BFTP's new fintech accelerator is offering $50,000 in seed funding - Technical.ly Philly

Business

Feb. 10, 2017 11:56 am

BFTP’s new fintech accelerator is offering $50,000 in seed funding

The catch? Only two startups will get the investment, based on a decision made by the entire cohort. Apply by March 10.

Village Capital portfolio companies hunkering down at Benjamin's Desk's 1701 Walnut St. location in December.

(Photo by Roberto Torres)

The phrase “peer-reviewed” is more likely to make you think of research papers than venture capital, a space that has often been accused of being walled off. But Ben Franklin Technology Partners is adopting the peer-selection model used by D.C.-based Village Capital for its fintech accelerator program that we told you about last year.

The two orgs are partnering up to bring together a cohort of eight to twelve Philly-based fintech startups and provide them with mentoring sessions in Ben Franklin’s Navy Yard HQ. Here’s the twist: it’s the companies themselves who will select the two startups which will get $25,000 in seed funds at the end of the 12 week program according to nine indicators of investment readiness. Those companies may or may not give up equity — that is decided on a case by case basis, said Ben Franklin spokesperson Tyler Cameron.

Apply by March 10

Navy Yard-based Ben Franklin will put up the $50,000 for the funds and, though there are no committed funds from Village Capital, Cameron said VilCap will keep a close watch over the accelerator companies. “Probably closer than we’d normally have with follow on investors,” Cameron said.

The program is part of Village Capital’s VilCap Communities, which aims to bring venture capital cities outside of the mainstream tech hubs of San Francisco, Silicon Valley and New York. One of the other cities involved in the program is Baltimore, which will be hosting a health-focused accelerator. D.C. will be hosting one centered on inclusive entrepreneurship.

“Ben Franklin’s mission in Greater Philadelphia is well aligned with Village Capital’s focus on facilitating innovation and entrepreneurship to develop communities,” said in a press release Ben Franklin’s CEO RoseAnn Rosenthal. “Consistent with our support for initiatives like ImpactPHL, Village Capital’s focus on democratizing entrepreneurship, and building the meaningful connections that grow communities will help bring new national and international resources to companies in our region.”

Advertisement

-30-
VIEW COMMENTS

Advertisement

1776’s new accelerator for ‘regulated industry’ startups could come to Philly

Here are the 10 startups that made it to the Comcast LIFT Labs Accelerator

Why this Nebraska fintech company opened a new Philly office

SPONSORED

Philly

UX, UArts and the importance of human-centered design

Chesterbrook, PA

Deacom

Deacom | Creative Marketing Writer

Apply Now
Chesterbrook, PA

Deacom

EDI Specialist

Apply Now
Philadelphia

Inspire

Associate Product Manager

Apply Now

NeuroFlow is heading to Lancaster to see if its biz model makes sense

At Dreamit’s HealthTech Demo Day, a penchant for machine learning and AI

What 7 companies got out of the Philly Startup Leaders accelerator

SPONSORED

Philly

Pitch to win up to $360,000 in funding at WeWork’s Creator Awards

Philadelphia

Perpay

Product Designer

Apply Now
30 S 15th St #1400, Philadelphia, PA 19102

Inspire

Fall 2018 – Cleantech Connect Project Mentee

Apply Now
Philadelphia

Practice

Director of Sales

Apply Now

Sign-up for daily news updates from Technical.ly

Do NOT follow this link or you will be banned from the site!