Wednesday, September 21, 2011

TechStars Finds $24M, Ups Per Company Funding To $100K

TechStars, the venture acceleration program which is run in the Seattle area by Andy Sack, said today that it has scored $24M in a new funding round, which will allow the group to invest up to $100,000 in each of its graduates. The firm said the funding came from The Foundry Group, IA Ventures, Avalon Ventures, DFJ Mercury, SoftBank Capital, SVB Financial Group, RRE Ventures, Right Side Capital Management, as well as individuals. The new funding--which will come in the form of a convertible note--is a significant increase from the group's earlier, $18,000 which it was investing in startups in the program.