Qubic Labs Shuts Down After Losing $1.9 Million Grant
Updated
Updated · The Boston Globe · Nov 2
Qubic Labs Shuts Down After Losing $1.9 Million Grant
1 articles · Updated · The Boston Globe · Nov 2
Summary
Qubic Labs said Friday it is dissolving immediately after failing to replace a state funding stream that had underpinned its nonprofit startup accelerator.
A $1.9 million Massachusetts Technology Collaborative grant awarded in 2022 did not continue, and cofounders Ian Cain and John O’Keeffe said pledged support never turned into enough recurring revenue to keep operations viable.
Over seven years, the Quincy-based accelerator helped more than 70 startups raise $40 million and create more than 200 jobs, making its closure a blow to the local startup ecosystem.
The shutdown also ends Boston Blockchain Week, the annual crypto event Qubic took over in 2022 that drew speakers including Fidelity CEO Abby Johnson but was not a moneymaker for the organization.