TechStars has raised $8 million in fresh funding as it looks to support its technology incubator programs in Seattle, Boston, Boulder and New York. TechCrunch reports that more than 50 venture funds and more than 25 individual angels participated in the round.
TechStars graduated its first class in Seattle last fall, and it is currently accepting applications for the next batch of companies.
Entrepreneurs who emerged from the program — many of whom are still housed in the TechStars’ South Lake Union facility — rave about the program and its mentorship program from local entrepreneurs and venture capitalists.
Entrepreneurs enter the program for three months, receiving up to $18,000 in funding. As a result of that arrangement, entrepreneurs give up five percent of their companies.
It’s unclear how much of the money from the newest round will flow to Seattle, but we’ve got an email into TechStars Seattle director Andy Sack to find out.
Meanwhile, TechStars co-founder David Cohen tells TechCrunch that the round will help support existing portfolio companies. As seen in the chart, most of the companies in the TechStars program are still alive and kicking.
There are no plans at the moment to expand beyond the four cities where TechStars operates, but the incubator could add additional programs in the markets where it operates, Cohen tells TechCrunch.
Past grads of the program in Seattle include Highlighter, Giant Thinkwell and ThinkFuse, the latter which just scored $500,000 cash in venture capital financing.
Here’s another chart showing the number of companies moving through the program, and how many of those received outside financing after their graduation. It is worth noting that the tables were compiled last May before TechStars Seattle kicked of its inaugural class in the summer.