Tuesday, October 18, 2011
K5Launch Launches Venture Accelerator
Irvine-based K5Launch, a new venture accelerator started by angel investors Amir Banafatemi, Ray Chan, David Cheng, and Kai Tao, is looking to spawn the growth of startups in Southern California, saying today that it has launched its efforts in the area. The accelerator said that it is aiming at helping entrepreneurs--particularly in the social and mobile technology space--in Los Angeles, San Diego, and Orange County with pre-seed funding and mentoring. Ray Chan, one of the founders, said that the aim of the accelerator is to "fill the void" that angels and venture capitalists have left in Southern California, and to host, enable, connect, or invest in a 1000 companies in the next 5 years to try to create companies--and jobs--in Southern California. The group is following a similar model to that employed by such accelerators as YCombinator or TechStars--helping firms to develop a product or prototype, and then pitching those firms to a network of investors.