Azerbaijani company among top ten startups

Baku. 25January. REPORT.AZ/ "10 successful startup projects, including our Buglance, have been chosen from among 800 applications from all over the world. Being chosen by Techstars is a success. We are the only Azerbaijani team who achieved this success," Togrul Samadov, head of the multi-million Buglance project, told Report.

Samadov spoke about Techstars accelerator and future prospects of the project development: "Techstars is among the world's top three accelerators. They have invested in more than 1,500 startups to this day. These startups have received $6.4 billion, $4 million each. We created Buglance two years ago and have received $435,000 in investment so far. An intensive three-month mentorship program is carried out for every startup in Techstar to get the program to the next stage. At the end of the program, investors from around the world, including the United States, are invited to make investments on the day of Demo. Successful startups get most of the invested funds by results of the program. 

The company chief noted that main employees of the startup, which tests mobile applications, are Azerbaijanis: "Buglance is a company testing mobile applications. We have a 15-member team. There are also members from Turkey, Russia, Germany and Belarus."

Samadov spoke about Buglance's market value: "Earlier I had prepared a Fatal Fight mobile game. After the game was downloaded more than 5 million times, we sold it to Estonian Itech Media Solutions. The idea of Buglance emerged at the time when we tried to address the problems we faced in Fatal Fight game. The only investor of Fatal Fight, Mammad Alakbarov believed in Buglance’s idea and made investments together with five other investors. Our company is located in Dubai. Buglance now has more than 28,000 testers, which have detected nearly 15,000 bugs so far, with all of them found on nearly 4,000 devices. The company is currently estimated at $5,000,000."