June 2, 2015
Earlier today, Betaspring – the Providence, RI-based startup accelerator consistently ranked among the top in the country – announced the launch of RevUp, the first accelerator of its kind aimed at “revenue-first” companies. Blending together some of the core features of Betaspring’s current accelerator program with additions like a shared growth team, companies participating in RevUp will be given the resources and opportunities to help them act quickly on ways to enhance revenue generation.
“The world is missing something big by using a model that requires outsized exits to drive returns. By focusing on revenue-first startups, RevUp expands the number of great companies we can work with,” said Betaspring cofounder Allan Tear in a statement. “There’s more than one way to build profitable companies that make founders and investors happy. “
RevUp by Betaspring is the first of its kind in that it’s not aiming to find the potential unicorns; it’s not looking for companies with the potential to exit. Rather, they’re simply focused on working with companies that are already great at what they’re doing and are generating the revenue that proves that. According to Betaspring, the new accelerator is a way to support companies that oftentimes get ignored by VCs – notably, 93 percent on the Inc 500 list of fastest-growing companies received zero venture capital.
This revenue-first accelerator by Betaspring aims to select startups that are generating between $10,000 and $15,000 per month, and can show significant growth opportunity. With a focus on tech-enabled startups in things like SaaS, software, e-commerce, consumer products, and technology services (among others), RevUp hopes to find six to eight companies on a rolling basis between June 2015 and January 2016. Those startups selected will receive $75,000 investment each and will go through a three-month program aimed at increasing customer acquisition and revenue. RevUp does not take equity and, instead, will get a return as a percentage of revenues as companies scale over a 36-month period.
Those interested in applying to RevUp by Betaspring can read more on the RevUp website.
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