Tampa Bay Wave, in partnership with the Tampa Bay Latin Chamber of Commerce, has announced $500,000 in new federal funding to launch the LatinTech Accelerator, a new business accelerator for founders of Latin heritage to build high-growth tech startups.
Wave’s new LatinTech Accelerator was one of 15 community projects submitted by U.S. Rep. Kathy Castor, to the U.S. House of Representatives Appropriations Committee, that are being funded by the FY23 budget, according to a statement.
Through Wave’s accelerator programming, cohort companies will receive executive coaching, mentoring from industry experts, strategic introductions and preparation for investor meetings — all culminating in Demo Day, which is a unique opportunity for founders to present their visions to national, and international, investors, leaders and press.
“This program will fill a critical gap in Florida’s startup ecosystem by helping a demographically important, but under-represented, segment of tech entrepreneurs here, and across the U.S. Given Tampa Bay Wave’s long history of promoting diversity and equity in our region’s tech startup ecosystem, we know this funding can help us make a meaningful difference in the growth and success of Latin-owned startups – including those in strategically important industries such as cybersecurity, fintech, healthtech, edtech, climate tech and more,” said Linda Olson, founder and chief executive officer of Tampa Bay Wave.
Collectively, the 450 companies that been selected for the Wave’s 30 previous accelerator cohorts have raised over $650 million in investment capital since 2013, including raising large funding rounds (Series A, Series B) during the 6 to 18 months post-accelerator, the statement said.