AlleyCorp launches $1m pitch competition to elevate underrepresented founders
AlleyCorp, a New York-based venture capital firm that incubates and invests in transformative companies, has announced its inaugural pitch competition, Peerless, to support and elevate exceptional early-stage founders. In partnership with Management Leadership for Tomorrow (MLT), a national nonprofit focused on equipping and emboldening high-achieving individuals from underrepresented communities - Black, Latine, and Native American - the competition will aim to support early-stage founders from backgrounds that have been historically underfunded.
With less than 2% of venture capital dollars going toward female founders in 2023, in keeping with the shared commitment of AlleyCorp and MLT to diversify the startup ecosystem, Peerless will also be actively seeking submissions from female founders.
The grand prize winner will receive an investment of $1 million via an uncapped convertible note at a 20% discount, in addition to support from a network of partners that include Harlem Capital, BBGV, VamosVentures, Human Ventures, AWS Startups, and New York City Economic Development Corporation’s Venture Access Alliance. The winner will also receive talent recruitment support as they scale, ongoing mentorship and coaching, access to industry networking events, and membership to Tech:NYC.
Desiree Almodovar, Director, AlleyCorp: ''Underrepresented founders are underfunded founders. This reality doesn’t just stifle innovation, it limits economic growth. We wanted to create a competition that recognizes - with substantial investment - the promise of Black, Latine, Native American and Female Founders to ensure their ideas can scale and have an impact.''
Submissions open today and can be accessed at peerlesspitch.com. In the coming weeks, selected nominees will be invited to engage in virtual pitch and networking events throughout the spring, with the final pitch and winner named this summer.
