AlleyCorp Launches $1M Pitch Competition to Elevate Underrepresented Founders

Rhea-AI Summary

AlleyCorp, a venture capital firm, partners with MLT to launch Peerless pitch competition supporting underrepresented early-stage founders, offering $1 million investment and various support services.

In partnership with Management Leadership for Tomorrow (MLT), and their mission to serve Black, Latine and Native American communities, the inaugural pitch competition will focus on supporting early-stage founders from underrepresented communities.

NEW YORK--(BUSINESS WIRE)-- AlleyCorp, a New York-based venture capital firm that incubates and invests in transformative companies, today announced its inaugural pitch competition, Peerless, to support and elevate exceptional early-stage founders. In partnership with Management Leadership for Tomorrow (MLT), a national nonprofit focused on equipping and emboldening high-achieving individuals from underrepresented communities—Black, Latine, and Native American—the competition will aim to support early-stage founders from backgrounds that have been historically underfunded.

With less than 2% of venture capital dollars going toward female founders in 2023, in keeping with the shared commitment of AlleyCorp and MLT to diversify the startup ecosystem, Peerless will also be actively seeking submissions from female founders.

The grand prize winner will receive an investment of $1 million via an uncapped convertible note at a 20% discount, in addition to support from a network of partners that include Harlem Capital, BBGV, VamosVentures, Human Ventures, AWS Startups, and New York City Economic Development Corporation’s Venture Access Alliance. The winner will also receive talent recruitment support as they scale, ongoing mentorship and coaching, access to industry networking events, and membership to Tech:NYC.

“Underrepresented founders are underfunded founders,” said Desiree Almodovar, Director at AlleyCorp, who is spearheading the competition. “This reality doesn’t just stifle innovation, it limits economic growth. We wanted to create a competition that recognizes—with substantial investment—the promise of Black, Latine, Native American and Female Founders to ensure their ideas can scale and have an impact.”

Submissions open today and can be accessed at peerlesspitch.com. In the coming weeks, selected nominees will be invited to engage in virtual pitch and networking events throughout the spring, with the final pitch and winner named this summer.

About AlleyCorp

Founded by serial entrepreneur Kevin Ryan, AlleyCorp is a New York-based venture capital firm that incubates and invests in transformative companies across dedicated verticals for Diversified Technology, Healthcare, Robotics, and Social Impact. Companies incubated by the AlleyCorp team include MongoDB (NASDAQ: MDB), Gilt Groupe, Business Insider, Zola, Nomad Health, Pearl Health, and Transcend Therapeutics. In addition to founding companies, AlleyCorp actively invests across pre-seed, seed, and Series A. For more information, please visit alleycorp.com.

About Management Leadership for Tomorrow (MLT)

Launched in 2002, Management Leadership for Tomorrow (MLT) is a national nonprofit that is transforming the leadership pipelines of more than 120 leading organizations by driving breakthrough results for individuals and institutions. MLT equips and emboldens high-achieving individuals from underrepresented communities—Black, Latine, and Native American—to realize their full potential, to make a mark, and make a difference. MLT has convened a uniquely powerful and vibrant community of Rising Leaders—10,000 and growing—who are propelling change throughout our institutions, communities, and nation. Learn more at mlt.org.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240318842060/en/

For Press Inquiries

Josh Kipnis

AlleyCorp, Director of Communications

josh@alleycorp.com

Source: AlleyCorp

FAQ

What is the name of the venture capital firm mentioned in the press release partnering with MLT for the pitch competition?

AlleyCorp

What is the name of the pitch competition launched by AlleyCorp in partnership with MLT?

Peerless

What is the grand prize for the winner of the Peerless pitch competition?

The grand prize winner will receive a $1 million investment via an uncapped convertible note at a 20% discount.

Which communities are being focused on in the competition according to the press release?

Black, Latine, Native American, and female founders

How can one access the submissions for the Peerless pitch competition?

Submissions can be accessed at peerlesspitch.com