Atlanta-based Gray Matters Capital (GMC), an impact investing foundation, on Tuesday launched an accelerator program named ‘GMC Calibrator’ which will focus on education tech start-ups in India in the pre-KG, K-12, and test preparation segment.
GMC Calibrator is currently open for applications and will invest a total of $2 million in start-ups that it mentors. It plans to conduct one cohort every year with 8 start-ups in each cohort. GMC added in a statement that its accelerator program will not pick up any equity stake while providing the initial funding.
According to Ragini Chaudhary, India chief executive of Gray Matters Capital, the new accelerator will look at start-ups that provide a mobile interface for learning as well as other online learning platforms available as a mobile app.
“Our program will focus only on mobile app products, and especially those which give a lot important to user engagement and feedback. We are also looking at how the app will engage with the user, and whether it is customizable to user feedbacks, and whether the business can monetize while scaling up,” Chaudhary said.
The objective is to solve a specific product challenge in a six-month period of the program which can help start-ups in scaling up and gaining traction. At the end of the program, the cohort gets to pitch to a network of investors for funding, added Chaudhary.
Selected enterprises for the cohort will get $35,000 worth initial funding based on their expertise regarding user engagement and product strategy. While the top 2 enterprises in the cohort will win a cash prize of $30,000 and $20,000, respectively.