Fullstack Academy, a New York City-based coding bootcamp backed by Y Combinator, has launched a new initiative to invest in promising startups created by its graduates.
The Fullstack Fund will provide $20k in seed capital, a co-working space on its New York City campus and mentorship in areas like product design and growth hacking. Each admitted startup will work full-time for 8 weeks on the campus, with the goal of securing another round of funding after the program, by getting accepted into a top accelerator like Y Combinator, raising an angel round, or understanding how to bootstrap its growth.
Fullstack Fund, which will use the same terms that Y Combinator uses in its Fellowship Program, and will take 1.5% equity in a convertible note, is also focused on increasing the diversity of founders, since graduates from Grace Hopper Academy (as part of the Fullstack network) will be eligible to participate in the fund.
Launched in Y Combinator in 2013 by David Yang, CEO and Nimit Maru, CTO, Fullstack Academy is a software development school with classes in NYC and Chicago that provides a direct path for non-technical founders to learn how to write code, build their product while in school, and get seed funding as they graduate.