9Mile Labs Secures Funding to Boost Support for B2B Startups
B2B accelerator raises $900k fund, opens applications to Pacific Northwest entrepreneurs
9Mile Labs (http://www.9MileLabs.com), a B2B startup accelerator based in the Seattle metro area, announced that it has raised a fund totaling $900k to support its second program. This financing allows 9Mile Labs to increase the investment into each startup (to $35,000) and also hire professional resources to help the startups. 9Mile Labs has announced that applications for its next cohort are open and interested entrepreneurs should apply at http://apply.9MileLabs.com.
“Investing in 9Mile Labs was an easy decision for me,” said Rudy Gadre, a well-known angel investor in Seattle and former General Counsel of Facebook. “I was impressed with their B2B expertise, the quality of the startups in their program, and the remarkable roster of mentors and advisors they have enlisted to support their startups. I think 9Mile Labs is a great addition to our tech ecosystem.”
After a very successful inaugural demo day event - dubbed Milestone9 - which was attended by hundreds of investors, entrepreneurs, mentors and corporate executives in the Pacific Northwest, 9Mile Labs has now opened applications for its second program. With 100+ years of operating, entrepreneurial and investment experience among them, the 5 partners at 9Mile Labs continue to innovate on and refine the technology accelerator business model, especially as it relates to B2B startups.
“As one of the first and few B2B-only startup accelerators in the world, we are constantly refining the program based on careful analysis of our results,” said Enrique Godreau III, partner at 9Mile Labs. “We are committed to doing whatever it takes to make our entrepreneurs successful.”
Some of the key changes being introduced for Cohort II include setting a new program length of 4 months in order to accommodate the longer customer and business development cycles of B2B companies as well as increasing the equity investment per company to $35,000 per company. 9Mile Labs is also investing in the hiring and development of an extended team in strategic areas such as user experience, enterprise architecture, financial planning, graphic design, accounting, and sales process management.
The applications to the 9Mile Labs program close on Nov 18, 2013. The program begins Jan 15, 2014 and concludes with Milestone9 on May 15, 2014. 9Mile Labs will select up to nine companies from the applications it receives and will run the program out of the SURF Incubator in Seattle. About 9Mile Labs
9Mile Labs is a high-tech accelerator based in the Seattle metro area focused on B2B software and cloud technologies. 9Mile Labs runs two 4-month programs every year, each with a group of 9 startups. During these 4 months, startups receive funding, access to an impressive set of mentors, free workspace and the opportunity to present to investors at the end of the program in exchange for an equity stake in the startups.