INDIANAPOLIS – Sports and fitness platform Vertikal X Inc., which participated in the gBETA 5G Technology accelerator program last year, today announced its decision to open a key strategic office in Indianapolis.

Vertikal X accelerates athletes’ careers by connecting them with investors, sponsors and brands for funding opportunities, and brand partnerships. It uses a proprietary algorithm called the “VTX Score” to identify promising athletes and provide them with the funding and resources they need to succeed. The Vertikal X team has negotiated and closed sponsorships and partnerships valued at more than $250,000 with international brands and sports academies.

“We are excited to embark on this new chapter in Vertikal X Inc.’s journey,” said José Carlos Sarmiento, Founder & CEO of Vertikal X. “Indianapolis offers a vibrant ecosystem for innovation and entrepreneurship especially focused on the sports industry, making it the ideal location for our headquarters. We are grateful for the support and guidance we have received from the gBETA program and look forward to contributing to the thriving business community in Indianapolis.”

The accelerator programming took place at the 16 Tech Innovation District and Heritage Group’s campus. Sarmiento said the experience made him realize this company could thrive in Indiana.

The decision to have a material and substantial presence in Indianapolis was encouraged by the support of the Indiana Economic Development Corporation (IEDC), which supported the accelerator program. Vertikal X anticipates creating approximately 20 net new full-time positions within the next five years.

The IEDC committed an investment in Vertikal X of up to $225,000 in the form of incentive-based tax credits, based on the company’s job creation plans. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired.

“Indiana’s reputation as a sportstech hub is on the grow, and we are pleased to see Vertikal’s recognition of that,” said Ann Lathrop, chief strategy officer at the IEDC.
The City of Indianapolis offered workforce assistance via EmployIndy’s Business and Recruitment Solutions.

“A company like Vertikal X unites so many Indianapolis strengths – sports, emerging tech, not to mention a thriving business landscape that is leading the Midwest in growth,” said Indianapolis Mayor Joe Hogsett. “We’re excited to welcome Vertikal X to town. They couldn’t have picked a better place or a better time to set up shop.”

The gBETA accelerator focuses on early-stage companies with the potential to grow in Indiana. gener8tor gBETA is a free seven-week, no-equity accelerator program that provides startup founders with intensive concierge coaching and access to its national network of mentors, customers, corporate partners and investors. The programs are designed to set a path for startups to participate in equity-based accelerator programs and investment opportunities.

Sikich Site Selection & Incentives assisted Vertikal X in securing the incentive assistance.

About Vertikal X: Vertikal X’s platform accelerates the careers of underserved athletes by connecting them with coaches, scouts, investors and brands who want to support their athletic pursuits with accountability.