Startup accelerator gener8tor is raising $1.5 million for its second Minnesota class, according to an SEC filing.
Gener8tor's Minnesota director, Eric Martell, told Minne Inno that the funds will go toward the accelerator's upcoming summer program, in which five startups will each receive $90,000 in addition to mentorship and potential connections to followup capital. Martell said that gener8tor plans to close the fund at the end of the month.
As a "concierge startup accelerator," gener8tor accepts companies from a variety of industries, then finds mentors and resources that correspond to each startup's individual needs. Gener8tor's inaugural Minnesota class included three companies from the Twin Cities.
Gener8tor is based in Wisconsin, but has been steadily expanding across the Midwest over the past few years. The accelerator launched its Minneapolis arm in 2016. Since then, gener8tor has completed its first full-fledged accelerator and two gBETAs, its program for early-stage companies. Unlike its 12-week summer accelerator, gener8tor does not take equity in gBETA businesses, and does not charge for participation.
Last month, gener8tor partnered with Boston Scientific, Mayo Clinic and the University of Minnesota to launch its first industry-specific program, gBETA Medtech.
Two startups from gener8tor's first Minnesota class have raised funding since graduating from the accelerator in October. Kaleidoscope, a scholarship-building platform, closed on $1.3 million in January. Golf apparel startup Swannies is currently raising a $500,000 seed round.
Gener8tor is currently accepting applications for its summer cohort through April 29. The program will begin on June 14.
