DreamIt Ventures ranked No. 15 in U.S.

Mar 17, 2014
Austin Business Journal

Two business incubators with Austin offices were ranked in the top 15 in the nation by a professor at the Massachusetts Institute of Technology


Philadephia-based DreamIt Ventures and Colorado-based TechStars LLC were the only two incubators with a local affiliation ranked by Yael Hochberg, according to the TechCrunch technology news website. California-based Y Combinator topped the list


TechStars, ranked No. 2 in the nation, was established in 2006 by four entrepreneurs and received 850 applications for its first Austin incubation program last year. It provides each startup with $18,000 in seed funding for a 6 percent ownership stake. In February, it began accepting applications for its next class of 10 startups from June through September


DreamIt, ranked No. 15, has launched 127 companies since it was established in 2008, operated its first Austin program last year from the Capital Factory downtown. In September 2013, it opened the application process for its second program in Austin under Managing Partner Kerry Rupp with DreamIt co-founder Steve Welch, who relocated to Austin


DreamIt is one of several incubators and accelerators operating in Austin. Most operate with a business model similar to Y Combinator, which mentors startups and invests limited amounts of seed capital in exchange for small equity stakes


Last month, the Austin-based DreamIt Fund II LP reported raising $9.3 million of planned $50 million financing from 28 investors, according to a filing with the U.S. Securities and Exchange Commission


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