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22 July 2013

StartX adds $400,000

Separately, the University of Melbourne in Australia has launched a start-up accelerator, Melbourne Accelerator Program

Author: James Mawson

StartX, which is a startup accelerator for Stanford students, has raised $400,000 from investors, including computer server maker Cisco, phone operator AT&T and discount coupon provider  Groupon.

Other investors include venture capital firm Founders Fund and its non-profit arm Founder.org and Greylock Ventures, philanthropy Kauffman Foundation, software provider Microsoft and internet services provider AOL.

StartX, formerly known as SSE Labs, now manages $1.5m and is led by Jeff Mounzer, its senior managing director, and John Melas-Kyriazi, partnerships director. That brings the total amount raised to $1.5 million, with previous investors including the among others.

Since launching in 2010, the accelerator has seen more than 100 portfolio companies pass through the programme and go on to raise more than $100m. About 85% of startups which enter StartX end up getting funded, supporting about 250 Stanford alumni as founders, with four acquisitions.

Separately, the University of Melbourne in Australia has launched a start-up accelerator, Melbourne Accelerator Program, for students, modeled after StartX. The first six-month program began in June and included four companies, including Venuemob and SoundGecko that raised an aggregate $730,000 from consortia led by Optus, the local subsidiary of Singapore-based phone operator SingTel. Participants received $20,000 in funding, mentoring, and office space.

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