SOURCE: SURGE Accelerator
HOUSTON, TX--(Marketwire - Nov 19, 2012) - SURGE Accelerator announced more than half of the energy software startups that completed the first program have received subsequent funding. In total, SURGE companies have raised more than $6 million. Investors include venture capital firms, angels, and the venture arms of corporations. SURGE is a seed accelerator that invests in early stage energy software companies accepted into a three-month training program focused on market validation, customer acquisition, and capital fundraising.
Accelerator analysts consider the percent of companies funded within one year of a program as one key evaluation metric. In the most recent rankings, the average accelerator had 41% of companies funded within one year. The first SURGE class finished six months ago and 55% of companies have received funding. Three of these companies have over $1 million in committed investment and one company is raising between $3 and $6 million from venture groups on both coasts.
SURGE Co-founder and Managing Director, Kirk Coburn, attributes this early success to several factors. "SURGE is filling a real need for seed stage energy software entrepreneurs. At the same time, investors across the country are excited about the energy software arena and are looking to invest in this type of deal because of the large market potential and capital efficient business model."
SURGE is accepting applications for its second class of energy start-ups through November 30, 2012. Companies selected to join SURGE will begin the program in Houston on February 21, 2013.
About SURGE Accelerator
SURGE Accelerator is a mentor-driven, seed accelerator solving the world's energy problems using software. Based in Houston, "The Energy Capital of the World," SURGE assists companies seeking to innovate and exploit the massive shifts in technology, policy and expertise across the energy industry. SURGE provides entrepreneurs with the seed capital, expert mentorship, and industry ecosystem to rise to true market validation. SURGE's Texas-based and nationwide resources ensure entrepreneurs benefit from one of the world's best ecosystems to help an entrepreneur grow their company from idea to prototype to market leader.