Calling all post-revenue startups within the monetary and insurance coverage expertise markets: Functions are open for Charlotte’s 12-week RevTech Labs accelerator, which provides fairness funding, mentorship and entry to main banking giants like Wells Fargo and Financial institution of America.
Ashley Everett, RevTech Labs’ vice chairman of operations, tells WRAL TechWire this system initially gives $20,000 to $120,000 in dilutive funding primarily based on firms’ particular person wants. After graduating later this 12 months, alums could have the chance to draw follow-on investments via the RevTech Labs Capital fund.
Everett says the best startup can be post-revenue with a developed minimal viable product in fintech, insurtech or business-to-business/software-as-a-service options. This system targets pre-seed to Sequence A-stage firms which have raised $300,000 to $2 million in capital. It additionally prioritizes underrepresented founders, who comprised 87% of final fall’s cohort.
RevTech Labs announces membership of fall accelerator, includes 87% underrepresented founders
It’s a aggressive program. Everett says 510 purposes had been submitted within the final spherical. Solely 15 firms shall be chosen for the upcoming cohort.
Contributors profit from connections to massive enterprise organizations with a presence within the larger Charlotte area. RevTech Labs’ companions embody Queen Metropolis-headquartered Truist, AvidXChange, Brighthouse Monetary and Financial institution of America, amongst different non-local companies like JP Morgan, Wells Fargo, Fifth Third Financial institution, AIG, Grasshopper Financial institution and The Hartford. Winston-Salem-based Truliant Federal Credit score Union can be a associate.
The application deadline is Aug. 2. This system follows a hybrid format, with most periods held nearly aside from a handful of in-person occasions. Whereas founders from everywhere in the world can apply, RevTech Labs expects worldwide firms to point out an curiosity in increasing to the U.S.
Class 21 will start this September with a kickoff occasion in Charlotte. Founders will pitch their merchandise/companies and 12-week targets to a reside viewers of knowledgeable mentors, who will then workforce up with these most aligned with their pursuits. All through this system, mentors will assist members meet a collection of micro-goals aimed toward taking their enterprise to the following stage and, finally, attracting future traders. The group will journey to Georgia in October to attend Enterprise Atlanta, one of many largest VC occasions within the Southeast.
RevTech Labs culminates within the annual Venture135 Conference, scheduled for Nov. 21–22 in Charlotte, the place founders will current their accomplishments on stage earlier than high VCs, progress funds, company groups and different traders.
RevTech Labs’ name comes as VCs pulled back on deal-making final 12 months amid financial uncertainty and considerations round rates of interest. Synthetic intelligence investments largely saved the market afloat. According to an analysis by Ernst & Young, AI mega-deals accounted for a considerable portion of the $140 billion raised by VC-backed companies in 2023.
However regardless of AI claiming a excessive focus of VC hype, monetary companies remained one of the top three sectors for traders within the first quarter of 2024.
In the meantime, native entrepreneurial packages haven’t shelved their plans to assist high-value firms this 12 months. Charlotte-based Joules Accelerator recently opened applications for its 14th cohort of cleantech-focused startups. Founders have till July 26 to use for the 90-day program. Like RevTech, Joules targets pre-seed to Sequence A-stage firms.
