|
|
Launchpad LA is a startup, technology accelerator located in Southern California. Launchpad offers each accepted company $25k to $100k, free office space in the heart of Santa Monica for four months, and access to a network of mentors, advisors, and investors. Prior to the accelerator, LaunchPad accepted 23 companies into their mentorship program. The program at that time did not invest in companies, take equity, or have an official office space, but featured regular events and dinners to support the participating companies. Of those 23 companies, 19 received outside funding, and 9 have been acquired to date. In total, the 19 companies that went through the mentorship program raised over $80 million and their combined exits exceed $60 million. It was in late 2011, that the Launchpad LA team decided to raise a fund, open an office, and grow into a full-blown accelerator. For the first investment (usually $50k), LaunchPad will receive around 6% common stock, while the second investment (also usually $50k) is offered as a convertible note with a maximum valuation cap. Launchpad is ranked the #5 accelerator in the United States by Forbes and has the highest median funding rate of any accelerator in the world. The Accelerator has formed 18 companies (125 jobs created) and funded 17 companies ($35M raised).
|
