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Key people at Excelerate Labs.
Excelerate Labs was founded in 2010 by Sam Yagan (Co-Founder & General Partner).
Excelerate Labs was a startup incubator based in Chicago, Illinois, that provided early-stage technology companies with structured mentorship, operational resources, and initial seed capital. The organization selected cohorts of six to ten startups for an intensive three-month program, investing between $15,000 and $20,000 in each participating portfolio company in exchange for a five percent equity stake. The accelerator program received financial backing and strategic operational support from regional venture capital firms, including Sandbox Industries and the i2a Fund. After operating independently to develop the Midwest technology ecosystem, the entity officially transitioned its operations into Techstars Chicago in 2013 under the guidance of Techstars founder David Cohen. Excelerate Labs was founded in 2009 by Sam Yagan, Troy Henikoff, Kapil Chaudhary, and Kelli Rhee, who brought prior executive entrepreneurial experience from building companies like OKCupid and SurePayroll.
Excelerate Labs is a Chicago-based startup accelerator and incubator program modeled after Y Combinator and TechStars, aimed at fostering early-stage tech companies to position Chicago as the "Silicon Valley of the Midwest."[1][3] Launched around 2010, it selects 6-10 startups for a three-month (or summer) program, providing $15,000-$20,000 in funding for 5% equity, mentorship from notable investors and entrepreneurs, and resources to build products.[1][2] Its mission centers on empowering startups through capital, connections, and community support, with a track record of contributing to Chicago's growing tech ecosystem alongside peers like Lightbank.[1]
Excelerate Labs was founded in 2010 by OKCupid entrepreneur Sam Yagan, alongside Kapil Chaudhary, Kelli Rhee, and Troy Henikoff, explicitly to bring a Y Combinator/TechStars-style incubator to Chicago.[1] The idea emerged amid a wave of U.S. incubators like BoomStartup and TechStars expansions, with founders motivated to elevate Chicago's tech scene.[1] Early backers included Sandbox Industries and i2A Fund, plus interest from DFJ Mercury; mentors featured TechStars' David Cohen, OpenTable's Chuck Templeton, and others.[1] It later became known as Techstars Chicago, marking its evolution into a prominent program.[3]
Excelerate Labs rode the early 2010s incubator boom, helping decentralize U.S. tech hubs beyond Silicon Valley by nurturing Chicago's startup scene amid expansions from TechStars and others.[1] Its timing capitalized on post-recession optimism and local momentum from Groupon's success, with market forces like venture interest (e.g., DFJ Mercury) and parallel funds like Lightbank amplifying Chicago's rise as a Midwest tech center.[1] By influencing the ecosystem through alumni startups and mentorship, it democratized access to resources, paving the way for Chicago's growth in fintech, SaaS, and consumer tech.
As Techstars Chicago, Excelerate Labs remains a cornerstone for Midwest innovation, likely expanding cohorts and virtual elements to attract global talent amid remote work trends.[3] Rising AI, climate tech, and enterprise software will shape its focus, with Chicago's talent pool and lower costs providing tailwinds. Its influence could evolve by deepening corporate partnerships, sustaining its role in bridging coastal capital to heartland founders—echoing its founding vision of a vibrant Midwest tech hub.[1]
Key people at Excelerate Labs.
Excelerate Labs was founded in 2010 by Sam Yagan (Co-Founder & General Partner).
Excelerate Labs has 1 tracked investment across 1 company. The latest tracked deal is $500K Other Equity in GiveForward in February 2011.
| Date | Company | Round | Lead Investor(s) | Co-Investor(s) |
|---|---|---|---|---|
| Feb 14, 2011 | GiveForward | $500K Other Equity | — | David Cohen, ED Chandler, TIM Krauskopf, NEW World Ventures, Social Leverage |
