2023 was another year of acceleration for the Wells Fargo Innovation Incubator (IN2). Not only did our portfolio companies accelerate innovation for their customers and investors—IN2 itself accelerated efforts to tackle barriers that stand in the way of developing and deploying innovative, technology-based sustainability solutions, and our portfolio companies broke through a major financial milestone.
IN2’s 72 portfolio companies surpassed an impressive $2 billion in follow-on capital and a 1, meaning for every $1 invested by IN2, portfolio companies raise more than $101. This comes less than three years since the IN2 portfolio startups broke through $1 billion in follow-on funding.
In 2023, 10 portfolio companies in the commercial buildings, affordable housing, and mobility sectors graduated from IN2. They are moving to market to make a difference in energy-efficient windows, geothermal HVAC solutions, electric vehicle efficiency, radiator retrofits, and more. Read about 11 startups, both past and present participants, who are accelerating the transition to a resilient, sustainable, and equitable future with their net-new technologies.
IN2 welcomed seven new agtech companies into our portfolio in 2023, continuing a partnership with the Donald Danforth Plant Science Center in St. Louis, Missouri. They are joining a program proven to accelerate the path to market—14 of IN2 portfolio companies saw successful exits in the form of mergers or acquisitions since the incubator began.
This year, IN2 also accelerated collaboration with the Channel Partner network and inaugural Channel Partner Advisory Board. In May, IN2 distributed more than $970,000 in Channel Partner Strategic Awards to seven recipients, in support of innovative projects strengthening and diversifying the cleantech and agtech ecosystems. Read about six 2022 award winners whose projects collectively impacted more than 600 people across 25 states and 15 countries and serving many different Black, indigenous, and people of color (BIPOC) groups.
Read the annual report for all the updates on how IN2 accelerated innovation by not only achieving short-term gains, but also laying the foundation for sustained long-term growth.