1871 announced yesterday its partnership with ElmSpring, a seed-stage technology accelerator for Chicago startups in real estate. ElmSpring will be 1871's third accelerator partnership, along with TechStars Chicago and Impact Engine, since it launched in 2012.
“ElmSpring is the first of many partnerships we hope to have with leaders in a number of industry-specific verticals, we are looking forward to working with ElmSpring in supporting more Chicago-based startups in creating technology and fostering innovation for the real estate industry," 1871 CEO Howard Tullman said in a press release.
The ElmSpring accelerator provides an impressive group of entrepreneurs, executives, investors and marketers as mentors for seed-stage companies in order to grow and thrive in the trillion dollar real estate market. ElmSpring is well-versed in this market because it was launched by Elmdale Partners, the investment firm running an office of real estate giant Century21.
Participating startups in the accelerator receive $20,000 in funding and give a 6 percent equity stake. Specifically, ElmSpring will take companies through a fast-tracked, three-month business program culminating in an investor pitch day where startups have the opportunity to secure subsequent rounds of funding.
“We are thrilled to join 1871; it is the perfect environment for our startup participants," Tom Bretz, ElmSpring co-founder, said. "We look forward to offering the perks of being a part of Chicago’s digital hub to the companies we select for our summer session.”
To be a part of ElmSpring's summer session, which starts June 2, apply here by May 9.
