REVTECH has raised $1 million to boost early-stage startups focused on retail innovation, according to D CEO‘s Danielle Abril.
It’s the largest fund yet for the 5-year-old Dallas retail technology accelerator. With the capital, REVTECH plans to make six pre-accelerator investments and as many as 12 post-accelerator investments, according to a release.
“We’ve observed a recurring theme with many of our best performing accelerator graduates: as sales take off, cash plummets, and it takes three to six months (or more) to raise a VC-led seed funding,” said REVTECH managing director David Matthews. “Bridge funding is critical — hence, the need for the Follow-On Fund.”
“Bridge funding is critical — hence, the need for the Follow-On Fund.”
David Matthews
REVTECH’s 14-week accelerator program gives budding retail startups access to mentors, office space at the Dallas Entrepreneur Center, and seed funding. Its portfolio of companies includes The Citizenry, EverThread, and 5 Screens Media.
Last year, the accelerator introduced a membership similar to an angel group. Members meet for monthly presentations from REVTECH startups and can co-invest alongside the REVTECH fund.
“By utilizing this structure in 2016, we were able to amplify our funding amounts more than three-fold,” Matthews said.
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