Accelerators Funding Virginia

Capital One Re-Ups Commitment To Richmond Startups

Capital One Donates Another $100,000 to Richmond’s Lighthouse Labs Accelerator

lighthouselabs-top Capital One Re-Ups Commitment To Richmond Startups

Financial giant Capital One is no stranger to the startup scene in Virginia. Capital One has been backing Lighthouse Labs for the past four years. For the second year in a row the company is donating $100,000 to the accelerator program that helps startups and small businesses in Richmond.

This is the second big commitment Capital One has made in Richmond’s startup ecosystem this year. Back in April we reported that Capital One had purchased a building in Shockoe Bottom for $1.8M that’s turning into the Startup Virginia incubator.

Lighthouse Labs was founded in 2012. They run a three month cohort based accelerator that takes no equity in the startups that it puts through the program. To date 27 companies have gone through the program. Those companies have collectively created more than 90 jobs and raised more than $9.5 million dollars in follow on funding. They’ve also been named a Top 25 ranked seed accelerator. They are part of the Global Accelerator Network. Some of their alumni include; Nudge Coach, HourWise and Mapmycustomers.

Capital One donated the money as part of their $150 million dollar, Future Edge initiative. Capital One will deploy the $150 million dollars in markets where they have operations to help more people develop the skills and find the resources needed to succeed in the digital economy.  Lighthouse Labs fits perfectly into this strategy.

“Strong partners like Capital One are key to the success of our program,” said Joanna Pheil, program manager at Lighthouse Labs.

Altria, the parent company of Richmond based Phillip Morris is also a corporate partner for Lighthouse Labs. Last year they donated $125,000.

The next cohort will start in August and end in November with an investor day. Applications for that cohort are being accepted here through June 30th. They will announce the finalists on July 27th.

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