This page is narrowly about the Founders Hub Azure credit mechanics: the exact tiers, the eligibility requirements checked line by line, the crypto-mining exclusion clause, and the investor referral code. For the complete program walkthrough, including how it stacks against AWS and Google Cloud and how Azure OpenAI billing works once you have credits, see Microsoft for Startups: the full guide. This guide exists because several distinct questions (how the tiers work, what the requirements actually say, whether crypto mining disqualifies you, how the referral code functions) keep coming up as separate searches, and each deserves a direct answer rather than a mention buried in a longer piece.
Short answer: Microsoft for Startups (the program historically called Founders Hub) issues Azure credit in three stages: an initial grant in the low thousands of dollars that lands quickly after you apply, growth into the mid five figures through verified progress and sustained Azure usage, and up to $150,000 for startups referred by a Microsoft for Startups Investor Network partner using a 10-character referral code entered at application time. Eligibility requires a software product you own, privately held and for-profit status, being pre-Series C, staying under a $350,000 lifetime cap on free Azure credits, and explicitly not being involved in cryptocurrency mining.
The three credit tiers
| Stage | How you reach it | Credit territory |
|---|---|---|
| Initial grant | Apply directly, no investor needed | Low thousands of dollars, lands quickly |
| Growth tier | Sustained Azure usage and verified progress over time | Mid five figures |
| Investor Network tier | Referral code from a partner VC or accelerator, entered at application | Up to $150,000, unlocked earlier |
The mechanism that trips people up: the growth tier is not automatic and not time-based. Microsoft has stated that usage is what moves you up, not simply staying enrolled. An account that gets an initial grant and then sits idle does not climb toward the higher tiers on its own.
The exact eligibility requirements
Every one of these is checked, and each has tripped up real applicants:
- Build a software-based product or service that your company owns. A reselling or white-label arrangement where you do not own the underlying product does not qualify.
- Be privately held and for-profit. Non-profits and public companies are excluded.
- Be headquartered in a country where Azure is available. This is a geographic gate tied to where Azure actually operates.
- Not have received more than $350,000 in lifetime free Azure credits. This cap counts every free Azure credit your company has ever received across any Microsoft program, not just this application. Startups that have stacked multiple Azure promotions over the years can find themselves already close to or past this ceiling.
- Not have raised Series C or later. This is a hard stage cutoff regardless of how the round itself was structured.
- Not be an educational institution, government organization, consultancy, or agency. Service-based businesses are excluded even with a software layer on top, the same pattern seen in Cloudflare's and other providers' startup eligibility.
- Not be involved in cryptocurrency mining. This is stated as its own explicit exclusion, separate from the general business-type restrictions, and it applies regardless of company stage or funding.
The crypto-mining exclusion is worth calling out on its own because it is phrased as an absolute disqualifier in Microsoft's published criteria, not a gray area subject to case-by-case review. If cryptocurrency mining is part of your business model at any level, this program is not available to you regardless of how well you meet every other requirement.
The investor referral code, mechanically
If your lead investor is a Microsoft for Startups Investor Network partner, they issue a 10-character referral code. Here is exactly how it functions:
- It is issued per investor, not per company. The same partner investor gives an equivalent code to each portfolio company they refer, so if a fund you know is a partner has referred other companies before, they already have a working code.
- It must be entered during the application itself. Adding it after you have already been approved at the self-serve tier is not a reliable way to get retroactively bumped to the Investor Network tier.
- It confirms an existing relationship, it does not create one. The code is a mechanism for verifying you are connected to a network investor; it does not substitute for actually having that investor on your cap table.
- Not having one does not disqualify you. You still receive the initial grant and can grow into higher tiers through verified Azure usage over time. The code is a shortcut past the usage-based climb, not a requirement to participate at all.
If you are not certain whether your investor qualifies, ask them directly before you apply. The Investor Network partner list changes, and confirming status before submission is the only way to be routed correctly the first time.
Step by step: getting the referral code and applying
- Ask your lead investor whether they are a Microsoft for Startups Investor Network partner, and if so, request the 10-character referral code before you start the application.
- Check every eligibility requirement above against your actual company status, particularly the $350,000 lifetime credit cap if you have used Azure promotions before, and the crypto-mining exclusion if any part of your business touches it.
- Apply at the Microsoft for Startups site with a real product description and a working Azure account. Enter the referral code at this step if you have one.
- Wait for review, typically around three business days based on the program's stated turnaround.
- Activate the initial grant in the Azure Portal as soon as it lands, and start real usage rather than letting the account sit, since usage is the lever that grows a self-serve grant toward the higher tiers.
Why this is a different page than the broad Microsoft for Startups guide
Several distinct search patterns land on very different intents: some searchers want the full program overview (what it costs, how it compares to AWS, what Azure OpenAI billing looks like), and others want one specific mechanical answer, like whether crypto mining disqualifies them or exactly how the referral code works. This page is built for the second group. If you have not yet read the broader picture, including how Azure credits interact with Azure OpenAI Service and how the program compares to AWS Activate and Google for Startups, that is covered fully in Microsoft for Startups: the full guide, with the current top-tier numbers tracked on the Azure OpenAI credits catalog listing.
Bottom line
Founders Hub Azure credits (now branded Microsoft for Startups) work in three stages: a quick initial grant, growth through verified usage into the mid five figures, and up to $150,000 unlocked immediately with a partner investor's referral code. Eligibility is concrete and strictly enforced: software product ownership, privately held and for-profit status, pre-Series C, under the $350,000 lifetime credit cap, and an explicit, absolute exclusion for cryptocurrency mining. Get your investor's referral code before you apply if one exists, since entering it retroactively does not work. For the complete program picture and how it stacks against other clouds, read the full Microsoft for Startups guide. Create a free Perkstack account to track this alongside 200 plus other verified startup perks.
Related reading: Microsoft for Startups: the full guide, startup cloud credits compared, AWS vs Google vs Microsoft for startups.
rest of this guide
The rest of this guide picks up at "The investor referral code, mechanically".
- The investor referral code, mechanically
- Step by step: getting the referral code and applying
- Why this is a different page than the broad Microsoft for Startups guide