Sep 14, 2022 - Business

Techstars accelerator program taps Miami startups

Illustration of a beach chair and palm tree made out of money.
Illustration: Aïda Amer/Axios

A dozen startups have been chosen to participate in a tech accelerator program in Miami that will provide seed money, networking and mentoring to fledgling companies.

Driving the news: An investment company called Techstars announced this week that it helped raise $80 million through J.P. Morgan's Private Bank platform to launch the Advancing Cities fund.

  • The money will support about 400 companies, with a focus on diversity.
  • About 75% of CEOs chosen for the program identify as Black, Hispanic/Latino, Indigenous American and/or Pacific Islander.

Zoom in: Miami is one of five cities where the program will launch first. Participants will go through a three-month program culminating in a December showcase.

  • Miami was the most popular location among applicants, Techstars said in a statement.

Between the lines: The startup ecosystem in the city is valued at $17 billion, according to a report by Startup Genome.

  • "Miami is the base and desired destination for founders across all industries," said Andres Barreto, managing director of Techstars Miami. "Although it's known for the boom in web3 and fintech, we also found companies across industries as diverse as health care, logistics, robotics, and edtech."

Startups chosen for the Miami program include:

  • Aerialoop, a delivery company that uses drones.
  • Ambana, an investment platform offering fractional ownership of rental properties in Latin America.
  • Docokids, which makes pediatricians accessible 24/7 via WhatsApp.

What's next: Applications are open for the program's next round, set to begin in February.

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