Greenstart Accelerator Launches Fund Offering Startups Additional $100,000

SAN FRANCISCO, March 6, 2012 /PRNewswire/ -- Greenstart, the startup accelerator for cleantech-IT companies, today announced that it's offering startups the opportunity to receive a $100,000 convertible note in addition to a $15,000 seed investment upon joining the program.

The convertible notes will be drawn from a $6 million fund, which will cover the next 60 companies in the program. The investment is effective immediately, and has been offered to the five companies in the current program in addition to those seeking to join the third program, whose application process opened yesterday.

"In addition to our mentoring, networking, in-house design services and the many other benefits Greenstart offers, companies selected for the program now have access to a total of $115,000 in funding," said Managing Partner Mitch Lowe. "This allows the startups in the program to stay focused on customer and product development instead of hitting the streets for investors. It should also help Greenstart attract interest from a much wider pool of innovative entrepreneurs for our upcoming programs."

Greenstart focuses on companies innovating at the intersection of cleantech and information technology, with a primary concentration on four areas: smart grid, the built environment, transportation, and consumer services. Each company accepted into Greenstart's accelerator program leverages software in some way to create innovative new energy solutions in these areas.

Greenstart began accepting applications for its Fall 2012 program yesterday – the deadline for submission is April 11th. Startups can apply at www.greenstart.com/apply.

About Greenstart:

Greenstart is a startup accelerator focused on helping entrepreneurs build successful companies at the intersection of cleantech and IT. Greenstart provides $115,000 in seed funding, Startup Design™, and access to an elite network of mentors and investors to give founders an advantage in launching and scaling their startups. The company is based in San Francisco. Additional information can be found at www.greenstart.com.

SOURCE Greenstart

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