OutreachGenius, Happly.AI is among the winners, taking home more money than ever before.
Black-led startups received more funding from the DMZ's fifth annual Black Innovation Summit than ever before.
Ten Black-led startups competed for funding from DMZ Ventures, Tribe Network and Capital M Ventures. DMZ, a startup incubator based at Metropolitan University of Toronto, said the pot was initially $300,000, but by the end of the night it was $400,000.
“Supporting Black founders isn't just the right thing to do, it's one of the smartest bets you can make.”
This is the largest amount of funding the Black Innovation Summit has awarded in its history, and by a significant amount. For past three yearsPitch competition winners typically split $60,000 or less. A DMZ spokesperson told BetaKit that the jump was due to the summit providing both investment and grants for the first time in history. Previously, funding was provided exclusively through grants.
“This year's summit was our largest yet, bringing together more than 400 Black entrepreneurs and the most funding in the event's history. That's no coincidence,” Abdullah Snobar, DMZ executive director and CEO of DMZ Ventures, said in a statement. “While the players are in space stepping backWe're doubling down because supporting Black founders isn't just the right thing to do, it's one of the smartest bets you can make.”
Four companies emerged as winners with a total of $375,000 in funding. The main prize of the competition went to OutreachGeniuswhich received US$200,000 in investment commitments. The startup provides artificial intelligence (AI) agents who answer sales calls and revive bleak prospects for home service businesses.
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Happy.AIwhich uses artificial intelligence to help users find, apply for and qualify for grants, procurement, tax credits and other programs, received $75,000 in investment commitments and a $50,000 grant. The startup took first place in InnovateWest Pitch Competition last year.
Meanwhile, Kiwi Charge received a $30,000 grant for its stand-alone electric vehicle charging devices, and Cellect Laboratories received a $20,000 grant for nanotechnology-based products that test for HPV and cervical cancer. In addition, five young entrepreneurs shared $25,000 in youth grants.
The Black Innovation Summit is a signature event for DMZ's Black Innovation programs, which were created to increase the number of Black-led startups in the tech ecosystem and break the cycle of inequality. To date, DMZ claims to have supported more than 2,500 Black-identifying founders and distributed more than $3 million in grants and services.
Image courtesy of DMZ.
