Venture capital fund Backstage Capital has included seven companies in Detroit as part of the 25-cohort for its Backstage Accelerator program. The program will run from March 12 to June 7, 2019.
According to Backstage Detroit managing director Monica West, the participating companies will get $100,00 each in exchange for five percent of company equity. The start-ups will also be given mentorship, coaching, time with experts, a custom-built curriculum and access to investors. They will also get office space for the rest of 2019.
The Detroit cohorts include hair care product manufacturer Nutralicious, skin-tone diverse doll maker Healthy Roots and jewelry design and manufacturing company Casting de Khrysopoeia.
Backstage Capital was founded by Arlan Hamilton to invest in early-stage businesses led by underrepresented groups including women, people of color and LGBT people.