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September 21, 2011 06:00 pm GMT

Startup Incubator TechStars Raises $24M, Increases Funding For Each Company By $100K

techstars-logo-jpg-1600c3971147Startup incubator and network TechStars has raised $24 million in new funding from the Foundry Group, IA Ventures, Avalon Ventures, DFJ Mercury, SoftBank Capital, SVB Financial Group, RRE Ventures, Right Side Capital Management, TechStars Alumni, and several individuals. TechStars is actually already directly funded by over 75 venture funds and angel investors, but this new funding will be used to offer every single new TechStars company an additional $100,000 in funding in the form of a convertible note immediately upon acceptance into TechStars. TechStars, which launched in 2007, is a "startup boot camp for tech entrepreneurs in which selected startup receive up to $18,000 in seed funding (or $6,000 per founder up to three founders in exchange for 5 percent of the company), three months of mentorship from successful entrepreneurs and investors, and the opportunity to pitch to angel investors and venture capitalists at the end of the program.

Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/WvWawsobYrk/

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