Five companies — including Milwaukee-based Tip a ScRxipt — have been chosen to participate in the inaugural cohort of the Northwestern Mutual Black Founder Accelerator (NMBFA).
Northwestern Mutual is running the program in partnership with gener8tor — a nationally ranked, Wisconsin-based startup accelerator and venture fund. Each participating company is receiving a $100,000 investment, office space in Northwestern Mutual’s Cream City Labs, and mentorship from Northwestern Mutual and gener8tor.
“It’s no secret that Black founders are over-mentored and chronically underfunded,” the accelerator’s co-managing director Precious Drew said in a statement. “Investing $100,000 into each company selected for the program is only the beginning. We’re committed to helping alumni raise additional capital by providing exposure to the national investor network of both Northwestern Mutual and gener8tor.”
In addition to the new accelerator, Northwestern Mutual has committed to invest $20 million in startups founded by Black entrepreneurs through its venture capital arm, Northwestern Mutual Future Ventures.
More than 700 companies from across the United States applied for the program, according to a press release. Here’s a look at the five companies that were selected.
· Tip a ScRxipt: Co-founded and led by CEO Chad Johnson and based in Milwaukee, Tip a ScRxipt offers a last-dollar payment solution for prescription expenses. Through prescription-only payment accounts, members can request and collect financial contributions from family and friends, health care providers, and pharmaceutical companies.
· SoLo Funds: Co-founded by Travis Holoway and Rodney Williams, this Los Angeles-based company provides an alternative to short-term loans that are non-predatory, simple and community-driven. The platform enables users to request and fund loans for short-term needs, and has processed more than 100,000 loans involving more than 300,000 users since 2018.
· HUED: Founded and led by Kimberly Wilson, this New York City-based company is working to dismantle barriers that prevent Black and Latino populations from accessing high-quality health care. The company offers health literacy and provides access to culturally competent health care providers. It has 8,000 patients and more than 600 providers on its platform.
· Freeman Capital: Based in Charlotte, North Carolina, and led by founder Calvin Williams Jr., Freeman Capital is working to close the wealth gap by creating a level playing field in financial planning for people of color. Its personalized wealth plans, investments and access to financial planners are designed to help users create generational wealth. It currently has 8,000 users.
· RiftPay: Co-founded by Haafiz Abdurrahim and Bryce DeVaughn, RiftPay is a platform for managing group expenses without split payments and awkward payment reminders. Users can link their individual bank accounts, create and fund a single group account, and pay together using one card. The company is based in Dallas.
The first cohort began in March and runs for 12 weeks. The second cohort will run from Sept. 23 to Dec. 17. Interested startups can learn more and apply before Aug. 9.
