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mHub

Accelerated Impact Fund
Chicago, IL
Seed Fund Support
$
Federal Share: $300,000.00
Local Match: $377,153.00

mHUB will create the $15.0 million Accelerate Impact Fund (AIF) to spur new company growth in impact clusters operating within the Chicago region by engaging new investors, corporate partners, and promising startups. AIF will fund 60 innovation-based startups recruited to participate in the new Accelerated Incubation (AI) Program. The AI Program pairs startups with corporations to secure potential customers, investors, advocates, and mentors to launch and scale their cluster-based, physical products within 12 months. AIF will provide startups with $75,000 each in capital in exchange for 5% pro rata equity. While in the program, startups will receive a local investor mentor and have direct engagements with regional venture capitalists and angel funders to foster additional follow-on investment. Within three years, AI will launch 60 companies, raise capital from 75 investors, deploy $6.9 million in seed capital with an additional $5.0 million for exercising pro rata, and create 280 new jobs. The AI Program’s long- term goals include bringing promising startups to the region to enhance the overall economy and encouraging them to stay in and around the Chicago region.

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