Milwaukee-based Tip a ScRxipt is one of five startups to be selected for the inaugural cohort of Northwestern Mutual’s Black Founder Accelerator (NMBFA) program.
The NMBFA is a 12-week accelerator that supports Black entrepreneurs whose startups are in fintech and digital health.
Cohort participants receive a $100,000 investment, mentorship from leaders at Northwestern Mutual and gener8tor, and office space in Northwestern Mutual's Cream City Labs.
Similar to Venmo or CashAPP, Tip a ScRxipt is a peer funded social payment app that allows people to contribute funds to friends and family for medical expenses. Funds in a Tip A ScRxipt account are exclusively redeemable as last dollar payment only for prescribed medication, for medical supplies and for medical equipment at pharmacies.
Tip a ScRxipt CEO Chad Johnson co-founded the startup in 2020.
The NMBFA is a joint collaboration between Northwestern Mutual and gene8tor to advance Black tech startups based in the United States. The accelerator program focuses on the following areas: changing consumer preferences, the digital health revolution, re-imaging customer experience and transformational analytics and technologies.
The four other startups selected for the program's first cohort include SoLo Funds, HUED, Freeman Capitaland RiftPay.
The five startups were selected out of a pool of more than 700 applicants, demonstrating that more support resources and funding are needed for Black founders, Northwestern Mutual Future Ventures managing director Craig Schedler said in a statement.
In addition to the NMBFA, Northwestern Mutual has said it would dedicate $20 million to support Black founders across the country through its venture capital arm Future Ventures.
“It’s no secret that Black founders are over-mentored and chronically underfunded,” NMBFA co-managing director said in a statement. “Investing $100,000 into each company selected for the program is only the beginning. We’re committed to helping alumni raise additional capital by providing exposure to the national investor network of both Northwestern Mutual and gener8tor.”
The NMBFA's first cohort began in March. Startups interested in applying for the upcoming fall NMBFA cohort can apply here.