Sherman Oaks-based Stubbs Alderton & Markiles is shifting its startup accelerator program into a higher gear.
The law firm’s Preccelerator Program, which provides legal, financial and other support to early stage technology and digital media companies, is boosting its investment in the incoming class of startups to $25,000 in cash and $25,000 in legal services, among other perks. This is up from $25,000 worth of legal services and access to resources the program previously offered.
“Basically, we’re cutting overhead expenses so (startups) can put their money toward things that have a bigger impact on their business,” said Preccelerator’s Chief Operating Officer Heidi Hubbeling.
Stubbs Alderton founded its startup accelerator in 2012. By providing each fledgling business with free legal services at their outset, the law firm gains a potential long-term client, Hubbeling said. “This is a way for us to compete with larger law firms that do similar deals as us but don’t have the agility to create an accelerator.”
The Preccelerator’s 11th class of startups, which will qualify for the $25,000 cash infusion, begins Jan. 7, 2019. The deadline for companies to apply is Dec. 4.
Based in Santa Monica, Preccelerator has so far incubated 42 companies, 27 of which have received additional funding. Three of the companies have been acquired. The firm said Preccelerator startups have cumulatively generated more than $13.4 million in funding so far.
The program’s alumni include Rally Networks, a Venice-based marketing firm that has raised $950,000 in two rounds.
“An investment component is a natural outgrowth to the already robust package we offer participating companies in the Preccelerator, and frankly, is long overdue,” Stubbs Alderton & Markiles Managing Partner Scott Alderton said in a statement.
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$1.2 MILLION FOR SYNCONSET
Culver City-based software developer for film and television logistics SyncOnSet Technologies Inc. raised $1.2 million in its fourth funding round, bringing its total raised to $6.2 million since it was founded in 2014.
SyncOnSet Technologies Chief Executive Alex LoVerde said in a statement that the company’s technology fills a need for human and logistics management on film and television sets.
“It was shocking the lack of software being provided to film crews despite the extremely complex and fast paced workflows,” LoVerde said. “We simply believed that this community of artists, which has a profound influence well beyond the entertainment industry, deserved better tools.”
The company will use the additional $1.2 million to expand its workforce, which it reports has grown 20 percent this year from last.
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