ImpactAlpha, October 16 – A startup hub in Burlington, Vermont is acquiring Milk Money, a crowdfunding investment platform, to accelerate local entrepreneurs’ access to capital. The terms of the deal were not disclosed.
Milk Money was started in 2014 to take advantage of a state law that allows any Vermonter over the age of 18 to invest in local startups. The platform, which is backed by the Vermont State Employees’ Credit Union, has supported nine funding campaigns.
With its acquisition, Milk Money will now become part of Vermont Innovation Commons, a social startup hub that is being developed by impact investment firm Vermont Works Management Company. Last year, Vermont Works raised $50 million to support growth-stage social enterprises in the state. The Innovation Commons’ Vermont Works is building will support earlier-stage businesses as well, by acting as a co-living and co-working space, as well as a business accelerator that offers access to funding and mentorship.