Media Release – 9 March
New Zealand startup “Glass Jar”, whose app helps make group payments easier has been accepted into Y Combinator, a leading seed investment accelerator based in Silicon Valley.
Glass Jar Founder George Smith / Photo: New Zealand Herald
Glass Jar’s induction into Y Combinator, as well as their positive reception on the US site ProductHunt, is great news for the New Zealand’s startup community. Glass Jar went through Creative HQ’s Lightning Lab Accelerator programme in 2014 and after successfully pitching for investment at the programme’s Demo Day, they have since relocated to the US to tackle the attractive and complicated payment market stateside.
Creative HQ’s CEO Stefan Korn says the achievement is paving the way for other Lightning Lab Ventures to follow in their footsteps.
“It is a phenomenal success for the NZ startup scene in general and specifically for Lightning Lab as it demonstrates the strength of the programme in preparing ventures to enter major markets and continue their high growth paths overseas. We are hugely proud of what Glass Jar have achieved and are looking forward to seeing their progress with the amazing team at Y Combinator.”
Lightning Lab is a 12-week mentor-intensive acceleration programme based on a business accelerator model developed by TechStars in the US. The Lightning Lab accelerator works with up to 12 digital startups and provides them with skills, methodologies and a structured approach to validate, build and launch their business ideas into market.
To date, Lightning Lab has guided 60 entrepreneurs (19 startups) through rigorous learning, mentoring and business development that has resulted in $4.4 million in private investment at the programme’s investment events “Demo Day”.
In 2015, Lightning Lab is running in a number of locations across New Zealand with The Icehouse as the delivery partner in Auckland, and with the Canterbury Development Corporation as the delivery partner in Christchurch. Lightning Lab is supported by Callaghan Innovation and a range of investors and sponsors from the private sector.