After quietly launching late last year, a new startup studio is looking to form impact-focused ventures in the local ecosystem.

As a showcase of the types of companies it aims to build, Dallas-based Novel Ventures announced the launch of its newest portfolio company, Myte. Blake Harvey, founder and CEO of Myte, calls the startup a “one-stop donation platform” connecting nonprofits across the country with donors.

“We’re focused on impact-driven companies that are going to make the world a better place, that serve a real need and use the power of technology, marketplaces, and consumer platforms to do that,” Harvey told Dallas Innovates. “We picked Myte strategically as our main venture to launch Novel, because it resonates really well with what we’re disrupting and how we’re tangibly making an impact.”

Reaching the ‘next generation of modern donors’

With plans to go live with Myte’s platform this summer, Harvey said the company brings a “Venmo-level of simplicity” and a social aspect to nonprofit donations. On the platform, nonprofits can claim their profiles and share needs and updates with donors, who are able to track donations and manage tax receipts. Donors are also able to engage with each other, forming teams or encouraging others to give, as well as being able to scroll through trending nonprofit news. Harvey said the goal is to help organizations become more tech-forward, while gaining access to the “next generation of modern donors.”

Currently, the Myte team totals less than five. However, Harvey said the startup is looking to grow rapidly.

“The goal is to transform the way that we interact,” Harvey said. “We’re still focusing on disruptive and innovative tech and we’re not going to slow down, But we want to see the outcome of our efforts be a more fruitful, engaged, and encouraged society, and truly enable human flourishing.”

Novel plans to launch two to three startups annually

Myte won’t be the last startup formed by Novel Ventures this year. The organization, which was launched by local venture capitalist Matthew Rial, plans to create two to three new companies each year, aiming to incubate them and spin them out as independent, venture-backed companies after about 12 to 18 months. While not disclosing specific amounts, Harvey said Novel provides funding to its portfolio companies that match typical seed and pre-seed valuations in the market, in addition to the “human capital” it provides.

Recently, Novel Ventures also launched Neighborly, a mobile craft coffee concept.

“We combine capital and the expertise of a centralized core team of builders—design, engineering, marketing, legal, and finance—to increase the chance and speed of success,” Harvey said. “So rather than just investing, we’re building alongside founders. Novel is an institutional co-founder to entrepreneurs to bring ideas into the world.”

As Novel looks to grow and launch new startups, Harvey said the studio is looking to partner with founders and builders in the community. Currently, Novel is vertical agnostic, focusing on impact-focused, purpose-driven companies that use technology to “make the world a better place,” Harvey said.

“There are a few leaders in the space, So we’re hoping to be that for the Dallas ecosystem, and work with founders, investors, and builders in this community to spin out ideas, spin out companies that are really going to make an impact,” Harvey said. “There’s a lot of hype around just launching, scaling, and doing things as quickly as possible. We want to make sure that we’re creating real value and having a positive impact.”

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