Three local startups were selected to to join Amazon Web Services' latest Impact Accelerator Latino Founders Cohort.
The Miami-area ventures beat out more than 1,000 applicants to participate in the eight-week cohort. They are among 20 companies that will receive training, resources and $225,000 in unrestricted cash grants and AWS credits to scale their businesses. The technical mentorship program was created to support underrepresented tech entrepreneurs.
The local startups selected are:
- EducUp, an edtech startup that gamifies courses for students.
- Lazo, a platform that provides taxes, accounting and other financial guidance to venture capital-backed startups.
- Monadd, a subscription management software service that discovers all services linked to a home address and allows residents to manage them.
Amazon Web Services, owned by Amazon.com (Nasdaq: AMZN), provides cloud computing services to businesses. Entrepreneurs participating in the Latino founders cohort will spend a week at the company's headquarters in Seattle and another week at the AWS Startup Loft in New York City.
Startups founded by people from Latino backgrounds receive only 2% of all venture capital funding despite making up almost 20% of the U.S. population. Programs like AWS' Impact Accelerator and Endeavor Miami's EndeavorLab aim to highlight the viability of Latino-led companies and direct more funding to those businesses.
“We’re looking forward to playing an active role in helping these companies turbocharge their growth through access to capital, experts, and all of the innovations that the AWS tech stack has to offer," said Howard Wright, VP and Global Head of Startups at AWS.
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