Gener8tor's Minneapolis arm picked up $460,000 in equity funding for its first Minneapolis accelerator class, according to a Form D filing today.
Since filing for the $460,000, gener8tor's Minneapolis director, Eric Martell, said the organization is now up to $710,000 in funding, and hopes to close in on an additional $40,000 before the accelerator's launch next week.
According to the Form D, gener8tor is looking to raise $1.5 million, and so far has received backing from 13 investors. Martell said this amount of funding would be sufficient to cover two gener8tor classes (for both this summer and next). He added that the organization will likely close the fund after it reaches its goal of $750,000.
Gener8tor, a nationally-ranked startup accelerator based in Madison, arrived in Minneapolis last year, and is planning to run its first accelerator class in the Cities this summer. Each of the participating startups will receive around $90,000 in funding, in addition to mentorship and potential connections to followup capital.
Offers have been extended to five startups, and more than half have accepted, according to Martell. He declined to name the companies, but said that three of the five are from Minnesota.
