Dimension Mill
|
Location |
Bloomington, IN |
|
|---|---|---|
|
Build to Scale Program |
Capital Challenge |
|
|
Project Name |
Twincharger Project |
|
|
Award Amount |
Federal Share |
Local Match |
|
$399,650 |
$410,730 |
The Twincharger project will expand the Flywheel Fund and launch the Turbine Fund. Twincharger will increase risk capital for early-stage startups and expand access to that capital to underrepresented founders to scale the next generation of tech and cybersecurity startups, create jobs, and grow the economy of southern Indiana.
Flywheel Fund is a one-year, member-managed, low-barrier capital fund for first-time investors. It is designed to grow the region’s pool of investors, increase investment in minority-led ventures, and ensure that promising Indiana-based startups access necessary capital to enable fast growth and job creation. This grant will empower The Mill to grow Flywheel to its legal capacity and to create a second fund for high net-worth, seasoned investors, the Turbine Fund. Both funds will accelerate innovations in the region’s strengths in tech and cybersecurity. The funds will assist startups regardless of race, age, gender, national origin, ability, or sexual preference, and will be especially focused on underserved founders, including but not limited to women and Black and Brown founders.
By year three of the grant, Flywheel Fund aims to grow to 100 investors and $1.33 million, funding an average of 12 startups annually. Turbine Fund will source 10 investors to build a $500,000 three-year fund, funding an average of 3 startups annually.