First Drop VC has recently announced the launch of the First Drop House, an ecosystem of work and coexistence for impact startups.
This unique acceleration and coliving program will allow impact startups to live and grow together for three months under a connected and personalized experience.
The program is set to kick off in September, and approximately 25-30 entrepreneurs will participate in each edition in Valencia for 90 days.
First Drop invests a €50K ticket at a maximum valuation of €2.5M initially.
After the program ends, and the startups have advanced as expected, First Drop invests another €150K with no valuation limit.
According to the founders, they believe in finding the best entrepreneurs and allowing them to fly and grow.
In this way, they believe that they can attract the best talent, and the entrepreneurs are not diluted more than necessary.
“Our idea is to offer a unique experience of connection and coexistence with other entrepreneurs, to have a building where our investors can go and know that their investees are there, to organize events and to generate a large community of impact that is a national reference,” says Manuel Nieto, co-founder of First Drop.
The house of impact
First Drop’s acceleration program has an organizational chart that is divided into 3 months of personalized work.
First, they help the startups to define the impact and business KPIs that they will work on in the coming months.
A second month will be focused on sales and product, and alliance with corporations.
Finally, in the third month, First Drop will put the startups in contact with the main national and international Business Angels and Venture Capital.
During this time First Drop helps them define both the round and the financial plan, concluding with their own iDay.
First Drop will invest and accompany fifty startups in the next 3 years, through 3 editions per year of the acceleration program and about 7/10 companies per edition.
In this way, according to the founders, they will continue working on what First Drop has always defended, the need for a professionalized and personalized program at the service of impact startups.