US-based incubator AngelPad is accepting applications from around the world for its next round, after revealing the 62 start-ups it backed in 2012 raised a total of $56 million.
Based in San Francisco, AngelPad is a mentorship program founded by former Google employee Thomas Korte to help web-technology start-ups build better products and attract funding. It was founded in 2010.
Twice a year, AngelPad offers the 10-week program to about 12 start-ups. In addition to mentorship, start-ups receive $20,000 in seed funding.
A strong emphasis is put on helping founders prepare for a demo day, which occurs towards the end of the program.
However, the program does not end at demo day. Mentors are “extremely involved” in helping start-ups raise funds, and all founders become part of the AngelPad alumni network.
The alumni network now includes about 150 founders, including Taylor Luk. Last year, Luk’s start-up Shop2 became the first Australian start-up to participate in AngelPad.
Shop2 allows users to build their own shopping magazine by following their favourite shopping channels and fashion brands. The platform is optimised for tablets.
In November, Shop2 became the first Australian start-up to present at an AngelPad demo day, which, according to Luk, was an “incredible experience”.
AngelPad has now released new data about the progress its companies have made to date, in addition to funding aggregates for those participating in its program.
In 2012, AngelPad’s 62 companies raised $56 million – more than double the $25 million AngelPad companies raised in 2011.
There was also an increase in the average funding amount. In 2011, deals typically fell between $250,000 and slightly more than $1 million.
“If companies are raising money now, they’re easily raising $2 million,” Korte told TechCrunch.
Comparing applications in 2012 to those in 2011, Korte said many now include “fairly mature” companies, which have been around for six to eight months.
“It’s not like this post-college crowd anymore… It has become incredibly difficult to get into AngelPad.”
Even so, the incubator is accepting applications from “anywhere in the world” for its next round, which begins in late February and ends in May. The application deadline is January 17.
In-person interviews will be held in late January and early February, and successful applications will be notified on January 25.
This year, Korte said AngelCube will look for companies targeting the SMB market, paying particular attention to offerings for the mobile workforce.
It is also interested in cloud computing, infrastructure and mobile enterprise.
