The Openfund Offers Funding and Support for Ideas of Technology Start-Ups; Call for Proposals is Now Open

The Leading SE Europe Seed Fund Opens its 4th Round for Proposals on the Heels of its Recent Recognition by the Greek Prime Minister

ATHENS, Greece, October 12, 2010 - The Openfund, the leading high-tech, seed capital fund in South-eastern
Europe, invites entrepreneurs to form teams of 2-4 to submit their idea on
the online application form until November 30, 2010. Submissions should be in
the software, web and mobile verticals, be global in scope and highly
innovative. Up to eight teams will be selected to receive 30-50k Euro of
funding along with extended mentoring, networking and support in exchange for
15% of equity. Applications are now accepted at:
theopenfund.com/apply/idea

Entering its second year of operations, the Openfund has already provided
funding and support to five start-up companies across Europe, ranging from
Nicosia to Glasgow and Sofia to Kiev. Products successfully deployed include
a social media analytics service, a fashion discovery platform and a
similarity search engine for stock images, next to other services leveraging
web and mobile platforms.

"The honour of being mentioned by the Greek Prime Minister as an example
of innovation and growth for the region, in the context of his keynote speech
at the International Thessaloniki Forum, is indicative of the growth we
target and the impact we intend the Openfund to have on the local
entrepreneurial ecosystem," said George Tziralis, Executive Director. "We are
now pleased to inform that this new call for proposals is accompanied by
improved terms for aspiring entrepreneurs. The amount of funding offered has
almost doubled to EUR30.000-50.000 for the same equity stake of 15%. An
extended board of advisors and accumulated experience further increases the
added value we deliver to selected entrepreneurs."

Early submissions will receive timely feedback to allow resubmission of
an updated application. It is therefore recommended for start-ups to apply
early enough in order to have time to improve their proposals upon feedback
and increase their chances of acceptance. The selection process will conclude
on January 10th 2011, with the selected companies being announced.
Applications to the Openfund are open until November 30. Visit
theopenfund.com/apply/idea to apply.

About The Openfund

The Openfund aims to bridge the gap between aspiring entrepreneurs and
inventors and early-stage investment capital required to bring their ideas to
life. Its founding members bring world class expertise in setting up
successful technology businesses. Beyond seed-stage funding, the Openfund
also provides entrepreneurs with assistance in all aspects of setting up
their businesses, including technology and product development, business
development and sales, marketing and legal support, among others. For more
information about the Openfund, visit: theopenfund.com.

    Note to Editors:
    A press kit is available at theopenfund.com/resources
    Media Contacts:
    Georgios Kasselakis (gk@theopenfund.com, +30-697-3784107)
    George Tziralis (gt@theopenfund.com, +30-693-7122065)

Media Contacts: Georgios Kasselakis (gk at theopenfund.com, +30-697-3784107); George Tziralis (gt at theopenfund.com, +30-693-7122065)