New Ventures Announces 2020 Companies
Winston-Salem, NC—July 14th, 2020
Flywheel announced today the companies selected by New Ventures 2020 to for acceptance into a summer business acceleration program for startups. This is the fifth year of the New Ventures Challenge and acceleration program which has created a portfolio of 18 companies over four cohorts starting in 2016. “So far the results have been very good”, says program administrator Peter Marsh. “The combined valuation of our portfolio companies has grown to more than $40MM based on priced follow-on investment rounds. Our companies have raised more than $10MM, with many of our companies now in a growth hiring mode.”
The companies that will participate in New Ventures 2020 are:
Houston Godwin, Co-founder, CEO - An online-to-offline platform to discover and play tabletop games.
Robyn Clark, CEO – An online, proactive approach to personal change in career development.
Summer Krstevska, Alek Krstevski, Cofounders- Xpand is a networking and monetization platform for gamers.
New York, NY
Calin Saftoiu, CEO - Drive Key is an AI-enabled mobile app built to support drivers in real time.
Merle T. Murrain II – Founder - A financial app that helps students become aware of their spending.
New Ventures is an application-based program that invests an average of $50,000 in inception-stage startups that are pre-revenue. While the program intentionally seeks out in-state startups, it also invests throughout the Southeast and beyond. New Ventures primarily invests in software applications (Saas, B2B, and B2C) and device startups that intersect with Triad regional market verticals.
The program has shifted to a virtual format this year in response to COVID-19. “We are fortunate that technology enables us to run the accelerator online this year,” says Accelerator Director Adrian Smith. “We are already planning for a huge online Demo Day that will include investors from across the region, dozens of startups, and of course, New Ventures pitches.”
New Ventures has changed its structure slightly this year in order to be more mission driven. Investors have selected three companies to make investments in while two others are sponsored positions – one is an international team interested in establishing themselves in North Carolina, and one is a local idea-stage company.