Mobile First: Papaya Ventures Announces Inaugural Class

Rio de Janeiro accelerator Papaya Ventures has announced the five enterprises that will compose its first class of startups.

In August, we spoke with Papaya CEO Luisa Ribeiro, who discussed the organization’s set-up, processes and goals. She explained that Papaya has set out to bridge the gap between entrepreneurs in need of early stage funding and coaching and investors seeking investment opportunities but struggling to identify businesses with a precise market fit and solid team.

For this first round of acceleration, themed Mobile First, Papaya has selected five single-function applications in the mobile realm:

Rabisquedo – An app that turns drawings created by adults and children into stuffed animals that it ships to its customers.

Radiapp – The winner of Startup Weekend San Francisco, Radiapp connects users with places and businesses that match their personalities.

Dujour – Developed for women, the app publishes looks on social media platforms and shares information about brands and styles.

Buus – A platform that informs users of bus schedules, capacities and locations, available for smartphones and on the web.

uSit – A restaurant waiting list management system that helps clients gauge how long they’ll have to wait for a table.

Papaya will make an initial investment of US$10,000 (R$20,000) in each company and receive 10% equity in return. The teams will be provided an office space, hosting services and other tools and also have the opportunity to work alongside Papaya’s group of international mentors.

The program will kick off this Monday, October 22nd. The first Papaya Demo Day is set for April 2013.