The cost here is dilution. Antler invests roughly EUR 100,000 at pre-seed in the teams it backs at the end of the residency and takes a stake for it. The terms are not fixed: they vary by fund and by geography, so the price is set case by case rather than published in advance.
Berlin is the base, and Antler admits individuals rather than companies. Applicants arrive without a co-founder and without a settled idea, and spend ten weeks forming a team and testing what to build before any investment decision is made. That suits someone leaving a job. It does not suit a founder looking for a cheque into an existing business.
Intake is rolling rather than annual. The next Berlin cohort starts on 14 September 2026.
What it actually costs you
Antler’s Berlin residency starts at day zero, taking in individual founders before a company exists and running ten weeks of team formation and building. Those who make it through face an investment decision worth typically around EUR 100,000 at pre-seed, taken in exchange for equity on terms that vary by fund and geography. Intake is rolling rather than tied to a single annual cohort.