A global pandemic that put the brakes on one of the world’s largest startup competitions wasn’t enough to slow down its host, 43North.
In fact, the Buffalo, NY-based accelerator is riding a wave of momentum as it officially kicks off the hunt for its next cohort. Fresh off of an IPO this past March by 43North portfolio company and unicorn, ACV Auctions, 43North is calling for startups to apply to their seventh competition.
The startup competition, which ultimately selects eight companies, offers founders a chance to secure up to $1 million in funding and land a spot in 43North’s accelerator program. Investments are made in exchange for five percent equity. More than funding, the organization prides itself on the experience tied to a 43North investment, hallmarks which include mentorship, connections to investors, marketing and recruitment support, free office space, as well as the opportunity to operate tax-free.
More extensive than your traditional accelerator program, startups must commit to having 50% of its staff and CEO in Buffalo during their cohort year. Ideal candidates are seed-stage and have traction with paying customers.
Over the past seven years, 43North has invested over $30 million into 51 companies creating an industry agnostic, diverse portfolio with 31% of companies having founders of color and 23% having female founders. Those startups have gone on to raise over $600 million in capital and boast a collective valuation nearing $6 billion.
In addition to the newly public ACV, 43North has an impressive roster of early investments in companies like barbershop software platform Squire, who doubled their valuation to $250M in 2020 alone; and SparkCharge, the first-ever mobile and on-demand EV charging network, who recently locked in a $1 million investment from Mark Cuban and Lori Greiner during their pitch on the 2020 season opener of ABC’s Shark Tank.
43North’s value was perhaps best articulated by Ofo Ezeugwu, founder of 43North year six company Whose Your Landlord. In explaining how he benefits from growing his business in Buffalo, Ezeugwu said, “People here want to see you succeed. Buffalo is redefining itself as a city and that makes it a very fertile ground for business opportunities.”
43North takes those sentiments seriously, with the 43North team devoted to supporting all aspects of a founder’s life - both the professional as well as the personal. With programming and support around “quality of life” details, 43North helps founders with everything from finding childcare, to housing, to the best spot for a post-work cocktail. "We’re hyper-focused on serving as a comprehensive support system that enhances both the business and the personal aspects of a founder’s daily life,'' said Colleen E. Heidinger, president of 43North. “It fosters a sense of community, and is something that I think uniquely sets our program apart."
Applications can be submitted at 43North.org and must be received by Monday, July 19 at 12 p.m. EST. 43North is hosting a “Why to Apply” webinar on Wednesday, June 9, where people can learn more about the competition and program, as well as tips on how to stand out during the application process. To register for the webinar, visit 43North.org/events.
About 43North: 43North is an accelerator that hosts an annual startup competition, investing $5M per year to attract and retain high-growth companies in Buffalo, NY. Now accepting applications for our 2021 startup competition. Apply today!
