So far it has raised about $1.5 million, according to a Form D filing with the Securities and Exchange Commission.
The accelerator is using the money to make follow-on investments in some of the 80 companies that have graduated from its programs since its launch in 2008. Startups accepted into its programs can get up to $25,000 in funding in exchange for a 6 percent stake in their companies.
In an interview with MedCity News earlier this year, DreamIt Ventures Managing Partner Karen Griffith Gryga, who joined the accelerator in July, said it was looking to raise a fund for follow-on financing for DreamIt companies. At the time she added it would be expanding into new sectors like healthcare IT and new cities. Soon after, DreamIt said it would be opening an Austin office.
It’s currently recruiting for its Austin class with a deadline of Oct. 26. Its demo day will take place at SXSW in March.
The accelerator, which is headquartered in the Philadelphia region, has added offices in New York and Tel Aviv. DreamIt Israel, led by Mitchell Golner, is intended to supplement the entrepreneurial ecosystem of the region with an accelerator culture.
Asked about expansion plans, Managing Partner Steve Welch said a franchise model wouldn’t work for what it’s trying to achieve.
“There are accelerators trying to churn out 100 companies a year. We want to spend lots of time with companies so we can make them stronger,” said Welch. “We continue to get better and better applicants.”
This year it also added a minority-led startup program called DreamIt Access backed by Comcast Ventures.