Raleigh is getting its own new business accelerator.

Cherokee Investment Partners says it will provide $20,000 in seed funding as well as other services such as free office space to as many as three startup ventures.

Cherokee is targeting “high impact environmental business ventures.”

Its priorities in screening applications:

• “Talented, passionate and determined entrepreneurs
• “Economically and environmentally sustainable business ventures or ideas — champion one of our ideas or bring your own
• “Business models that turn environmental liabilities into assets
• “Scalable, high impact ventures that will greatly enhance the environment and economy”

The selected companies also could receive follow-up funding.

The launch of the Cherokee program is the latest accelerator effort in the Triangle. Cherokee’s offices are located in downtown Raleigh.

Durham’s Triangle Startup Factory is set to announce five selections for its first launch on Feb. 29. The Startup Factory replaces the Launch Box Digital program which folded last year.

Companies have until April 15 to apply for the Cherokee program.

Cherokee has formed an advisory committee of entrepreneurs and investors who will provide counsel to the selected firms.

Advisors include Jud Bowman, the founder and chief executive officer of Durham-based Appia, Tom Darden who is CEO and co-founder of Cherokee Investment Partners, Miles Palmer and Bill Brown, the co-founders of 8 Rivers Capital, and local venture capitals David Jones of Southern Capitol Ventures and W. Merrette Moore of Lookout Capital.

The companies also will receive business services support.

At the end of an incubation and mentoring program, the firms will participate in what Cherokee calls a showcase in September at which they can make their case to other investors.

Cherokee has invested in more than 70 companies over the past 25 years.

For details, visit the Cherokee Challenge website.

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