Earlier this year, Yuri Milner and Ron Conway’s SV Angel announced a new fund that offers all Y Combinator startups $150,000 in convertible debt. Not only is The Start Fund a brilliant investment strategy, but the news was also a big win for Y Combinator and the startups housed and developed in the incubator. And it was only a matter of time before other incubators and funds caught on to the idea and emulated a similar strategy. Today, New World Ventures, one of the Midwest’s largest early stage funds, is partnering with Chicago incubator Excelerate Labs to offer their own version of the Start Fund.
Excelerate, which launched its incubator last year, will now offer its entrepreneurs $50,000 in convertible debt from New World Ventures, with no discount or cap. The money is available for Excelerate’s 2011 class of ten startups. Roughly one-third of the money is available for draw down during the Summer and the remainder is available after Demo Day in August.
To read the full, original article click on this link: Inspired By The Start Fund, New World Ventures Offers Chicago Excelerate Startups $50K
Author:Leena Rao
