Each selected startup will receive $125,000 in exchange for equity.
BK-XL, the Brooklyn-based early-stage startup accelerator program for underrepresented founders, is back this year.
Clara Wu Tsai, founder of the nonprofit Social Justice Fund and owner of the Brooklyn Nets, New York Liberty and Barclays Center, will be part of BK-XL’s second group, according to a news release. Up to 12 startup companies will be selected to participate.
Each selected startup will receive a $125,000 investment in exchange for a 7% stake in SAFE Notes and the opportunity to earn additional investment within 12 months of program completion.
“We are proud to announce the second round of the BK-XL accelerator,” said Wu Tsai. “We are launching BK-XL in 2022 to provide underrepresented entrepreneurs with access to the capital, network support, and resources they need to help them build extraordinary and lasting companies. We couldn’t be more excited to welcome our newest addition to Brooklyn.”
The first BK-XL cohort in 2023 includes 12 Brooklyn startups from fintech, commerce, SaaS, and other industries that will be valuable in supporting the needs of underrepresented founders. provided insight. Of this first cohort, 50% of companies received ongoing funding from BK-XL.
The program welcomes startups registered anywhere in the United States to apply and establish a company in Brooklyn. The Social Justice Fund and the BK-XL team have partnered with leading investment firms including Benchstrength, Visible Hands, Udy Road, Harlem Capital, Infinity Ventures, and WndrCo, who serve on the program advisory board. , assist in founder selection and serve as a guide. throughout the program’s curriculum.
In addition to funding from BK-XL, selected founders will participate in a 10-week intensive program in Brooklyn, during which they will receive office space at Camp David in Industry City, Blue Pool investors and management. You will receive ongoing guidance and support from your supervisor. Capital, Udy Road, BSE Global, Brooklyn Nets, Barclays Center, and other affiliated organizations.
BK-XL and its network of partners will continue to support selected companies after the accelerator program is completed.
Applications for this year’s BK-XL cohort are now open and will close on May 3rd. Selected companies will be notified by mid-June, and the program will begin in early July and run until mid-September.
For more information on the timeline and application process, please visit www.bk-xl.com.
