South Philly makerspace NextFab says it has selected the first startup from its RAPID accelerator to get follow-on funding: Boston-based Unruly Studios, makers of an edtech device that gamifies coding.
Last May, NextFab announced a $100,000 fund to infuse more capital into startups that showed promise as part of its accelerator program, which in 2017 started providing companies with an initial $25,000 round of seed capital. Unruly Studios was selected as the first recipient of additional growth capital via a $50,000 investment expected to close at the end of this week.
“CEO Bryanne Leeming and Unruly Studios continue to impress us, and were recently selected by two prestigious accelerators in San Francisco (AT&T Aspire) and Boston (MassChallenge),” said NextFab Venture Services Manager Todor Raykov. “By infusing $50,000 in the company, we hope to keep their momentum going and help them grow even faster.”
Unruly Studios spent 12 weeks in Philly participating in the fall 2017 cohort of the accelerator. During that time, the company released its Splat product, which seeks to introduce kids to STEM through active play.
“A startup accepted in our program receives up to $25,000 in seed capital from us and they typically do a great job raising additional capital through crowdfunding campaigns, pitch competitions, and small grants,” said Raykov.
NextFab is now seeking startups to join the fifth cohort of the accelerator, which also gives founders access to NextFab’s shops, mentorship, business and product development support.-30-
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