Business accelerator The Startup Factory has selected four businesses, including three based in the Triangle, for its next 12-week mentoring session.
Durham-based Startup Factory is investing $50,000 in the startups in exchange for a 7.5 percent ownership stake and will offer a loan convertible to equity ranging from $20,000 to $150,000 after the companies complete the mentoring program.
With the new investments, Startup Factory to date has invested $2.6 million in 26 companies. The three Triangle-based startups selected for the program, along with descriptions provided by Startup Factory, are:
• Crowdfunde: The company “curates and filters crowdfunding content from around the Web. Our proprietary algorithms help shoppers, investors, donors, companies and brands find, create and share wisdom of crowds.”
• Knomad: This startup aspires to “become the first major social radio app, making it easier for users to discover, listen to, and share spoken content (radio shows, podcasts, TED talks, news updates, interviews, lectures, etc.). Think Twitter meets Spotify for non-music audio: a social platform complete with easily shared cloud playlists, a social feed, the option to follow people and organizations, and smart topical searching.”
• Hostel Rocket: This business “is a hostel travel search and booking engine. We work with over 60,000 hostel operators and OTA’s (online travel agencies) worldwide to help you find the right hostels, tours, flights, car rentals and rail passes.”