A new European investment fund is turning to social media to find a batch of undiscovered entrepreneurs.
Based in Paris, OneRagtime launched last year as a European venture firm that was run by a combination of millennial partners and experienced investors. The firm has created a platform to connect startups, investors, partners and advisors. It assists startups using a combination of direct investment via a fund and assisting with crowdsourced fundraising.
Last year after its debut, the firm conducted a Startup Hunt competition in 2016 via Snapchat. This year, OneRagtime is running round 2 via Instagram. (Feel free to draw your own larger meta conclusions about what that says about the competition between Snapchat and Instagram.)
The “InstaPitch” contest works like this:
The OneRagtime crew is planning to visit 17 cities in Europe and Israel. They kicked it off Monday in Tel Aviv. In advance of each tour stop, entrepreneurs can post a 1-minute pitch video to Instagram with the name of their town and tag @oneragtime and #StartupHunt2017.
At each stop, five startups will be chosen to pitch in front of the OneRagtime team, partners, and friends. Eventually, 16 finalists will be chosen for a championship round held in Paris on November 15. The winners are then invited to join OneRagtime’s platform for further development, and perhaps funding down the road.