DreamIt Ventures looking for next class of Austin startups

Sep 10, 2014
Austin Business Journal

Business accelerator DreamIt Ventures is accepting applications for its third class of startups in Austin

The Philadelphia-based group provides portfolio companies with $25,000 in seed funding coupled with up to $250,000 in follow-on funding after the first investment led by a professional investor. Applications are due Nov. 7. The next class operates from January to April 2015

Earlier this year, DreamIt was ranked as the No. 15 incubator in the nation by a professor at the Massachusetts Institute of Technology

Since it was founded in 2008, the business accelerator has helped launch 157 startups that subsequently raised more than $172 million in follow-on funding. They are now worth more than $525 million, officials said

Last week, one of the founders of Colorado-based TechStars LLC, which was ranked No. 2 on the MIT list and operates an Austin program, said he expects the surplus of such business incubators to result in a major contraction during the next five or 10 years

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