Two Birmingham-based startups took home a combined $75,000 in non-dilutive funding in the Alabama Launchpad Cycle 2 2022 Finale.
The two companies, TaxxWiz and Ride Resorts, competed against nine other finalist companies. The Economic Development Partnership of Alabama hosted the in-person finale, at HudsonAlpha Institute for Biotechnology on Tuesday.
TaxxWiz, winner of the early-seed stage prize of $50,000, gives tax professionals the ability to be their own Turbo Tax Live. Recently relocated from Dallas, TaxxWiz is aiming to change the average tax prep time from hours to minutes.
“Winning definitely feels good,” said Tevin Harrell, CEO of TaxxWizz, in a news release. “Just being in Launchpad and talking to launch advisers really helped us take our business to a whole new level. Now, winning actual money, I think the sky’s the limit for us.”
Ride Resorts claimed $25,000, winning the concept-stage competition. Ride Resorts is a pay-to-ride mountain biking resort developer that partners with landowners such as Red Mountain Park to design and build mountain bike experiences on the property.
“It’s an honor to be a finalist in Launchpad,” stated Hobie King, co-founder and COO of Ride Resorts, in the release. “Regardless of the outcome, this process has been super valuable in refining our vision and learning where our weak points were. This money will help us accelerate our proprietary technology of RFID gates. This will be the next step toward really being a technical park.”
Each finalist company received mentorship, through both one-on-one and group session training with Launch Advisors, to prepare for the ultimate finale judging panels.
The concept-stage companies were evaluated by three judges: Maike DeMaria, founder and CEO of Capabilitix; Glenn Clayton, co-founder and managing partner of Mark Two Venture Studio and Matt Spotswood, owner of Basix Capital.
The early-seed stage competition included a panel of three judges: Peggy Sammon, CEO at GeneCapture; Rigved Joshi, director of Invention to Innovation Center at The University of Alabama in Huntsville and Mark Froehlich, CEO at Analytical AI.
Cycle 2 2022 brings Alabama Launchpad to new milestones. It has now funded 110 Alabama startups since its inception in 2006, including Croux, CHONEX, Vulcan Line Tools and Immediate. Over the past 16 years, Alabama Launchpad has awarded over $5.8 million in non-dilutive funding to the winning companies, which today have an estimated combined post-money valuation of more than $850 million and employ more than 1,120 people, according to the release.
“From mountain bike resorts that impact Alabama’s tourism industry, to therapy programs that assist those who have served our country, it is the places and the people that Alabama Launchpad is making a huge difference in through these stellar companies,” said Elaine Fincannon, deputy director at the Alabama Department of Economic and Community Affairs, which provides grants to fund Alabama Launchpad along with the Alabama Department of Commerce.
The Alabama Launchpad: Social Impact Competition, presented by Alabama Launchpad and Alabama Power Foundation, is now accepting applications through Sept. 15.
