Main criteria

In general, we are looking for founding teams with a solid mission, a scalable business model, and a functioning product/service with proven traction/feedback.

The applying company:

• Should be in an active fundraising process,
• We look for teams who are passionate and committed to the business,
• The market opportunity is essential – providing a solution to a problem with a large potential market,
• Innovative and novel technological components, we prefer to invest in first-of-a-kind new ideas. Also, great science projects that demonstrate a clear path to commercialization,
• Clear unique value – competitive advantage includes intellectual property protection, exclusive licenses, exclusive marketing and distribution relationships, strong brands, and scarce human resources (i.e. knowledge and skills),
• Good match between the valuation of the company and the capital need,
• Preferably practicing novel technologies and unique business models.

   

Topics and verticals

L59 Pitch Competition is industry-agnostic, with some preferences based on our previous experience and the background of lead investors. 

In 2024, the Latitude59 conference follows areas such as deep tech and impact, which is why we welcome these companies to apply. However, this does not give any particular bonus points in the evaluation, and the selection will be based on the best fit with lead investors.

Countries

Startups from all around the world are invited to apply. 

However, it is important to note that Latitude59 stands with Ukraine, which is why startups with strong connections to Russia and Belarus will not be included in the evaluation process.

Lead investors have joined the L59 Pitch Competition as partners who will make the investment offers to the most promising startup(s). Together, these partners can give away an investment up to 1 million euros. Ideally, all partners would like to select one startup whose current phase and investment-readiness would meet this goal. However, it is possible that the final choice will be different, which can also result in multiple investment offers to more than one startup.

The pitch competition gives away up to 1 million euros of investment.

Investments can, but don’t necessarily have to go to the same company. This also means that more than one investment decision can be made. The VC fund and the lead investor of the business angels syndicate leave the right to make the investment offer to 1–3 startups.

Concerning the investment size, we take into account previous experience. Thus, most broadly the investment can be named as a seed stage.

• Eligible startups are invited to apply before April 1, 2024.
• After that, all startups will be sorted to broad categories (internally).
• Each startup will be evaluated by two separate people. Evaluators are chosen based on their experience and background to guarantee clarity. 
• Each evaluator will share their top recommendations (based on grades and personal recommendations) with the lead investors. Based on these shortlists and grades, lead investors will agree on the TOP 40 startups who will pitch in semi-finals.
• Pre-finals will take place on April 29 – May 3, 2024. The Pre-finals will be held in hybrid format.
• From each Pre-final, one strongest startup will be selected each day (4 altogether). Based on the pitches, feedback of experts, and materials provided, 4-6 more startups will be selected on Friday, May 3, 2024. Altogether, 8-10 most promising startups will continue in the next round.
• TOP 10 startups are asked to sign the general term sheet with the investors.
• There will be one internal pitch for the investors that will take place on May 14, 2024. There, the TOP 5 startups will be selected.
• The lead investors will conduct due diligence with top startups. Based on the results, investment decisions, and offers will be made. 
• The TOP 5 startups will pitch on the Latitude59 Main stage on 24 May 2024. Winners will be announced on the stage.