LONG BEACH, Calif.–(BUSINESS WIRE)–The Long Beach Accelerator (LBA) recently celebrated the graduation of its inaugural cohort, a class that has already produced fantastic early results. Further, LBA is proud to announce the kick-off of Cohort 2 with five new and exciting companies. LBA is a partnership between Sunstone Management, the City of Long Beach’s Economic Development Department, and California State University Long Beach’s Institute for Innovation & Entrepreneurship (CSLUB IIE).
Members of the inaugural cohort include Bump by Ownors, Delphire, Evolectric, Localight, ParkPlace, Solarview, and Storybolt, and represent a strong group of diverse founders and industries, made up of seven companies which have collectively accrued $3 million and counting in investment capital, $700,000 in revenue, one Small Business Innovation Research (SBIR) grant and two acquisition offers. These companies expect also to triple the number of employees they have, on average, by the end of the year.
Following the success of Cohort 1, LBA is proud to welcome the next class of promising entrepreneurs in Cohort 2, helming startups 123 Baby Box, Closed Loop Plastic Inc, FIV Holdings Inc, Martixa and Sensegrass Inc.
123 Baby Box is a monthly subscription service for babies aged 1 to 3 delivering products tailored to your baby’s age and developmental stage. The box contains everything individual babies need, including books, clothing, toys, and diapers.
Closed Loop Plastics Inc is a Long Beach-based start-up that fills the gaps within any existing infrastructure in the area by upcycling the vast majority of post-consumer plastic and giving it a new purpose and life.
FIV Holdings Inc is a custom B2B WealthTech Enterprise Platform for the $732 billion Annuity and Life market. FIV’s Software as a Service (SaaS) product organizes and manages carriers’ and agencies’ annuity products.
Martixa is a smart AI medical assistance that helps doctors complete high-quality clinical documentation during consultations accurately, efficiently, and in real-time instead of manual note-taking.
Sensegrass Inc is a soil intelligence platform that helps farmers and companies reduce chemical fertilizer use, increase crop yields, and grow more sustainably. The company offers farming solutions based on cutting edge technology geared towards making farming efficient and sustainable.
“Cohort 1 is a hard act to follow but in just these first couple of weeks we’ve seen the grit and determination of the Cohort 2 founders,” said Andrea White-Kjoss, Managing Director of the Long Beach Accelerator. “We expect great things from them and are looking forward to working with them over the next few months and into the future.”
Over the course of the four-month accelerator period, Cohort 2 will have access to hands-on programming designed for high-growth tech entrepreneurs and guided by mentors from each startup’s specific industry sector. The mentors, along with other business experts, will help the new companies gain traction and secure funding from the LBA Sunstone Fund and others.
LBA is also proud to announce that applications to join Cohort 3 will open in July. Follow us on social media or go to www.lbaccelerator.org to sign up for our distribution list to hear announcements.
About the Long Beach Accelerator
The Long Beach Accelerator is not your typical accelerator. It was established with the entrepreneur in mind with full support from the city, private investors, and CSULB. Program participants have access to capital to support them through acceleration and expansion. Cohort members have real government access to help navigate through the regulatory maze and provide resources and guidance at every level. They also have access to key university and industry partners and some of the largest markets in the world. The LBA is focused on providing exceptional vision and value to this ecosystem, and in seeking out and supporting companies founded by diverse entrepreneurs.
About Sunstone Management
Sunstone Management, with subsidiary Sunstone Venture Capital Fund, is a diversified private capital management and investment firm offering comprehensive wealth management solutions to high net worth clients worldwide, in particular U.S. new-immigrant families. Focusing on investments in U.S. based small businesses and lower middle markets, its offerings are carefully structured to meet targeted investor goals ranging from short term senior debt products to longer term, equity, growth capital, and venture capital investment strategies.
About the City of Long Beach
Home to approximately 470,000 people, the multiple award-winning and innovative City of Long Beach offers all the world-class amenities of a large metropolitan city while maintaining a strong sense of individual and diverse neighborhoods nestled together along the California coast. As a full-service charter city, Long Beach is home to the Queen Mary, Aquarium of the Pacific, several museums and theaters, a highly-rated school district, Long Beach Airport, the Port of Long Beach, as well as many award-winning City departments such as Health, Parks, Recreation and Marine, Development Services and more.
About CSULB Institute for Innovation & Entrepreneurship
The mission of the CSULB Institute for Innovation & Entrepreneurship (IIE) is to provide programming and guidance for innovators and entrepreneurs that leads to success. The IIE is a central hub for innovators and entrepreneurs in Long Beach, with programming and services to support long-term economic growth that is inclusive and sustainable for our diverse community.