Backstage Capital has announced that Detroit will be the fourth location for its newly launched accelerator program for underrepresented—or underestimated—founders.
The venture capital firm decided last month that it would do cohorts in Philadelphia, Los Angeles, and London, while a public vote was held to determine the final location.
“Detroit is the heart of the auto industry and the hometown of Motown. It’s a rising standout for entrepreneurs in the Midwest,” the firm wrote on its website. “Innovation and technology in the city are booming, and Detroit startups are attracting capital from Silicon Valley as well as local investors and government.”
Backstage will invest $100,000 in minority-owned companies in exchange for five percent equity. Throughout the three-month program, startups will receive mentorship, a workspace, and access to Microsoft and MailChimp products. The deadline to apply is October 15.
Backstage Capital is dedicated to ensuring support for underrepresented founders. This year, the firm committed to investing in 100 companies led by founders who identify as women, people of color, or LGBTQ and launched a $36 million fund focused on investing in black women founders.