Fintech
Queen City Accelerator Seeks Fintech, Insurtech Innovators
Calling all post-revenue startups in financial technology and insurance markets: Applications are now open for the 12-week RevTech Labs Charlotte accelerator, which offers equity funding, mentorship, and access to major banking giants like Wells Fargo and Bank of America.
Ashley Everett, vice president of operations at RevTech Labs, tells WRAL TechWire that the program initially provides $20,000 to $120,000 in dilutive funding based on the companies’ individual needs. After graduating later this year, alumni will have the opportunity to attract follow-on investment through the RevTech Labs Capital fund.
Everett says the ideal startup would be post-revenue with a minimum viable product developed in fintech, insurtech, or business-to-business/software-as-a-service solutions. The program targets Series A companies that have raised between $300,000 and $2 million. It also prioritizes underrepresented founders, who comprised 87% of last fall’s group.
RevTech Labs Announces Fall Accelerator Membership, 87% of Which Are Underrepresented
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It’s a competitive program. Everett says 510 applications were submitted in the latest round. Only 15 companies will be selected for the next cohort.
Participants benefit from connections with large business organizations with a presence in the greater Charlotte region. RevTech Labs partners include Queen City-based Truist, AvidXChange, Brighthouse Financial and Bank of America, as well as other non-local firms such as JP Morgan, Wells Fargo, Fifth Third Bank, AIG, Grasshopper Bank and The Hartford. Winston-Salem-based Truliant Federal Credit Union is also a partner.
The deadline for applications is August 2. The program follows a hybrid format, with most sessions held virtually, with the exception of a handful of in-person events. While founders from around the world are welcome to apply, RevTech Labs expects international companies to show interest in expanding to the U.S.
The Class of 21 will begin this September with a launch event in Charlotte. Founders will present their products/services and 12-week goals to a live audience of expert mentors, who will then partner with those most aligned with their interests. Throughout the program, mentors will help participants achieve a series of micro-goals aimed at taking their business to the next level and ultimately attracting future investors. The group will travel to Georgia in October to participate in Venture Atlanta, one of the largest VC events in the Southeast.
RevTech Labs culminates in annual Venture135 Conferencescheduled for November 21-22 in Charlotte, where founders will present their successes on stage in front of leading VCs, growth funds, corporate teams and other investors.
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But despite AI claims a high concentration of VC hype, financial services it remained one of the three main sectors for investors in the first quarter of 2024.
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Meanwhile, local entrepreneurship programs haven’t abandoned their plans to support high-value companies this year. Charlotte-based Joules Accelerator recently opened applications for its 14th cohort of cleantech-focused startups. Founders have until July 26 to apply for the 90-day program. Like RevTech, Joules is targeting pre-seed to Series A companies.