ImpactAlpha: Chicagos mHUB raises $5 million to build an inclusive hardtech ecosystem

Early-stage hardware companies get only a small slice of the venture capital pie—roughly $1 for every $15 software and other digital startups raise. For under-represented hardware founders, the financing gap is even wider.

Chicago-based mHUB aims to bridge the gap through an accelerator program that will award women entrepreneurs and founders of color working on hardware and deep tech startup innovations. The nonprofit has raised over $5 million, which will support 60 early-stage ventures over three years. mHUB is looking to raise $15 million.