Partnership to provide Seed Hatchery and Upstart accelerator teams with $25,000 of investment capital
MEMPHIS, Tenn. (Jan. 14, 2015) – Innova Memphis, an early-stage venture capital firm, and Start Co., a nationally recognized venture development organization based in Memphis, are partnering to invest capital into high-growth-potential B2B startups in the Seed Hatchery and Upstart accelerator programs. Applications for those accelerator programs are now open.
Startup teams selected for Seed Hatchery, the first accelerator in Memphis now focusing on B2B technology businesses, and Upstart, one of the first accelerators to focus on women-led tech startups in the United States, will each receive $25,000 of investment capital from Start Co. Angels and Innova Memphis.
“To date, we’ve invested in more than 30 companies, including 16 teams through the ZeroTo510 Medical Device Accelerator, a program of Memphis Bioworks, that alone have gone on to raise $7.5 million,” said Jan Bouten, partner, Innova Memphis. “With this partnership, we’re seeking new startups in the B2B technology space that have the potential to become economic engines and create new jobs.”
Start Co. completed four accelerator programs in 2014, including Seed Hatchery and Upstart. Eighteen accelerator teams came from all over the world in 2014 and benefited from early investment capital, mentorship, and business and technical assistance. In total, over $3.8 million was raised by Start Co. teams in 2014 adding to a total of over $11.3 million raised in recent years by Start Co. startups.
“With accelerator applications now open and Innova engaged, it’s an exciting time for B2B technology startups to tap into the unique resources of the Memphis area,” said Eric Mathews, founder and CEO of Start Co. “Memphis is an ideal location to build, specifically for startups selling into other businesses or organizations.”
Both Innova Memphis and Start Co. are members of EPIcenter, an initiative to boost entrepreneurship in the Memphis region. This partnership marks what will be a series of EPIcenter-led collaborations among entrepreneurial support organizations in Memphis to bring new opportunities to area startups.
“Beyond investment, Innova will leverage our team’s expertise in technology and B2B solutions to provide strategic mentorship to participating teams and help grow their businesses,” said Bouten. “The EPIcenter initiative has enabled this and other partnerships that serve to build the entrepreneurship ecosystem in Memphis.”
For more information on the accelerator programs and to apply, visit neverstop.co.
About Innova Memphis
Innova Memphis invests in early-stage, high-growth companies that have the potential to grow into significant economic contributors and generate great returns. Our focus is on companies with strong intellectual property or other competitive advantages in the Healthcare, Technology and AgBio fields. Innova was created by the Memphis Bioworks Foundation to help establish Memphis as a national center of excellence in entrepreneurship. Innova’s goal is to nurture the growth of high technology and entrepreneurial efforts across the Mid-South that will result in significant job creation, economic growth and competitiveness. For more information, and for a list of portfolio companies, visit innovamemphis.com.
About Start Co.
Start Co. is a nationally recognized nonprofit 501(c)(3) Memphis-based venture development organization that relentlessly builds founders and companies, promoting entrepreneurship for everyone with a focus on digital startups. Start Co. is a member of the Global Accelerator Network and is currently working with JumpStart, Inc. to advance Memphis’ economic growth through entrepreneurship. The organization is supported by partners including archer>malmo, Baker Donelson, The Marston Group, Orion Federal Credit Union, Mosaik Solutions and Softlayer (an IBM company). More information can be found at neverstop.co.