The Big App Fund has narrowed down the list of entries from the original 425 to a shortlist of 50 businesses. Entry was closed on October 6th with the next step being a pitch event held at the Facebook offices in London. The project organized by Worth Capital, in partnership with equity crowdfunding platform Seedrs, is raising £350,000 to invest in the finalists.
The Fund will invest up to £150,000 in the winner, and up to £100,000 in each of the runners up, securing 10% to 30% equity in each business, dependent on each business’s current performance and potential. The minimum investment per investor is £100.
Worth launched its first competition in January 2014, with Metro Newspaper. The success of that project led to a new venture and thus the Big App fund was created.
Out of the initial entries 27 different countries participated – with the bulk coming from the UK. Now the judges will meet with the 50 as they seek to uncover the next big think in application development. The best 10 applications will enter the final judging event to be held on 17th November at Facebook’s HQ.
The funding round on Seedrs has raised just shy of £300,000 to date with a targeted raise of £350,000. Top investors in the fund will be able to participate in the forthcoming judging event.
Worth Capital was founded by Paul Soanes, Alex Johns and Paul Ephremsen. The trio is seeking to capitalize on the mobile app market – one where venture capital firms invested $3.5 billion in 2013.
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