BoomStartup Merges with VentureCapital.org
BoomStartup Accelerator announced today it is now a part of non-profit entrepreneurship organization VentureCapital.org (VCO). Cottonwood Heights-based Assure, a large private asset and SPV administrator and BoomStartups' previous home, has agreed to VentureCapital.org's acquisition of BoomStartup.
Founded in 2010, BoomStartup has supported over 150 Utah tech companies and helped them raise $55M in early-stage equity based funding.
In 2019, BoomStartup was acquired by Assure. With that acquisition, Boom's philosophy evolved so that thousands of founders could get support on business maturity guidance, capital structuring, and SPV syndication. Assure’s SPVs have been a tool making it easier for founders and angels to syndicate early-stage fundraises with more investors and raise more capital. Founders raising with an SPV have raised twice the amount of money than those not using an SPV, according to Katie Neilsen, Co-founder and President of Assure.
“Access to capital has always been core to our work and motivations at Assure," says Neilsen. "We are committed to supporting the fundraising and capital needs of entrepreneurs and their investors through new tools, technologies, and of course SPVs. As we lean more into digitizing the capital stack, we wanted to find an equally dedicated organization to lead the way on programming. Over the years, we’ve had the privilege of getting to know the team behind VentureCapital.org and couldn’t think of a better team to take BoomStartup to its next phase.”
For over a decade, Utah-based Assure has been dedicated to supporting entrepreneurs at all stages of their journey. Assure has helped shepherd and grow BoomStartup while expanding the program’s access to angel networks and venture capital funds across the country.
BoomStartup’s programs focus on early-stage startup activities: OpenUp provides remote, drop-in courses and expert-led sessions; RiseUp pairs founders with experts for 1-week problem-solving sprints; while AmplifyUp focuses on fundraising. Since 2021, over 11 million dollars in startup funding have been invested in BoomStartup AmplifyUp graduates. Between 2021 and September 2022, 1,500 additional founders joined BoomStartup’s opt-in and inclusive accelerator program, who were successful at raising over $11M in funding.
VentureCapital.org is a 501(c)(3) non-profit that has offered complimentary mentoring and educational programs to founders since 1983. The nonprofit was originally known as the Technology Innovation Center by Dr. Wayne Brown and Bradley Bertoch. It was renamed Wayne Brown Institute in 1988 after Dr. Wayne Brown died unexpectedly. Hundreds of founders have received actionable insight on how to secure investment through VCO's programs. The nonprofit says 70% of companies who complete the mentoring program, raise capital in the following 12 months.
“We could not be more grateful for the generosity and the support of our partners at Assure. This acquisition will amplify the power and reach of both BoomStartup and VentureCapital.org to help entrepreneurs become investible and then connect them with capital”, says Trent Christensen, President and CEO of VentureCapital.org.
The merger of these two communities and is expected to expedite access to capital for the entrepreneurs who complete BoomStartup's VCO program, enhanced by educational resources that include over 80 training modules.
Venture Capital.org runs several startup programs to support and advance the foundations of America’s innovation economy. Currently, the combined organization is finalizing its 2023 entrepreneur program plan. "We expect that the investor community will also greatly appreciate of the quality of graduates, going forward," says Tara Spalding, Chief Programming Officer and Director of the Women's Entrepreneurship Program at VentureCapital.org.
“I am beyond thrilled that starting today, two impressive and respective communities will combine to support investment preparation and access to capital for founders,” stated Tara Spalding, Chief Programming Officer at VentureCapital.org. “Now, thousands of entrepreneurs can leverage education programs, mentoring, and networking events proven over time, to supply a high-quality deal flow to investors.”