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The group says that so far, from 2009 to 2011, it accepted 23 companies, of which 19 received funding worth a total of $80M; the accelerator said that the nine companies acquired exceeds $60M in proceeds. LaunchpadLA started initially as a mentoring group, but expanded into accelerating and investing in companies in the last few years.
Divshot, a tool for webdesigners and developers, won a national pitch competition and one of it’s founders Michael Bleigh created a popular open source library now included in Ruby on Rails. There are a couple of companies that have already done fundraising whereas at a normal incubator non of them would have even started.”.
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