PROVIDENCE – Having invested all of its existing capital, Betaspring has decided to wait until spring 2015 to launch its next startup accelerator session as it seeks to raise new funding and focus on its current portfolio.
The spring 2014 class of seven startups that graduated in June was smaller than previous Betaspring cohorts and was also the last to be funded under the existing Betaspring Fund 100, which included $2 million from the federal State Small Business Credit Initiative and $2.1 million from a group of angel and corporate investors.
“We have completed our initial fund successfully and we are in the process of raising the next Betaspring fund,” Betaspring co-founder and managing partner Allan Tear told Providence Business News.
Tear could not comment further on the accelerator’s fundraising plans, but said Betaspring plans to spend the fall focusing on helping some of its most successful alumni hit their next milestones, raise capital, enter new markets and maintain their momentum.
Since its inception, Betaspring has accelerated 90 companies that have raised $35 million in follow-on funding. The process requires raising capital to fund the programs the accelerator offers participants as well as to make investments as they graduate. For the last two years, Betaspring had held its program biannually, with one session in spring and one in fall.