Launchpad LA will double funding and companies participating in its fifth class will receive up to $100k.
In the effort to reduce the pressure for startups to raise their next round, the Santa Monica, CA-based accelerator will continue to provide $50k cash for 6% common stock, with the addition now of an optional $50k capped convertible note, with the cap to be negotiated on a per-company basis.
Founded in 2009 by Mark Suster (GRP Partners, http://www.bothsidesofthetable.com), the accelerator has accepted 23 companies into the mentorship program. Of those 23 companies, 19 received outside funding, and 9 have been acquired to date.
At the beginning, Launchpad had only featured regular events and dinners to support the companies but, inspired by the success of Classes 1 and 2, the team raised a fund, opened an office, and grew into an accelerator (in the model of TechStars and Y-Combinator). Sam Teller joined as Managing Director and firms including Rincon Ventures, Idealab, Baroda Ventures, GRP Partners, David Cohen, David Tisch, DLA Piper, and Stubbs Alderton participated in the investment.
Beyond funding, it also offers free office space in Santa Monica for four months and access to a large network of mentors, advisors, and investors.
Click here to apply for the fifth class.
Launchpad has also begun accepting applications via AngelList.