Long Beach, CA – [Date] – The Long Beach Economic Partnership (LBEP) has extended its partnership with Sunstone Management, the Sunstone Community Fund, and the Long Beach Accelerator (LBA) for five years. This collaboration aims to develop Long Beach’s tech startup ecosystem and attract 100 new startups to the city. The signing ceremony, attended by Mayor Rex Richardson, took place on February 2nd, solidifying their shared vision. The Long Beach Accelerator will continue to support selected startups through educational resources, networking, mentorship, and Demo Day opportunities. Sunstone will increase its investment to $150,000 per startup. With 29 cohort companies already graduated, generating over $4 million in revenue, Long Beach is on track to become a global tech startup hub by 2030.

The Long Beach Accelerator (LBA) is a thriving technology startup accelerator that emerged from a powerful collaboration between the City of Long Beach, CSULB’s Institute for Innovation and Entrepreneurship, and Sunstone Management. Committed to fostering innovation and technological advancement, the LBA has already proven its value by supporting five cohorts of companies in achieving remarkable milestones, including securing over $17 million in private investment funding, generating $4 million in revenue, and attracting acquisition offers for its portfolio companies. Building on this success, Mayor Rex Richardson’s “Grow Long Beach” initiative was launched in January 2023, featuring the ambitious “Launch Beach” campaign that aims to nurture the growth of more than 100 startups in Long Beach over the next five years. Notably, the LBA’s dedication to inclusivity is evident, with over two-thirds of its cohort companies representing underserved communities in the realm of traditional venture capital. With its dynamic ecosystem and commitment to driving innovation, the LBA is poised to shape the future of Long Beach’s tech startup landscape.