John Cook of Seattle's TechFlash reported today that nearly every tech-focused venture capital firm in the Seattle area is now supporting TechStars. While startup incubator TechStars is already established in Boston and Boulder, the Seattle version plans to accept its first 10 enrollees this fall.
To date, TechStars has raised $450,000 in Seattle from more than 15 venture capital firms and angel investors.
About half of those funds will be used for operations of the Seattle branch, while the other half will go to direct investments in the companies accepted into the program, said Andy Sack, a Seattle angel investor who is helping to organize TechStars Seattle. Sack, who also runs the angel firm Founder's Co-op, said Seattle is unique in the way the entire investment community has rallied to support the idea.
TechStars opened up for applications in Seattle last week and Sack told TechFlash that 10 to 15 submissions are coming in daily. The deadline to apply is June 1st, with about 300 applications anticipated for the 3-month long program.