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BK-XL, a Brooklyn-based, early-stage startup accelerator program for underrepresented founders, is returning for another year.
Clara Wu Tsai, a founder of the nonprofit Social Justice Fund, and a owner of the Brooklyn Nets, New York Liberty, and Barclays Center will select up to 12 startups to join BK-XL’s second cohort, according to a news release.
Each selected start-up will receive a $125,000 investment in exchange for 7% equity on a SAFE note, with the opportunity to earn follow-on investments within 12 months of program completion.
“We are proud to announce the second round of our BK-XL Accelerator,” said Wu Tsai. “We launched BK-XL in 2022 with a commitment to support underrepresented entrepreneurs with the requisite funding, network support, and access to resources to build extraordinary, enduring companies. We couldn't be more excited to welcome our new cohort to Brooklyn."
The 2023 inaugural BK-XL cohort included twelve startups across fintech, commerce, SaaS and other industries in Brooklyn, and provided valuable insight in supporting the needs of underrepresented founders. Of this initial cohort, 50% of companies received follow-on funding from BK-XL.
The program welcomes startups registered anywhere in the U.S. to apply and build their companies in Brooklyn. The Social Justice Fund and the BK-XL team are partnering with leading investing firms such as Benchstrength, Visible Hands, Udy Road, Harlem Capital, Infinity Ventures and WndrCo who will serve on a program advisory council, helping to select founders and serve as guides throughout the program curriculum.
In addition to receiving funding from BK-XL, selected founders will participate in a ten-week immersion program in Brooklyn during which they’ll receive office space at Camp David in Industry City along with ongoing mentorship and support from investors and operators at Blue Pool Capital, Udy Road, BSE Global, the Brooklyn Nets, Barclays Center, and other partnering organizations.
BK-XL and its network of partners will continue to support the selected companies after the completion of the accelerator program.
Applications for this year’s BK-XL cohort are now open, and will close on May 3. Selected companies will be notified by mid-June and the program is expected to begin in early July and run until mid-September.
More information on the timeline and application process is available at www.bk-xl.com.
