500 Startups backs Bitcoin Companies with $100k

500 Startups, a Silicon Valley-based business accelerator, has announced its plans to finance five Bitcoin companies with US$100,000 each.

These bitcoin start-ups are part of the so-called Batch 9 – a group of 30 companies who will be working for four months within the accelerator. 500 Startups provides infant companies with up to $250,000 in funds, their startup accelerator program, and events targeted towards startups.

So what exactly will these startups get?

1) Money! - According to 500 Startup’s info page, Batch 9 will start off with a net wire of $75,000 – companies are charged $25,000 to participate in the program and none of the startup’s money is lost.

2) Complete access to the 500 network – with over 1000 company founders and 225 mentors, Batch 9 will make connections with engineers, marketers, designers, and founders from around the globe

3) Distribution – 500 Startup has in-house distribution experts who will help word of mouth spread and make the company grow

4) Brand and PR – 500 Startup is a pretty good name to have on your resume. These companies will no doubt get a second look when they see their affiliation

5) Working space – 500 Startup has a 10,000 sq. ft. office in Silicon Valley or at their San Francisco location.