“We believe it’s significant that our two organizations, both deeply committed to energizing the startup ecosystem, are coming together to support startups with our complimentary set of resources and capabilities,” said 9Mile Labs co-founder Sanjay Puri. “We believe that this is the type of partnership we need more of in the Seattle area to really stimulate the startup ecosystem.”
In many ways, the two organizations can feed off one another. Those early-stage companies already inside SURF could apply to 9Mile Labs, an accelerator which will accept its first cohort this Spring.
The two organizations — while both designed to help early-stage startups — are slightly different in their makeup. SURF largely serves as a member-based co-working space, while 9Mile Labs takes an equity stake in those companies which it helps get off the ground.
9Mile plans to invest $20,000 in nine companies twice a year, taking a four to eight percent equity stake in those companies accepted into the program. (The first program starts on April 8th). It recently added Microsoft Vice President Tom Casey and veteran venture capitalist Enrique Godreau to the team.
Puri says that 9Mile will remain “bi-coastal” with offices in Bellevue, and it also may consider hosting one of its cohorts on the Eastside in the future.
Founded by entrepreneur Seaton Gras, SURF Incubator opened its doors last year in 15,400 square-feet of space on the 8th floor of Seattle’s Exchange Building. The organization now has more than 45 startups in the building.
With the 9Mile Labs now setting up shop inside the incubator, that number will likely grow.
“Our combined resources provide a very compelling growth platform for B2B startups,” says Gras. “I’m very enthusiastic about our partnership and am eager to further enrich the startup environment.”
Previously on GeekWire: B2B startup accelerator 9Mile Labs taps Microsoft VP, veteran VC to lead the charge