Business Wire

Morgan Stanley Selects 10 Companies for Inaugural Global Cohort of the Multicultural Innovation Lab

Share

Morgan Stanley today announced the eighth cohort of the Multicultural Innovation Lab. The in-house accelerator program for technology and technology-enabled startups in the post-seed to Series A funding round stage targets companies with multicultural or women founders, co-founders, CTOs or other C-suite members who are developing innovative solutions across sectors. Now in its sixth year and with 69 total participating companies to date, the program is expanding globally for the first time, with participating companies in both the US and in Europe, the Middle East and Africa (EMEA).

From September 2022 to February 2023, the founders—the majority of whom are women and ethnically diverse—and their companies will participate in a customized accelerator program designed to enhance their growth and development. Chosen from over 2,500 applications, these leaders will benefit from the close support of Morgan Stanley’s global ecosystem of internal and external partners, which will provide a variety of mentorship opportunities and business-growth resources. Through MCIL, Morgan Stanley also makes investments in these early-stage, high-growth startups.

“We are particularly excited to welcome our first global cohort, representing multicultural and women-led innovation in business around the world,” said Selma Bueno, Managing Director and Head of the Multicultural Client Strategy Group. “This new stage in MCIL’s development represents our continued efforts to create a more equitable investment landscape for women- and diverse-led startups and ensure that more overlooked entrepreneurs—and their communities—have the opportunity to succeed.”

The companies that have been selected for the Fall 2022 cohort include the following:

  • Advocat is a legal software platform developed to streamline the process of creating and operationalizing legal documents.
  • AMAKA Studio is a digital media platform connecting a global community of women sharing Pan-African stories.
  • AuditMate is a provider of SaaS-driven vertical transportation maintenance and contract management services. The solution helps property managers with contract analysis, maintenance completion reporting, compliance management and more.
  • Gentreo is a software solution helping families and caregivers affordably and easily prepare, plan and protect all they love with next generation estate planning.
  • Here Here Market is an online marketplace for food enthusiasts to discover and buy specialty products from ‘chef-prenuers’ and small-batch artisans.
  • imagi is an education tech company leveraging proprietary coding education tools to equip girls with essential technology skills and confidence.
  • Kami is an AI-powered family support platform providing personalized access to a wide range of wellness consultants, as well as an expertly curated and comprehensive range of guides, articles and tips.
  • Perse is a single data technology platform leveraging energy and carbon data from all meters in Britain to report and optimize the energy and carbon footprint for individuals, households and businesses.
  • Physician 360 transforms community pharmacies into healthcare clinics by empowering them with access to a virtual care platform.
  • Wearisma is a global enterprise SaaS influencer analytics platform helping large-scale companies to optimize marketing spend and to achieve communication objectives.

The Fall cohort will operate in a hybrid environment, using a combination of online video platforms and in-person events to facilitate the curriculum, enhance connectivity and foster community. The program will culminate in the eighth Multicultural Innovation Lab Showcase and Demo Day, when the 10 participating companies will present to potential investors, business partners and customers.

For the last two years, MCIL has been named one of the World’s Best Innovation Labs by Global Finance Magazine. The Lab continues to successfully increase access to capital for diverse entrepreneurs, as evidenced by resulting company acquisitions and additional funding rounds following participation in the program. Some notable examples include:

  • Relationship intelligence platform Stimulus raised a $2.5 million seed round to grow partnerships and expand the team with engineering, data science and sales talent.
  • Lillii RNB, an AI-powered fraud prevention and investigation SaaS solution for retailers, raised a $3 million seed round from co-leads Serena Ventures and Aperture Venture Capital to capitalize on sales opportunities and grow its partnership network.
  • Event management software platform Five to Nine raised a $4.25 million seed round to expand its engineering capability, accelerate product development and grow the team.

About the Multicultural Innovation Lab

The Multicultural Innovation Lab (MCIL) is an intensive five-month in-house accelerator designed to help further develop and scale startups, culminating in a showcase presentation and Demo Day to the investor community. Morgan Stanley launched MCIL in 2017 in order to address inequities in funding of ethnically diverse- and women-led startups, which our research shows equals over four trillion dollars in unrealized returns.

The team is led by New York-based Selma Bueno, Managing Director and Global Head of the Multicultural Client Strategy Group, and London-based Sanghamitra Karra, Managing Director and EMEA Head of the Multicultural Client Strategy Group. Together, they have over 35 years of investment banking and risk management experience.

Listen to the Access & Opportunity with Carla Harris podcast on your platform of choice to learn about the players driving change among diverse entrepreneurs, the investor community and the world.

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 41 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit https://www.morganstanley.com/.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Media Relations: Daniella Cohen
Daniella.Cohen@morganstanley.com

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

AUTEL Launches Energy Storage Solutions7.10.2022 20:19:00 CEST | Press release

AUTEL (AUTEL EUROPE GmbH) launched its new energy storage solutions at eMove360° Europe 2022, for energy storage systems, commercial and industrial applications, and residential uses. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221007005488/en/ The smartest hub to direct your home energy: Autel Hybrid Inverter (Photo: Business Wire) "With over 10 years of R&D experience, Autel continues to deliver industry breakthroughs in core technologies such as power electronics," said Mr. Ting Cai, CEO of Autel Europe GmbH. Autel offers optimal Levelized Cost of Electricity (LCOE) with improved safety achieved through continuous innovation in string design to address key industry challenges. The energy storage range includes the Autel Hybrid Inverter and the Autel ESS All-in-one. Autel Energy Storage Solutions address capacity limitations AUTEL believes that its energy storage products are capable of solving the problems of limited c

Acathia Capital Completes Acquisition of Swedish Life Insurer Futur Pension7.10.2022 11:51:00 CEST | Press release

With the receipt of approvals from the Swedish Financial Supervisory Authority, Acathia Capital has completed the increase of its stake in Futur Pension Försäkrings AB, the most successful life insurer in Sweden. Since 2019, Acathia Capital has been the joint lead investor, together with the Nordic private equity manager Polaris, in this investment, within a group of 5 institutional investors. As a result of the transaction, investment vehicles advised by Acathia have increased their joint stake in Futur Pension from 30% to almost 50%. Futur Pension is a powerful demonstration of how digitalization is fundamentally transforming the insurance business. The fintech, founded in 2000, has already fundamentally transformed the Swedish life insurance market in terms of cost and market share structure. Dr. Thomas Schmitt, managing partner of Acathia Capital, comments: “Futur Pension has increased its market share from 7% to over 11% of premium volume since we have become owners in 2019, makin

EIG’s MidOcean Energy to Acquire Tokyo Gas’ Interests in Portfolio of Four Australian Integrated LNG Projects for US$2.15 Billion7.10.2022 10:44:00 CEST | Press release

MidOcean Energy (“MidOcean”), an LNG company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced that it has entered into a definitive agreement with Tokyo Gas Co., Ltd (“Tokyo Gas”) to acquire Tokyo Gas’ interests in a portfolio of four Australian integrated LNG projects. Under the terms of the agreement, MidOcean will acquire Tokyo Gas’ interests in Gorgon LNG, Ichthys LNG, Pluto LNG and Queensland Curtis LNG for total cash consideration of US$2.15 billion. These integrated projects span Australia’s western and eastern seaboard and are major suppliers of LNG to Asia, with a diverse set of long-dated take or pay contracts with investment grade counterparties, and to Australia’s domestic gas markets. The portfolio is expected to generate approximately 1 million tonnes per annum of LNG net to MidOcean, production that is underpinned by long-life reserves and a globally competitive cost structure. The portfolio bene

LabGenius Secures Government Innovation Grant to Expand ML-driven Drug Discovery Platform, EVA™7.10.2022 09:00:00 CEST | Press release

LabGenius, a pioneer in the use of machine learning (ML) for antibody engineering, today announced that it has been awarded a highly competitive SMART grant from Innovate UK. Grants from the £25 million fund allow businesses like LabGenius to realize the potential of new ideas by investing in game-changing, commercially viable research and development projects. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221007005023/en/ To date, LabGenius’ EVA platform has been used to co-optimize mono- and multi-specific single domain antibodies for biochemical and bio functional properties, including stability, potency and selective tumor cell killing. This grant will be used to further expand EVA's capabilitiesby accelerating the platform’s ability to optimize antibody-based immune cell engager molecules. Many existing antibody therapeutics have poor selective cell killing profiles, which can result in on-target, off-tumor effects, an

Slate Asset Management Provides Fleet Financing to Move About Group AB to Support Rollout of Electric Vehicles and Charging Infrastructure Across Europe7.10.2022 09:00:00 CEST | Press release

Slate Asset Management (“Slate”), a global alternative investment platform targeting real assets, today announced that it has agreed to provide financing to Move About Group AB (“Move About”), a Swedish electric mobility service, to support the roll out of more than 150 electric vehicles and electric vehicle charging infrastructure throughout Europe. The car funding provided by Slate will be used to bolster Move About’s electric car fleet, which currently owns and operates over 800 electric cars and has more than 71,000 users on its platform. Move About is a Sweden-based electric mobility service that delivers environmentally friendly and cost-effective mobility solutions to over 300 locations across Sweden, Norway, and Germany. Move About has partnered with some of the largest companies across Europe to save tons of carbon dioxide emissions every year. Since it was founded in 2007, Move About has become the largest provider of emission-free carsharing in the Nordic region. Christian S