Launch Pad Ignition and Abstraction Ventures Partner to Provide Seed Funding to New Orleans Startups
NEW ORLEANS, LA – January 11, 2011 – Launch Pad Ignition is announcing today a partnership with Abstraction Ventures to provide seed funding to select startups accepted into its accelerator program. Launch Pad Ignition is embarking on its second accelerator class in the spring of 2012, with the 12 week program commencing February 13.
In a shift from traditional accelerator models, Ignition is taking a stage-agnostic approach for 2012, allowing it to work with bootstrapped, pre-funding or angel funded companies. Combining world-class mentorship with a bootcamp-like intensity, the program focuses on helping companies demonstrate customer traction in just 12 weeks.
Abstraction Ventures will invest the critical seed capital of up to $20,000 in select companies accepted into Ignition that have not yet raised funding. Amith Nagarajan, co-founder of Abstraction Ventures, will join the Ignition Advisory Board.
“Launch Pad Ignition is focused on accelerating early stage startups and so are we. This partnership combines an excellent accelerator program with access to our seed-stage fund. The combination offers tremendous benefits for both organizations and most importantly for the entrepreneurs with whom we work.” said Amith Nagarajan. “We bet on smart people with great ideas, and we know at the earliest stage, entrepreneurs need an investor to believe in them. Launch Pad Ignition provides a great pipeline of interesting companies and the resources and support to position them for success.”
“Abstraction Ventures has been the most active early stage investor in New Orleans over the last year and shares our philosophy of investing early in passionate founders who have a path to revenue and focus on execution” said Chris Schultz, co-founder of Launch Pad Ignition. “We are thrilled to have Abstraction as the funding partner for 2012’s accelerator class”
About Launch Pad Ignition
Launch Pad Ignition’s mission is to develop the New Orleans start-up ecosystem and to create rich connections between start-up founders and its mentor network of entrepreneurs, experts and investors from across the US. In 2011, Ignition funded 6 companies and built a network of more than 50 mentors and investors in New York and Silicon Valley. The Accelerator program is housed and supported by Launch Pad, a co-working space in downtown New Orleans. Founded in 2010 by Chris Schultz, Peter Bodenheimer, Barre Tanguis & Will Donaldson, Launch Pad Ignition provides entrepreneurs the tools, community and support needed to move their business to the next level of growth. Learn more and get involved at http://launchpadignition.com
About Abstraction Ventures
Abstraction Ventures is a family fund formed formed to help early stage entrepreneurs translate their vision into commercially successful businesses. Abstraction provides both funding and guidance to early-stage, socially aware, high-potential growth companies. Abstraction’s portfolio is focused primarily on companies using technology in creative ways to accelerate growth, improve efficiency, or make new connections in traditional markets. Abstraction bets on smart people with great ideas. Learn more at www.abstractionventures.com.
Contact: Chris Schultz, chris@launchpadignition.com, 504-298-8884
