Launch Pad Ignition announced a partnership today 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 13th, 2012.
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.”
Applications for Launch Pad Ignition are due Sunday, January 15th, 2012. As a TechStars network accelerator, they are using the TechStars network application, available here.