German retailer Metro AG has announced the latest stage of its mentorship programme for technology-first start-ups in the retail sector.
The ‘Metro Accelerator for Retail powered by Techstars’ sees nine international start-ups relocating to Berlin for three months. The businesses were selected during the first phase of the programme in March.
In Berlin, they will be coached by experts and receive funding of up to €120,000 each and will be able to avail of Metro’s infrastructure, network and know-how to grow their brand.
Investor Pitch
The highlight of the programme will be ‘Demo Day’ on 19 July, when the start-ups will pitch to potential investors before an international audience in Berlin.
The nine start-ups come from five countries including India, the UK, Israel, Spain and Germany and have been carefully selected to take part in the second round, according to Metro AG.
“There are many truly good ideas the retail sector can capitalise on,” said Sylvia Dudek, programme director of initiative. “Here, we bridge the gap between the start-ups with their high potential and the retail sector with its experience and its stores.”
“Together, we will accelerate their development to successfully position the business models of the start-up teams in the market,” Dudek continued. “For international teams, in particular, our Accelerator is a good opportunity for networking in the industry and establishing important contacts.”
Tech Flair
The retailer has previously used unconventional methods to enhance its technological arsenal. Two weeks ago it revealed that it is behind the 'guerilla campaign', #TakeTheExit, which has been ongoing since 19 March, using 'unconventional and sassy campaign motifs'.
The company's aim was to hone in on software developers and IT experts using the anonymous hashtag in order to recruit them.
It also announced the renaming of its IT department to 'Metro-Nom', saying the new moniker will highlight its position as an 'international tech player' in the food and wholesale sector.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Kevin Duggan. Click subscribe to sign up to ESM: European Supermarket Magazine.
