Before pitching to investors and venture capital firms, some founders will scrape together capital from people they know—a category of early-stage funding known as the “friends and family” round.
But most founders—especially those from communities that are underrepresented in tech—don’t have access to such a moneyed personal network. For those without backing from friends and family, getting that initial investment can be a grueling, sometimes impossible, task.
Grid110, a Los Angeles-based nonprofit, wants to help level the playing field.
The incubator launched its first national “Friends & Family” cohort this month for 20 early-stage startups through a partnership with Slauson & Co., an early-stage venture capital firm based in L.A. and focused on economic inclusion.
“We felt that there was an opportunity to kind of reframe this concept of ‘friends and family,’ and not just from a capital standpoint,” Grid110 CEO Miki Reynolds told dot.LA. “The…