A new nationwide accelerator is launching, and it’s looking to mentor startups outside of Silicon Valley.
Matt Hanson, principal at D.C.’s Blu Venture Investors, launched the PAX Momentum Accelerator earlier this year as he sought to widen his impact in the startup world.
“I’ve been very active in angel investing for the last 10 to 15 years and I’ve been fortunate that I’ve had several outstanding companies that I was the lead investor on,” he said. “I wanted to take what I’m doing to the next level.”
Hanson led the first round of investments in Urgent.ly, a roadside assistance startup that has raised nearly $40 million and was named the 6th fastest growing company in North America in Deloitte's 2019 Technology Fast 500. He also lead Blu Venture's first round of investments in NS8, a fraud prevention startup that just announced $26 million in Series A investment.
In January, along with his son, he launched an accelerator program that focuses on startups outside of the Bay Area.
“Part of our theme here is avoiding any geographic association,” he said.
PAX will invest in two cohorts of ten companies every year, reserving three spots in each cohort for cleantech companies.
Each company receives a $50,000 investment in exchange for between 4 percent and 8 percent equity and participates in an 8-week program, including a hybrid program of virtual and in-person events.
PAX is looking for early-stage startups in all industries, but specializes in B2B tech companies in cybersecurity, fintech, AI, IoT, telecom, cleantech and ecommerce.
“We’re looking for great entrepreneurs, ones that can demonstrate that they have a lot of understanding and knowledge around the solution that they’re trying to solve,” Hanson said. “We’re also looking for someone who can demonstrate that tenacity and determination it takes to work through a startup.”
Headline mentors for the fall cohort include Urgent.ly CEO Chis Spanos, NS8 founder and CEO Adam Rogas and Darren Lee of ProofPoint.
Hanson said the decision to reserve spaces for cleantech startups was initially motivated by his son and co-founder, a senior at the University of Maryland, studying environmental science.
“I went into that kicking and screaming, but it has turned out to be one of our best decisions so far. Climate-tech is a vertical on the rise,” he said.
Hanson is excited about Denver’s tech scene and said it fit perfectly into the accelerator’s vision.
“Denver has tons of innovation and is up and coming in the tech scene,” he said.
PAX has already received more than 100 applications and is accepting proposals until June 15. From there, it will review applications and announce the cohort on August 1. The program begins on September 1 and runs through the end of October.
