Launch Chapel Hill, the local innovation space to help accelerate startup companies, recently received a substantial gift to aid its growth.
According to UNC, who is one of the founding partners of the resource center and co-working space, investment firm Lee-Moore Capital recently awarded Launch with a gift of $230,000. The donation will allow the space to upgrade its software and technology at the innovation hub off West Franklin Street and expand startup support services available through its accelerator program.
“Carolina is committed to innovation and entrepreneurship in downtown Chapel Hill, and we accept this gift on behalf of the partnership between the town, county and University,” said UNC Chancellor Kevin Guskiewicz in a release. “This investment by Lee-Moore Capital will help us drive economic growth together, assist entrepreneurs as they emerge from the economic crisis created by the COVID-19 pandemic, and give people at Carolina and in our community new ways to turn their inventive ideas into companies that generate jobs and revenue.”
The Town of Chapel Hill, the Orange County government and the Chapel Hill Downtown Partnership are also founding partners, whose initial investment has seen companies started at Launch lead to hundreds of jobs created in the area and $84 million in total revenue this calendar year.
Chapel Hill Mayor Pam Hemminger spoke to 97.9 The Hill’s Aaron Keck about the gift, describing the news as incredible and praising the work done at Launch so far.
“For me,” said Hemminger, “[Launch] just embodies what Chapel Hill is about: that creative energy, helping it spark, nurturing it, having it grow here and grow jobs for our community. They do world-changing things with these companies, I’m just amazed at the energy and the ideas.
In addition to upgrades to its software and technology, Hemminger said the funding gives Launch the ability to hire someone to improve programming that aids local growth of business ventures.
“This big grant money will allow us to hire a community manager for more support services,” she described. “We’re very grateful that Lee-Moore Capital and other groups who have invested in Launch see the potential, because it’s huge for [our area.]”
Founded in 2013, the non-profit reports accelerating total 136 companies, including 104 that are still active. In addition to the accelerator program, Launch also operates as a co-working space, providing amenities like conference rooms, desks, printing access and more to members.
More information about the gift from Lee-Moore Capital to Launch Chapel Hill can be found on UNC’s Innovate Carolina website.
Photo via Jon Gardiner/UNC-Chapel Hill.
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