NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

 Village Capital, in partnership with the MetLife Foundation and with support from TIAA, announced the selection of ten US-based startups to take part in the accelerator program, ADAPT Social Innovation for a More Resilient Future, United States. Through workshops, mentorship, and catalytic capital, the accelerator program will help the startups develop the necessary networks and tools to scale their impact.

As the world faces a series of unprecedented risks and challenges, financial health and economic inclusion are key indicators to track progress in addressing global social inequality, promoting economic prosperity, and achieving racial equality. The program aims to support innovations that are highly aligned with building and cultivating economic inclusion, financial health and resilient communities. Participating startups were selected following an open call that focused on founders who are proximate to the issues and communities they serve and who are building solutions for underserved communities.

More than 70 startups from 23 states applied to participate in the accelerator. The program’s Advisory Board, consisting of fintech investors, founders, and financial health and economic inclusion organizations provided feedback on the companies. Companies were evaluated and selected based on their business model and scalability, impact for underserved communities in the US, and founder profile. The final cohort includes 10 startups from seven states, with 50% of the cohort headquartered outside of the main tech hubs in the US (CA, MA, NY), 100% led by a proximate-founder or C-suite member and 80% led by a female founder or C-suite member.

Here are the ten selected startups:

• Arbol (Buffalo, NY) helps universities improve retention by preventing financial disruption.
• Carefully (New York, NY) is a cooperatively-owned platform that makes it easy for families to connect with people they trust to access affordable childcare in their community so they can work, live, and thrive.
• Gabriel Money (Atlanta, GA) is the path to financial prosperity for young Latinx in the US who have the ambition to ascend financially, but need the right knowledge, tools, and financial products.
• Okovate (Oxon Hill, MD) develops community solar projects that combine solar energy generation and crop production, ensuring profitable and sustainable farming practices for crop farmers.
• Pay4Me App (Boise, ID) provides instant cross-border payment solutions for international students and immigrants.
• Remynt (San Francisco, CA) empowers consumers to rebuild credit while resolving delinquent debt.
• Seed At The Table (New York, NY) is an SEC and FINRA approved tech-enabled community crowdfunding platform and financial ecosystem committed to providing its BIPOC entrepreneurs with equitable access to capital, opportunity, and resources.
• Share Farm (Colbert, WA) bridges the gap between small and mid-sized diverse farmers and large food buyers, enhancing economic inclusion and resilience by providing market access and stabilizing income through sustainable and socially responsible agriculture practices.
• ThriveLink  (Florissant, MO) is an AI voice-activated enrollment agent that enrolls users into programs like health insurance with no reading or smart device required.
• WorkOnward (New York, NY) connects hourly talent with small businesses in a local and neighborhood-friendly way, using a map-based job platform.

From February to May 2024, the selected startups will participate in three interactive virtual and one in-person workshops to complete a milestone achievement plan. They will also receive mentorship from potential strategic partners, investors, customers, and other founders in the US, as well as connecting one-on-one with an investment analyst for feedback and support.

Each of the ten selected startups will receive an equity-free grant fund from TIAA of USD 3K for their participation and completion of the accelerator program. This capital will provide general support as the founders grow their venture. The top two peer-selected startups will each receive an additional investment of USD 50K from MetLife Foundation to further scale their solutions.

For more information, reach out to Yireth Villaverde at Village Capital (yireth.villaverde@vilcap.com).