Richmond Times-Dispatch I John Reid Blackwell
Painless1099, a technology company that was founded in Richmond, has been accepted into the Barclays Techstars accelerator program in New York City.
Painless1099 was founded in early 2015 by ACe Callwood and two other Richmond-area entrepreneurs, Justin Kauszler and Matt Russo.
The company developed a website and a mobile app that enables independent contractors and people who work freelance jobs to receive direct payments from their customers and deposit the money into an account, with the appropriate amount of money for taxes automatically set aside.
Painless1099 moved its operations and six staff members to Buffalo, N.Y., earlier this year after winning $500,000 in startup capital in a business pitch competition hosted by 43North, an organization that runs a business incubator in Buffalo.
The Barclays Techstars accelerator is a 90-day program being held this summer that offers mentorship for promising startup companies. It also includes $120,000 in capital, in the form of a $100,000 convertible note and $20,000 in additional funds in exchange for a 6 percent share of common stock in participating companies.
Callwood said half of the Painless1099 staff has gone to Manhattan for the summer program, while the other half is staying in Buffalo at the 43North incubator.
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