rice Business Plan competition (RBPC).
The amount was sponsored by the Mercury Fund through their tech transfer investment prize. The Mercury Fund is a seed-stage venture capital firm.
The RBPC is a global student startup competition held by Rice University, Houston. The competition was held for the 14th consecutive year in 2014, and has had over 42 teams participating from across the world.
BetaGlide which had launched earlier at the bigMobilityConference, was founded by IIT-K graduate Amritanshu Anand (startups: apply for the next edition of bigMobilityConf, the last date is April 15th).