Many local government agencies, foundations, nonprofits and VC firms are looking to help startups and small businesses stay afloat during this economic downturn through grants, loans and other funding mechanisms. However, one local organization is hoping its grant program will have an impact the goes far beyond the current crisis.
Last month, RevTech Ventures, a Dallas-based VC firm focused on retail technology, put out a call offering $5,000 grants for entrepreneurial solutions to help those affected by the coronavirus pandemic. Now, RevTech has announced the recipients of more than $40,000 distributed through its Impact Grant Program.
“We are here to help,” RevTech wrote in its blog about its community support during the pandemic. “Especially during uncertain times like these, it is important to strengthen and support our communities.”
RevTech said it “would like to see a 10x return on grants.” However, not in terms of financial gain, but rather in social impact. RevTech members will review the applications, which will be evaluated based on speed-to-market, creativity and resourcefulness, among other things. The team selected eight local businesses and startups, adding that it expects them to collectively generate $1.5 million in community impact.
Check out the winners below:
Café Momentum is a Dallas-based restaurant and culinary training facility, which collaborates with the Dallas County Juvenile Justice Department to help and teach at-risk youth. It is launching Momentum E.A.T.s, which stands for engage, act, transform. The program serves as an emergency meal kit distribution hub. The café plans to provide $250,000 worth of food to more than 1,250 families each week.
Curbside Ninja is an app launched in April in response to the coronavirus pandemic by Simple Media Founder and CEO Nick Bonanno. The app allows restaurants to enable online food purchasing, curbside pickup and in-house delivery. They plan to help more than 20 local restaurants increase monthly revenue by about $40,000 over the next three to six months.
Cooked-19 is a fundraising organization started by UT Dallas students Jeannie Nghiem and Ramzi Taim with the goal of providing fresh, individually packed meals from local restaurants to health care workers and first responders in the community. Cooked-19 plans to donate more than 6,250 meals across Dallas, Arlington and San Antonio, with plans to expand to other Texas cities.
UpBrainery is a Houston-based edtech company that uses AI and ML to teach kids digital skills, while allowing parents and educational institutions to track their progress. The company plans to provide virtual classes for students, also giving a way for teachers to make money through instruction opportunities. UpBrainery plans to use the $5,000 to educate about 5,000 students and provide an income to about 50 teachers. It plans to use 100% of the grant funding on the teacher pay.
TrustFund is a Plano-based fintech startup providing financial toolkits and access to affordable loans. The company is launching the NTX Resilience Loan Project, providing short-term, small-dollar loans with flexible terms to displaced workers. It hopes the project will relieve some of the stress for those affected in the community.
CapWay is an Austin-based fintech startup providing mobile financial services and products to under-banked communities. The company is offering its financial literacy programs to Dallas residents affected by the economic downturn. The company said that if only 1% of city residents took advantage of the program, it would equate to more than $1 million in professional financial coaching.
Cooklist is a Dallas-based personal grocery startup that combines shopping, meal planning and inventory management in one platform. The startup is planning to provide discounted groceries and free delivery to at-risk residents in the community.
SmartCounseling Corp. is a Dallas-based online mental health counseling and therapy company. Due to financial pressures and self-isolation measures, the company is planning to offer digital access to its therapists at reduced costs. The company said that while the effects it could have on the community are intangible, the services will be worth between $50,000 and $150,000.
