Fintech
The Queen City accelerator seeks fintech and insurtech innovators
Calling all post-revenue startups in the financial technology and insurance markets: Applications are now open for Charlotte’s 12-week RevTech Labs accelerator, offering equity financing, 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 financing based on companies’ individual needs. Upon graduation 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 pre-seed-to-Series A stage companies that have raised $300,000 to $2 million in capital. It also prioritizes underrepresented founders, who included 87% of last fall’s group.
RevTech Labs Announces Joining Fall Accelerator, Which Includes 87% Underrepresented Founders
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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 batch.
Participants benefit from connections to large corporate organizations with a presence in the Charlotte metro region. RevTech Labs partners include Queen City-based Truist, AvidXChange, Brighthouse Financial, and Bank of America, among other non-local companies 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 the majority of sessions held virtually, except for a handful of in-person events. While founders from around the world can apply, RevTech Labs expects international companies to show interest in expanding into the United States
Class 21 will kick off 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 who best align 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 attend 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.
RevTech Labs’ call comes as a VC he held back in making deals last year amid economic uncertainty and interest rate concerns. Investments in artificial intelligence have largely kept the market afloat. According to an analysis by Ernst & YoungAI-related megadeals accounted for a substantial portion of the $140 billion raised by venture-backed companies in 2023.
But despite AI claiming 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 Joule 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 targets companies from pre-seed to Series A.