Snap Announces New Class of Yellow Accelerator Program
Snap Inc. unveiled its third class of its "Yellow" accelerator program on Wednesday, which includes companies based in Lithuania, South Korea, London, Mexico, as well as Los Angeles.
The ten selected companies include a digital community for blue-collar workers, a media platform for Black millennial entrepreneurs, an AI-based mobile app to teach drawing using augmented reality, and a one-tap short-form film-making app.
The 14-week program, started in 2018, provides companies with $150,000 in funding in exchange for 6% of equity as well as office space in Santa Monica, where Snap is based, among mentorship opportunities, networking events and commercial support and partnerships that also includes an opportunity for distribution on Snapchat.
"This new class approaches mobile creativity through the diverse lenses of augmented reality, platforms, commerce and media, yet each company has a clear vision to bring their products to life," said Mike Su, director of Yellow, in a statement. "This class shows us that there's no shortage of innovation at the intersection of creativity and technology, and we're excited to be part of each company's journey."
Per Snap, the new class is made up of the following companies: Brightly based in Oakland, Calif.; Charli Cohen based out of London, UK; Hardworkers based in Cambridge, Mass.; Mogul Millennial based in Dallas, Texas; Nuggetverse based in Los Angeles, Calif; SketchAR based in Vilnius, Lithuania; Stipop based in Seoul, South Korea; TRASH based in Los Angeles, Calif.; Veam based in Seoul, South Korea; and Wabisabi Design, Inc. based in Mexico City, Mexico
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Sometimes it's better not to raise money. I know this sounds strange coming from me. I'm an angel investor in over 50 startups, my Twitter is essentially a ticker for funding news and I've always been a huge proponent for going public, which requires a long road of investments along the way. But there are great reasons to turn down venture capital investment and bootstrap it yourself or take just a small amount of funding. This was the crux of my discussion the other day with a founder facing this big decision on whether to raise a seed round.
This founder's company is getting great customer traction within a niche of a skyrocketing industry that has some very powerful players. He's at a fork in the road. If he pursues funding, he'll likely be able to raise a round. But is it the right thing?
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Amazon unveiled a new lineup of spherical Echo devices, an autonomous flying indoor Ring security camera, a new cloud gaming service, and new features to help Alexa converse and interact more naturally with users.
The flurry of news came Thursday morning during the company's annual Devices & Services event, a virtual version of a fall tradition in which the company typically shows its newest Echo speakers and other Alexa-enabled devices.
Santa Monica-based Snap continues to grow its gaming operation, announcing two new leadership hires for the division on Thursday.
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