Lighthouse Labs, a business accelerator that provides mentoring and grants to startup companies in the Richmond region, has received another large corporate grant to support its work.

Financial services giant Capital One Financial Corp. announced last week that it has given $100,000 to Lighthouse Labs. It is the fourth year that Capital One, the Richmond region's largest private employer, has provided financial support for the accelerator, and the second year it has given $100,000.

"We know that if small businesses are successful, local economies and communities will be successful," said Jay Sanne, vice president of card technology at Capital One.

Lighthouse Labs recruits early-stage companies that show high growth potential and, without taking equity in the startups, leads them through a three-month mentoring and planning program.

Since Lighthouse Labs was founded in 2012, 27 companies have participated in the program. Those startups have created more than 90 jobs, generated more than $5.5 million in revenue, and raised more than $9.5 million in outside investment capital.

"Strong partners like Capital One are key to the success of our program," said Joanna Pheil, program manager at Lighthouse Labs.

Capital One donated the money as part of its Future Edge initiative, in which the company is investing $150 million over five years in the communities where it has operations to help more people develop the skills and find the resources needed to succeed in the digital economy.

The mission of Lighthouse Labs intersects with that goal, said Sanne, a Richmond native who worked as a technology consultant before joining Capital One 15 years ago.

"Richmond has changed dramatically in the last 10 years," he said. "What I have seen ... is there are a lot more technology-driven businesses in the Richmond area than there were."

In March, Capital One bought a five-story building at 1717 E. Cary St. in Shockoe Bottom, which is being developed as an incubator for startup companies.

Other corporate donors that have backed Lighthouse Labs include Altria Group Inc. - the Henrico County-based parent company of Philip Morris USA - which last year provided $125,000.

Lighthouse is accepting applications for its fifth fall cohort of startups. Applications will close June 30 at www.lighthouselabsrva.com, and finalists will be announced July 27.

The accelerator program will start in August, culminating with an investor road show and demo day in November.

Source: 4-traders