NextFab is Launching a $100K Follow-on Fund for its Accelerator Startups
Add access to follow-on cash to the list of perks at NextFab’s RAPID accelerator program.
The South Philly makerspace — which also has locations in North Philly and Wilmington, Del. — launched a follow-on fund worth $100,000 to invest in companies from its accelerator program, which kicks in $25,000, office space and access to mentorship.
No investments have yet been made from the relatively small fund, which will look exclusively at RAPID startups in its initial run, according to NextFab CFO Ken Tomlinson.
“Working with hardware can be expensive,” Tomlinson said. “But we’ve started looking at companies from the cohorts and there’s a few standouts that we’d like to support.”
Meet the companies:
- Augean Robotics: Makers of Burro, a robotic cart that follows farm and other workers around and can travel autonomously.
- Hexmodal Technologies: Makers of an IoT device that automatically tests and reports on emergency lights.
- InstaHub: Makers of a snap-on light sensor for energy saving.
- RightAir: Makers of an ambulatory and wearable respiratory device for COPD patients.
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