USD Coin stablecoin issuer Circle and startup fundraising program SeedInvest on Tuesday (April 26) launched the Community Pitch Competition, an effort to provide access to capital, networking and business-building tools to historically underrepresented founders, according to a joint press release.
SeedInvest, a wholly-owned subsidiary of Circle Internet Financial, LLC, was “instrumental in the passage of the JOBS Act in 2012,” which celebrates its 10th anniversary this month. The legislation allows startups to raise funds online from retail investors and has helped promote financial inclusion and access to previously untapped markets.
The Community Pitch Competition is free to all eligible entrants, and six finalists will be chosen to compete on the virtual stage on June 1, with judges culling the group to the top three. Applications will be accepted through May 22.
The winners will receive equity-free cash prizes of $25,000, $10,000 and $5,000 for first, second and third place, respectively, with the option to raise on SeedInvest with $10,000 in fees waived. The winners may also be eligible to receive bonus prizes from Ramp, Braze and EY, per the release.
“SeedInvest looks forward to memorializing the JOBS Act 10-year milestone by providing a platform to showcase the very best underrepresented founders and help fuel their growth,” Ryan Feit, CEO and co-founder of SeedInvest, said in the joint press release. “Over the past decade, our industry has proven that online platforms fund a much greater percentage of women and minority founders than traditional fundraising.”
Earlier this month, BlackRock CEO Larry Fink said the $9 billion money management firm is already managing some of the $50.3 billion in cash and treasuries that back Circle’s dollar-pegged stablecoin one-to-one and he expects BlackRock to eventually be the primary manager of those reserves.
Related: With Blackrock Partnership, Stablecoin Issuer Circle Moves a Step Closer to Mainstream
Circle CEO Jeremy Allaire said the partnership with BlackRock will help his firm “explore ways to apply USDC in traditional capital markets.”
On April 12, Circle announced that it had raised $400 million from investors, including BlackRock. The company said it expects to make $438 million on its reserves in 2022, expanding to $2.2 billion in 2023.
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