July 25, 2019 Comments Off on MHub Plans $15M Fund to Back Hardware Startups Views: 404 Chicago News, North Side

MHub Plans $15M Fund to Back Hardware Startups

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Fresh off opening its new headquarters in West Town, manufacturing incubator MHub said it planned to raise a $15-million fund to invest in early-stage hardware startups. MHub will use a $300,000 federal grant from the Economic Development Administration to support the operations and administration of the fund.

“There is a serious gap in funding for early stage, product-based startups,” said Haven Allen, CEO and co-founder of MHub. “To truly make an impact in reducing the barriers to commercialization, we need to directly generate investment and create sticky connections between startups, investors, and corporate partners.”

Recently renamed Product Impact Fund I, the MHub fund seeks to fund 60 product-based businesses to participate in MHub’s Accelerated Incubation Program, which will pair six cohorts of 10 startups each with corporations. Cohorts will be focused on product innovation and development in areas ranging from clean energy technology to smart buildings/cities and homes.

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