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Report: Backstage Capital Shifting To Accelerator Model After Fundraising Issues

West Hollywood-based venture investment firm Backstage Capital is shifting entirely to an accelerator model, according to reports today, after failing to raise a new, $36M venture capital fund. The report--from Axios--said the fund is now entirely focused on its accelerator, Backstage Studio, and also has been cutting staff. Backstage Capital focuses on focuses on minorities, including women, People of Color, and LGBT founders. The firm announced its new startup accelerator, Backstage Accelerator, earlier this month. Backstage Capital is led by Arlan Hamilton.