Queen City accelerator seeks fintech and insurtech innovators

Calling all post-revenue startups in the financial and insurance technology markets: Applications are open for Charlotte’s 12-week RevTech Labs accelerator, which offers equity funding, mentorship and access to leading banking giants like Wells Fargo and Bank of America.

Ashley Everett, RevTech Labs’ vice president of operations, tells WRAL TechWire the program initially provides $20,000 to $120,000 in dilutive funding based on companies’ individual needs. After graduating later this year, alums will have the opportunity to attract follow-on investments through the RevTech Labs Capital fund.

Everett says the ideal startup would be post-revenue with a developed minimum viable product in fintech, insurtech or business-to-business/software-as-a-service solutions. The program targets pre-seed to Series A-stage companies that have raised $300,000 to $2 million in capital. It also prioritizes underrepresented founders, who comprised 87% of last fall’s cohort.

It’s a competitive program. Everett says 510 applications were submitted in the last round. Only 15 companies will be selected for the upcoming cohort.

Participants benefit from connections to large enterprise organizations with a presence in the greater Charlotte region. RevTech Labs’ partners include Queen City-headquartered Truist, AvidXChange, Brighthouse Financial and Bank of America, among other non-local firms like JP Morgan, Wells Fargo, Fifth Third Bank, AIG, Grasshopper Bank and The Hartford. Winston-Salem-based Truliant Federal Credit Union is also a partner.

The application deadline is Aug. 2. The program follows a hybrid format, with most sessions held virtually except for a handful of in-person events. While founders from all over the world can apply, RevTech Labs expects international companies to show an interest in expanding to the U.S.

Class 21 will begin this September with a kickoff event in Charlotte. Founders will pitch their products/services and 12-week goals to a live audience of expert mentors, who will then team up with those most aligned with their interests. Throughout the program, mentors will help participants meet a series of micro-goals aimed at taking their business to the next level and, ultimately, attracting future investors. The group will travel to Georgia in October to attend Venture Atlanta, one of the largest VC events in the Southeast.

RevTech Labs culminates in the annual Venture135 Conference, scheduled for Nov. 21–22 in Charlotte, where founders will present their accomplishments on stage before top VCs, growth funds, corporate teams and other investors.

Qualities RevTech Labs looks for in startups. (Source: RevTech Labs)

RevTech Labs’ call comes as VCs pulled back on deal-making last year amid economic uncertainty and concerns around interest rates. Artificial intelligence investments largely kept the market afloat. According to an analysis by Ernst & Young, AI mega-deals accounted for a substantial portion of the $140 billion raised by VC-backed firms in 2023.

But despite AI claiming a high concentration of VC hype, financial services remained one of the top three sectors for investors in the first quarter of 2024.

Meanwhile, local entrepreneurial programs haven’t shelved their plans to support high-value companies this year. Charlotte-based Joules Accelerator recently opened applications for its 14th cohort of cleantech-focused startups. Founders have until July 26 to apply for the 90-day program. Like RevTech, Joules targets pre-seed to Series A-stage companies.

https://wraltechwire.com/2024/06/28/queen-city-accelerator-seeks-fintech-and-insurtech-innovators/