The global investment firm Techstars has selected seven D.C.-area startups to participate in an accelerator program aimed at helping Black, brown and women business owners gain more access to capital.
Among those selected were two local firms, CarpeDM and Wellthi Technologies, both recently named as Inno Fire Awards winners. Woodbridge's CarpeDM is a matchmaking firm whose primary product is a dating app geared toward Black women professionals. D.C.-based Wellthi offers a savings platform that partners with community banks to help account holders meet savings goals.
The seven local firms were among 60 startups nationwide selected to participate in Techstars' Advancing Cities accelerator programs underway in five cities — D.C., Atlanta, Detroit, Miami and Chicago. The program is being run in partnership with JPMorgan Chase & Co.’s private bank, which has raised $80 million to fund the effort.
The 60 companies selected will go through a 13-week program during which they will receive mentoring support and meet with potential investors and partners. The program will culminate in a demo day during the first week of the December.
According to Techstars, 75% of CEOs at the selected firms are from underrepresented backgrounds, self-identifying as Black, Hispanic or Latino, Indigenous American and/or Pacific Islander entrepreneurs.
Techstars launched its D.C. accelerator earlier this year and plans to establish additional accelerators in Oakland, Los Angeles, New Orleans and New York in 2023.
Keith Camhi, a Techstars managing director who heads the D.C. accelerator, said the selection process in D.C. was “extremely competitive” given the strength of the region’s startup economy. He noted that the D.C.-area ranks among the 10 largest regions for startup funding, with early-stage companies here pulling in $2.2 billion between 2019 and 2021.
“For the Washington D.C. program, we sought startups with extraordinary teams that were demonstrating promising early traction in solving problems that address large markets, and that can benefit from tapping into the unique strengths of DC’s innovation and startup ecosystem,” Camhi said in a statement Monday.
Naza Shelley, the founder and CEO of CarpeDM, said in a statement that she “looks forward to tapping into Techstars’ amazing network to both accelerate our growth and to show the next generation of female entrepreneurs that female-first companies, products, and experiences represent the largest disruptive force in business.”
The D.C. cohort has 12 firms in all, five of which are from other regions of the country that do not yet have a Techstars accelerator.
Apart from CarpeDM and Wellthi, other local firms selected were:
- ALIVE Podcast Network, a D.C.-based media company that produces content for BiPoc audiences
- Cerebro NeuroTech, a D.C.-based firm that has developed software to rapidly detect sports-related concussions
- K’ept Health, a D.C. company that uses artificial intelligence to provide precision care for patients with chronic skin conditions.
- Right Hear, a 6-year-old Rockville company that helps people with limited vision navigate their surroundings using an audio app on their smartphones.
- University Startups, a Gaithersburg company that helps underserved students apply for college or obtain a better paying job through its educational technology platform.
