An influential Wisconsin accelerator is raising $15 million from area investors. The report from Milwaukee Biz Times citing a recent SEC filing notes that the accelerator called gener8tor, which has bases in both Milwaukee and Madison, will use the lucrative investment to help harbor local startups that participate in its flagship program.
The program that began in 2012 gives 12 up and coming startups $90,000 for a four-month accelerator program that follows a rigorous application process.
The cohorts take place in Madison, Milwaukee and Minnesota every year. The accelerator brand has begun to branch out to make connections with other cities.
“We bring capital, expertise, mentorship, network, and community to startups so they have a place that they can call home, and a group of people they know are with them all the way,” gener8tor co-founder Joe Kirgues told Techli when the accelerator began.
As Techli reported in September, gener8tor issued a new network called ProjectNorth that seeks to connect Midwest startups and entrepreneurs through a common cause. There nearly 40 companies within the member base already.
Another Biz Times report noted that gener8tor will be celebrating its 15th program next week at an invitation-only celebration Premiere Night.
“gener8tor is our opportunity to showcase the Milwaukee startup ecosystem. The fact that many startups end up relocating to Milwaukee after their participation in gener8tor is a testament to the great investors, mentors and corporate partners in our network,” Kirgues told Biz Times.