Seattle-based B2B startup accelerator 9Mile Labs announced today that it has raised a fund totaling $900,000 to support its second program.
The 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 partner Sanjay Puri told Techvibes that they're eager to get Canadian entrepreneurs into their progam. Puri and his firm "think of Vancouver and Portland along with Seattle as an interconnected ecosystem" and said that "anything we do to stimulate the startup community in one part has a positive impact on the other."
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 five partners at 9Mile Labs continue to innovate on and refine the technology accelerator business model, especially as it relates to B2B startups.
Some of the key changes being introduced for Cohort II include setting a new program length of four 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.
Applications to the 9Mile Labs program close on November 18, 2013 and the next program begins on January 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.