A consortium of 10 US-based corporates have joined forces to launch Engage Ventures, a $15m early-stage venture fund managed by Tech Square Ventures.
Founding partners include telecoms company AT&T, fast food restaurant Chick-fil-A, automotive and communications conglomerate Cox Enterprises and airline Delta Air Lines.
Other backers are pulp and paper manufacturer Georgia-Pacific, clearing house and securities exchange provider Intercontinental Exchange, asset manager Invesco, domestic construction retailer Home Depot and courier service provider UPS.
Georgia Power Foundation, the charitable arm of utility provider Georgia Power, completes the list.
Working with Georgia Institute of Technology’s Advanced Technology Development Center, Engage will offer finance and help with launch strategies, gaining customers and distribution. The fund will also provide access to mentors, workshops and office space.
Successful applicants to the three-month program, which kicks off in autumn, will receive $75,000 in initial seed funding. Engage will subsequently co-invest larger amounts in portfolio companies.
Thiago Olson, entrepreneur, physicist and venture partner at Tech Square Ventures has been named managing director at Engage Ventures.
CEOs and other senior executives from the corporates will also be involved in the Engage Ventures board of directors.