Megan Muir.jpgCONTRIBUTED BY
Megan Muir

Good news for budding entrepreneurs located in (or willing to relocate to) Seattle, Boston, Boulder and New York.  As reported on Geekwire and TechCrunch, TechStars has raised an additional $24M to enable the startup incubator/boot-camp to offer the companies in its summer-long program $100,000 in convertible debt.  This additional funding should enable the TechStars entrepreneurs to focus on building their early-stage companies a little longer before launching into the time-consuming fundraising process.  The new funding comes from Foundry Group, IA Ventures, Avalon Ventures, DFJ Mercury, SoftBank Capital, SVB Financial Group, RRE Ventures, Right Side Capital Management, TechStars Alumni and several individuals.  The $100k in debt is in addition to the $18,000 that TechStars invests in return for equity in the startups in its program.