Five tech startups were added to the Northwestern Mutual Black Founder Accelerator (NMBFA) this week.
The startups will each receive a $100,000 investment, a 12-week business training program, Northwestern Mutual mentorship and access to venture capital partners, according to a press release.
Started last year, the program works with nationally ranked, Wisconsin-based startup accelerator gener8tor to provide financing and support for Black entrepreneurs in tech across the U.S., according to the release.
Northwestern Mutual announced the accelerator program in 2020, alongside its $20 million commitment to invest in startup companies founded by Black entrepreneurs in Milwaukee and across the nation through its venture capital arm, Northwestern Mutual Future Ventures.
According to Business Journals research, small businesses in majority-Black neighborhoods throughout the U.S. are disadvantaged on several levels. In 2018, small business loans per capita in majority-white neighborhoods were $304.59 versus $157.89 in majority-Black areas.
The new cohort is one of two the company will recognize and support this year, the release said. The startups cover Northwestern Mutual Future Ventures’ focus areas like fintech, insurtech, digital health and data analytics.
The 10 startups from the program’s two cohorts in 2021 supported more than 100 full-time employees and held 115 investor introductions, said Craig Schedler, managing director of Northwestern Mutual Future Ventures, in the release.
The five startups selected for the new cohort include:
- Pagedip: A Boulder, Colo.-based startup led by founder Sherisse Hawkins, which creates a no-code authoring tool that allows teams to create and share smart documents. The documents include real-time analytics that provide insights about reader interest specific to words or widgets.
- Pruuvn: This credentialing and data trust company, based in Atlanta and led by founder Bryan Hobbs, developed a platform that simplifies contractor verification, onboarding and compliance into one click. The blockchain technology reduces the time and costs associated with new hires in the gig economy.
- SnapRefund: This Philadelphia-based startup developed a way for businesses to send payments instantly and securely through various digital payment rails. Led by founder Cody Eddings, it partners with insurance carriers to provide them and their policyholders with a mobile-friendly dashboard where claim payments can be sent and received.
- Stimulus: This Philadelphia-based company’s “Stimulus Score” evaluates suppliers to provide a view of their performance, allowing them to engage better with vendors. The tool makes the purchasing process more transparent and helps companies reach goals like improving diverse purchasing. Stimulus is led by founder Tiffanie Stanard.
- Xcellent Life: This digital health startup, based in Lexington, Tenn. and led by founder Victor Brown, provides a digital health platform that uses a three-dimensional approach including predictive analytics and artificial intelligence. The platform helps create more personalized health insights and can quickly identify issues.
Past NMBFA accelerator cohorts included Milwaukee-based CrossKudi, which built a global money transfer platform, and Tip a ScRxipt, which developed a last-dollar payment solution for prescription expenses.
