Seven new projects and ideas supported by the Entrepreneurs Fund.19.07.2018
The start-ups chosen to participate in the seventh edition of the Entrepreneurs Fund were chosen from the 364 proposals presented. Fifteen finalist proposals made it through the rigorous evaluation and selection process. A jury then chose the seven most innovative applications — five in the projects category and another two in the ideas category.
The projects that are about to begin the acceleration programme will receive up to €144 000 over one year (extensible to two), whilst ideas will receive €24 000.
Furthermore, the projects and ideas will be assisted by a team of mentors who will support them during the acceleration stage, in addition to technical and legal counselling and specialised training adapted to their needs. Start-ups will also have access to potential investors and the possibility of testing their prototypes in industrial facilities. This support does not entail any transfer of company capital or intellectual property rights to Fundación Repsol.
The presentation ceremony took place on Repsol Campus and was attended by Ignacio Egea, vice-chair of Fundación Repsol and by Begoña Elices, Repsol's Executive Managing Director of Communication and the Chairman's Office, and members of the Foundation´s Board of Trustees.
Also participating in the event was Raúl Aragonés, one of the founders and chairman of Aeinnova — a start-up accelerated by the Entrepreneurs Fund during its fourth edition. Aragonés spoke about the evolutions and achievements of their start-up thanks to the support of the Fundación Repsol accelerator.
All the selected projects stand out for being particularly innovative in the fields of efficiency, digitalization, new materials in the energy and chemical industries, and mobility.
The Entrepreneurs Fund supports projects in two categories, depending on the type of support needed:
- Ideas, which need to undergo a maturation process and are validating their business model or technology.
- Projects, more mature start-ups that have validated their business model or technology, but have not yet reached a fully commercial phase.
The selected proposals come from both Spain and other countries. The lucky winners are:
- Orchestra CO2 selective membranes (Tarragona): selective membranes to separate CO2 from other gases.
- Sensoy (Guipúzcoa): Digital control of the position of all types of manual valves.
- Bulgeone (Cantabria): online tool to anticipate and detect possible cracks or deformations in refinery coking chambers.
- Finboot (Barcelona): scalable and easy-to-access blockchain applications for corporate use.
- Frac-Less O&G Well Stimulation (USA): a system to improve efficiency in E&P operations.
- Fuelsave (Portugal): mobile application aimed at professional lorry fleet drivers to ensure a safe and environmentally-friendly driving style that helps reduce fuel consumption by up to 20%.
- Venvirotech Biotechnology (Barcelona): processing of organic waste, transforming it into biodegradable plastics using biotechnology.
The Entrepreneurs Fund
As part of its commitment to a more sustainable energy future, in 2011 Fundación Repsol launched the Entrepreneurs Fund: an accelerator for start-ups that aims to encourage talent and support the best and most sustainable technological solutions in the energy industry and advanced mobility. The Fund has received more than 3000 proposals over its seven editions.
Since its launch, it has accelerated 43 start-ups, to which we can add the seven newly selected initiatives. All together, the accelerated companies have received almost €16.5 million in public and private investment and have created over 140 prototypes, with a collective turnover of more than €2 million.
Since 2017, 20 start-ups from various editions have been accelerated, receiving a total of over €1 million in funding. As part of the acceleration programme, specialised training was provided and teams received expert counselling adapted to their needs. One of the Entrepreneurs Fund’s biggest assets is the network of over 70 mentors with vast experience in the business world. Together with specialists in entrepreneurship, legal advice, consulting, etc., they provide guidance to the teams to help them bring their innovations to market as quickly as possible.