Morgan Stanley’s Multicultural Innovation Lab targets startups in the post-seed to Series B phase, and startups with either woman or minority founders. Morgan Stanley will take equity positions in Hatch and other accelerator members, and use its global reach, content and connections to spur growth and bridge the funding gap.
Hatch is an automated software platform that allows organizations to create their own native iOS, Android and web app within days. In February, the company announced that it raised $1.3 million in angel funding.
Morgan Stanley’s second cohort of startups come from various locations in the United States and the United Kingdom. The program runs for six months, and members will work out of the Morgan Stanley’s headquarters in New York City. Hatch plans to use Morgan Stanley’s space as its sales office.
Through the program, someone from Morgan Stanley will join Hatch’s board as an observer to help guide the company.