TribalScale, an innovation partner headquartered in Toronto with seven offices around the world, announces the launch of its second Venture Studios cohort. TribalScale is one of North America's fastest growing companies, growing from 5 founders to 230 employees in less than three years, and boasts an impressive range of global clients. Venture Studios leverages TribalScale's teams, processes, and tools, which have produced leading digital products for brands around the world, to source, invest in and scale startups in conjunction with corporate partners.
“We are very pleased with the success of our first cohort earlier this year and the disruptive startups we partnered with,” said Kirstine Stewart, TribalScale's President and Chief Revenue Officer. “Based on the positive feedback from or corporate partners, we are doubling down our resources for cohort two.”
“Entrepreneurs choose to partner with Venture Studios because of our true value-add venture capital model that supercharges their scaling potential,” said Sheetal Jaitly, TribalScale's Chief Executive Officer. “In addition to providing equity financing, TribalScale connects startups with decision-makers at Fortune 500 companies, works side-by-side with them to help them build and orient their products to the needs of large enterprises, and provides global distribution capabilities through our offices around the world.”
In the first Venture Studios cohort, focused on the Financial Services and Automotive industries, TribalScale worked with dozens of global Financial Institutions and Automotive Original Equipment Manufacturers (OEMs) to identify key opportunity areas of interest to them. To capitalize on these opportunities, TribalScale sourced early-stage startups to partner with and invest in. Ultimately, four startups were selected and received a combination of cash investment, customer introductions, product development resources, business mentors, recruiting assistance, and marketing services. The cohort culminated in a Studio Showcase at TribalScale's TakeOver Innovation Conference in Toronto, which had an audience of over 1,200 leading business executives and industry experts from around the world.
Each of the startups from the first cohort have enjoyed significant success:
- Every, a new banking model that services micro-enterprises, named to Money 20/20's Startup Academy, recently raised $600,000 and will be soon launching in the US market;
- SENSO.AI, an AI platform for the financial services industry, also named to Money 20/20's Startup Academy, is generating initial revenue from major banks and is currently closing a seed round of financing;
- Mesh, a platform that simplifies fintech startup onboarding and ongoing relationship management with large financial institutions, is funded by TribalScale and is exploring initial implementations with large banks;
- Troüpe, an AI-based mobility services platform for the transportation industry, raised a $250,000 seed round of financing, launched its initial product at TakeOver and is implementing its platform with global automotive OEMs, large event producers and enterprises.
Building on the success of cohort one, the second Venture Studios cohort focuses on three exciting sectors that TribalScale has significant executive connections and domain expertise. TribalScale's client partners include top global automotive OEMs, airlines, cruise line operators, hospitality providers, media conglomerates, broadcasters, professional sports leagues and financial institutions. Interest areas include:
- Transportation: mobility services, vehicle infotainment & content, autonomous vehicle infrastructure, digital supply chain, fleet management, telematics;
- Media: Over-the-Top (OTT) media services, eSports, sports wagering & gamification platforms, audio streaming innovation, social viewing & collaboration, content curation & discovery.
- Enterprise Product: digital transformation assessment & enablement, communication & collaboration platforms, mobile and voice AI platforms, remote workspaces, KPI monitoring & reporting.
Venture Studios is now accepting applications from entrepreneurs with early-stage startups. Successfully accepted companies will be provided with up to $500,000 in cash and in-kind services.