- Ureeka, a community and platform that connects Next Wave Entrepreneurs to the human, financial, and technological capital, announced it has raised $8.6 million in funding
Ureeka, a community and platform that connects Next Wave Entrepreneurs to the human, financial, and technological capital, announced it has raised $8.6 million in funding from Bullpen Capital, Chicago Ventures, and Salesforce Ventures.
The new funding round will allow the company to expand the Ureeka Community — which is built to support small to mid-sized business owners and entrepreneurs across the country, outside of tech hubs and networks, with the potential to drive massive growth and job creation for the U.S. economy.
Ureeka is known for connecting business owners with a community of peers, mentors, and coaches. And the company offers tools like a proprietary Growth Framework and a marketplace of curated specialists who provide services at a fraction of the cost.
The growing Ureeka Community currently has thousands of members with companies that span across industries including retail, fashion, and beauty. And current members who participate in the Ureeka Grow Customer Program report greater than 2x overall lift in revenue, with 80% seeing at least 50% lift or more.
Ureeka’s network of volunteer mentors includes former and current employees from Facebook, Snap, Salesforce, Google, Adobe, and others. And Ureeka members are paired with mentors based on the unique challenges and goals of their business. Plus coaches are vetted professionals with deep entrepreneurial and industry experience that provide members with customized support for the life-cycle of their business.
Ureeka is currently partnered with Salesforce to administer its Salesforce Care Small Business Grants which will provide individual grants of $10,000 to help keep businesses afloat. And Ureeka Connect — the company’s own financial access pitch competition program — holds monthly virtual events that connect members with like-minded investors and capital needed to scale and grow their businesses.
Key Quotes:
“Next Wave Entrepreneurs are starting and growing the businesses that can more equally distribute wealth across demographics and regions. Yet, the secrets these businesses will need to be successful in the digital age – including how to access capital – are locked among a relatively small group of tech insiders. Ureeka gives entrepreneurs access to the inside information, the resources and networks they need so they can continue to create the jobs that bring growth and opportunity to communities beyond the tech hubs.”
-Melissa Bradley, co-founder of Ureeka
“The digital economy drives economic growth in big cities and tech hubs like Silicon Valley, and particularly for white men. It’s time to open that opportunity to everyone. Women-led companies are outperforming their male counterparts and minorities are starting companies at rates 3-6x their white counterparts… Imagine if they were supported and funded?”
-Dave Jakubowski, co-founder of Ureeka
“Ureeka connected me with professionals and peers who have experience navigating the daily trials and tribulations entrepreneurs like me endure every day. As a female entrepreneur, there are limited resources. I didn’t know how to put together an investor deck or field the ‘hard’ questions. Within a couple weeks of joining Ureeka, I not only had a strong investor deck, but I had been given tangible advice that prepared me to sit at the table with investors ready to give me capital to take my business to the next level.”
-Shontay Lundy, creator & founder of Black Girl Sunscreen
“We’re excited to help lead Ureeka into their next stage of growth. Now in a global crisis, it’s more important than ever to support entrepreneurs along their journeys and ensure that they have access to the people and funds needed to grow their businesses.”
-Bullpen Capital general partner Paul Martino
“Support for entrepreneurs – especially those outside of the tech hubs – has never been more critical. Chicago Ventures was founded with a focus on investing in undercapitalized tech ecosystems. Ureeka is directly aligned to supporting our mission, and we’re confident in the experienced team and their ability to help SMBs nationwide succeed.”
-Stuart Larkins, partner at Chicago Ventures
