Five entrepreneurs developing companies around fintech and services make up the latest Black Founder Accelerator cohort in Milwaukee.
Northwestern Mutual yesterday announced the startup leaders joining the program for its second 2023 cohort, hosted in partnership with Madison-based accelerator gener8tor. It’s funded through a $20 million commitment from the financial services company to support Black entrepreneurs.
Craig Schedler, managing director of Northwestern Mutual’s Future Ventures investment fund, said “this next cohort of bright entrepreneurs will use the resources provided in this program to become leaders in their respective sectors.”
Participants can get up to a $100,000 investment through the 12-week program, along with coaching, feedback, product development support and one-on-one mentorship specific to the industry they’re targeting.
Black startup founders receive less than 2% of all venture capital, according to Chief Audit Executive Abim Kolawole, contributing to racial inequalities.
“As we witness the remarkable achievements of each cohort, we are reminded that programs like these are essential in fostering a more inclusive entrepreneurial ecosystem,” he said in a statement. “We hope that the success of these founders will inspire future generations of Black entrepreneurs to pursue their dreams.”
Startups in the latest cohort include:
*CashEx, a Boston company led by co-founder and CEO Kingsley Ezeani. The business aims to reduce the “financial stress of immigrants during their migration journey” by helping them build credit and establish a U.S. bank account, the release shows.
*Shur, a New York business led by founder and CEO Kahlil Byrd. The startup helps student loan borrowers to avoid mistakes, build their financial plans and better understand credit. And it offers student loan repayment interruption insurance.
*ModerTax of San Francisco, led by founder and CEO Matthew Parker. This company offers tax and financial information to customers in hopes of simplifying the underwriting process, the release shows.
*Athlytic, founded by CEO Ashton Keys. This Detroit startup says it provides “data-driven insights and expert recommendations” to connect student athletes and brands for endorsement deals.
*Foresight, based in Kansas City, Mo. and led by founder and CEO Jannae Gammage. The company uses AI to assess credit risk, fraud and bias to help traditional banking services “safely open doors for underserved consumers.”
See more on the companies in the release: https://news.northwesternmutual.com/2023-10-09-Northwestern-Mutuals-Black-Founder-Accelerator-R-program-celebrates-its-third-year-of-empowering-Black-entrepreneurs
See more on the program: https://www.gener8tor.com/investment-accelerators/northwestern-mutual-black-founder-accelerator
–By Alex Moe
