That money comes from new investors that include Cisco, Founders Fund, AT&T, Groupon, and Founder.org, and was primarily raised by Stanford students — StartX Sr. Managing Director Jeff Mounzer and Partnerships Director John Melas-Kyriazi — doing business development for the accelerator. That brings the total amount raised to $1.5 million, with previous investors including the Kauffman Foundation, Microsoft, Greylock Ventures, and AOL among others.
The new funding was announced at StartX’s eighth demo day, taking place in Palo Alto, Calif. The accelerator, which hosts three classes per year, was launched in 2010 under the name SSE Labs. Since then it has seen more than 100 portfolio companies pass through the program.
Those companies, in turn, have raised more than $100 million to date between them, with the average startup raising $1.5 million. That’s up from the last demo day, when the program reported that companies had raised a total of $80 million, or $1.3 million each. About 85 percent of startups which enter StartX end up getting funded, supporting about 250 Stanford alumni as founders. The program has also seen four acquisitions in its short history.
There will be 11 companies presenting at this class’s demo day. Every year, approximately 6 percent of Stanford students apply to the program, which has an acceptance rate of about 8 percent. We’ll follow up with some of our favorites from the demo day later, but in the meantime, you can tune into a live stream of the demo day here.