Houston-based startups Urban Eatz and SpenDebt have been selected for two different accelerators administered by Gener8tor, a Madison, Wisconsin-based venture firm and national accelerator network.
SpenDebt was selected for the Northwestern Mutual Black Founder Accelerator, a joint collaboration between Gener8tor and Milwaukee-based Northwestern Mutual. SpenDebt is a fintech startup that helps eliminate debt faster with micropayments through everyday purchases. One of its founders, Kiley Summers, also is a co-founder and managing director of Diversity Fund Houston, which aims to invest in startups led by Black and Hispanic founders during the early-stage "friends and family" rounds.
Gener8tor administers the 12-week Northwestern Mutual Black Founder Accelerator program with two cohorts of five Black-led tech startups each year. In addition to 12 weeks of business training, each startup receives a $100,000 investment, access to venture capital partners and individualized coaching from insurance and finance professionals.
Announced in 2020, the NMBFA is an extension of Northwestern Mutual’s Sustained Action for Racial Equity Task Force, which launched a $100 million impact fund that directs investments to Black and African American communities nationwide, the firm said.
“Northwestern Mutual’s Black Founder Accelerator is designed to tackle the pronounced racial funding gap by giving Black entrepreneurs greater access to venture capital and opportunity,” said Abim Kolawole, vice president of financial planning excellence and strategy at Northwestern Mutual. “We are proud to support the growth and resilience of Black-founded startups and nurture the positive impact these entrepreneurs will have on future generations.”
Separately, Gener8tor kicked off the Huntsville Investment Accelerator on Sept. 15 in partnership with MidCity Accelerator Foundation and RCP Cos., both of Huntsville, Alabama. The industry-agnostic program recruits companies from around the world for the program in Huntsville. It invests up to $100,000 in up to six high-growth startups per year
Urban Eatz, one of Houston Inno's 2022 Fire Awards winners in the diversity category, was chosen for this accelerator. The company originally launched its delivery app with a focus on underrepresented minority-owned restaurants, food trucks and home-based businesses before expanding to include all consumer goods. Currently, 2,700 businesses and more than 30 drivers operate on the platform. The company also offers franchise opportunities in other cities to create more minority business owners. Each month, a portion of the company's proceeds are donated to a charity on behalf of the app’s highest-grossing client for the month. Urban Eatz founder and CEO D'Andre Good also was selected as an honoree in the HBJ's 2022 Diversity in Business Awards.
In addition to the investment of up to $100,000, the Huntsville Investment Accelerator also offers access to Gener8tor’s international network of mentors and investors as well as entrepreneurial training and support. It's one of three Gener8tor Huntsville Accelerator programs, which originally started in 2021 with just one program.
