D.C. startup Hatch Apps is joining the latest cohort of Morgan Stanley’s Multicultural Innovation Lab, said cofounder Amelia Friedman. The startup that makes software to help teams deploy apps without writing code is one of ten companies that will participate in the accelerator program.
Through the New York–based program, Morgan Stanley helps startups who are led by women and people of color. The startups are in the post-seed-Series B phase. The area of focus is a little later-stage than some accelerators, but it’s a model we’ve been seeing lately.
In this second year of the program, the cohort doubled in size. Morgan Stanley said it received 300 applications within a month.
We're pumped on this rainy Monday. Why? Of 300 applicants from around the world, Hatch was chosen to be one of @MorganStanley's 2018 Innovation Lab companies– an accelerator program for tech startups. Check it out! https://t.co/2gU4CZCYrg pic.twitter.com/5zZ7YliTZ7
— Hatch Apps (@HatchAppsHQ) April 16, 2018
“The monumental success of the inaugural class proves that the market inefficiency in accessing capital within the start-up scene for women and multicultural entrepreneurs leads to a positive commercial outcome,” Carla A. Harris, Vice Chairman for Global Wealth Management and Head of the Multicultural Client Strategy Group at Morgan Stanley, said in a statement.
Over six months, Morgan Stanley offers access to programming through its own internal resources, and others outside the company. Morgan Stanley also invests in the companies, and takes an equity stake.
Friedman and cofounder Param Jaggi plan to commute back and forth from the company’s office in D.C. for the program, while also giving other members of the team an opportunity to participate where it makes sense. Along with access to funding, it will also give Hatch a sales presence in New York. The accelerator is based out of Times Square. Given current growth coming off the closing of a $1.3 million round, Friedman said the team debated whether it was the best choice to enter the program. They decided it was “1000 percent,” Friedman said.