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TechStars Boston has completed a $2 million fundraise for 2011 through 2014, the high-tech incubator program reports. The fundraise, first disclosed in a regulatory filing this afternoon, is more than quadruple the $450,000 TechStars reported raising in a separate 2010 fund, last year.
Boston Managing Director Katie Rae said the full amount is committed. While the 2010 fund was a one-year vehicle, the new fund will support TechStars Boston through 2014. “The coolest thing about the whole thing is it’s a real vote of support from the community for TechStars to be able to raise a four-year fund,” she said. “It simplifies many things, and it puts our energy where the energy should be, to fund great companies and to fund great people.”
A Cambridge-based incubator, TechStars is today in the process of notifying finalists for its 2011 session, which starts in the spring. Rae declined to discuss the number of applications received, or how many finalists there are.
Boston 2010 investors included iRobot Corp. (Nasdaq: IRBT) CEO Colin Angle, StillSecure Inc. corporate director Will Herman, Avid Technology Inc. (Nasdaq: AVID) founder Bill Warner and Spark Capital. Rae said in addition to participation from “many” of the 2010 investors, the new fund comprises “a much larger set of investors,” including both individuals and venture capital funds.
According to the filing, TechStars has already received $501,000 of the funds.
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