BOULDER, CO, According to published reports, startup incubator and network TechStars has raised $24 million in new funding from the Foundry Group, IA Ventures, Avalon Ventures, DFJ Mercury, SoftBank Capital, SVB Financial Group, RRE Ventures, Right Side Capital Management, TechStars Alumni, and several individuals. TechStars is actually already directly funded by over 75 venture funds and angel investors, but this new funding will be used to offer every single new TechStars company an additional $100,000 in funding in the form of a convertible note immediately upon acceptance into TechStars.

TechStars was founded by a collective of Colorado-based entrepreneurs as a way of promoting entrepreneurial activity in their home state. The group provides mentorship and seed funding to ten qualified companies. At the end of the program, each company also has the opportunity to pitch during an investor event organized by TechStars. In exchange for TechStars' summer program and seed funding, the company receives a 6% equity stake in new companies. TechStar usually invests in technology oriented companies, typically web-based or software. The firm also considers non-technology based companies as long as they can have national or worldwide reach. Specifically, TechStars doesn't fund medical device companies, biotechnology companies, restaurants, consultancies, or other local service oriented companies. TechStars runs this program in Boston, MA, Boulder, CO and Seattle, WA. Boston operates in the Spring, Boulder operates in the Summer, and Seattle in the Fall.