STRT Closes Financing Round Led by Celtic and Sentry Financial
Today, STRT, a Salt Lake City-based incubator emphasizing the design and operation of living and creative spaces for entrepreneurs, has announced the close of a new round of financing led by Celtic Investment and Sentry Financial (Salt Lake City). The funding amount was undisclosed.
This new round of investment is focused on growing STRT On Campus, an Entrepreneurial Living Learning Community (ELLC) solution focused on the user experience of student entrepreneurs and creatives that combines student housing, workspaces, resources, mentorship and startup accelerator services into each property. The uniquely designed spaces are calibrated to foster creativity, collaboration and student success.
Students are increasingly identifying as creators and entrepreneurs, but they often lack the resources and experiences needed to pursue their ventures. ELLCs focus on teaching the creative and entrepreneurial mindset rather than a single business idea. This experiential programming enables students to think entrepreneurially over the long term so they can strategically invest their time and resources into the right ideas.
"STRT has built an incredibly strong foundation in understanding the needs of early-stage creators," says Co-Founder and CEO, Victor Gill. "This new infusion of resources will allow us to build upon that foundation to deliver the next generation of Entrepreneurial Living Learning Communities. This is an exciting new chapter for STRT. We believe the addition of the student housing product to our portfolio will help us deliver on our mission to give creators everywhere the resources and opportunities to flourish."
"Sentry is excited to participate and jointly manage the second round of financing for STRT. America needs more entrepreneurs and what better way to help fill that need than by creating centers of entrepreneurial excellence at some of our greatest universities across the country," says Andrew Bebbington, Sentry's Executive Vice President and head of Sentry's Private Equity Division.
STRT was inspired by the Lassonde Entrepreneurial Institute at the University of Utah, which is widely recognized for its entrepreneurship education and highly functional working/living space for student entrepreneurs. STRT's website says, "STRT’s role is to facilitate the connection of entrepreneurs to any resources necessary to bring their idea to fruition and, to that end, STRT provides abundant programmatic and advisory resources and services to all STRT residents regardless of the financial feasibility or quality of their business ideas."
STRT (pronounced start) also recently announced the publication of its inaugural Entrepreneurial Living Learning Community Annual Report for 2023, highlighting over 35 university ELLCs across America. The report examines the surge in demand for students interested in the entrepreneurial mindset, details each ELLC's characteristics, and dives into what makes the best ELLC programs successful.