Toronto-based accelerator Extreme Startups was first announced in January, with a $7 million fund to invest in early-stage companies, and its first cohort took place during the late spring and early summer. That group did pretty well, with startups like Shoplocket, SimplyUs, and Verelo (all covered in TechCrunch!) graduating earlier this summer. Of the five participating, two raised seed rounds of $1 million or more from Canadian and U.S.-based VC firms.
Like other incubators, Extreme Startups provides funding, mentorship, and access to administrative and legal support for startups that participate. It gives teams $50,000 at the start of the 12-week program in exchange for 10 percent of equity, as well as an additional $150,000 convertible note upon exiting the program. In addition, participating startups get coworking space, will attend weekly classes, and will have access to more than 50 mentors that have signed up to help.
Today, Extreme Startups is announcing that it has selected the next five companies to take part in its incubator. This second cohort will take place over the next few months and end with a demo day on November 28.
In addition to the startups that are participating in its accelerator, Extreme Startups has also put aside some space for promising young companies to work alongside them. It’s launched the Preccelerator, which provides free coworking space and other perks for five awesome startups. Here are the five that are in this time:
Extreme Startups is a startup accelerator based in Toronto, funding technology-oriented companies with a focus on web or mobile-based software. Startups can work closely with Xtreme Labs, mobile specialists across all major platforms. Extreme Startups is backed by the five largest VCs in Canada, and each company gets a $50,000 investment, plus another $150,000 upon completion of the program. Cohorts comprise 5 companies for a 12-week program in Toronto, twice a year. Extreme Startups provides four floors of shared office...