Kyle
An Ann Arbor Michigan based startup called Current Motor, is the first startup to benefit from Dell’s new $100 million dollar Innovator’s Financing Fund. Current Motor is developing electric powered scooters.
The fund, announced Thursday, is entirely funded by Austin based pc powerhouse Dell. Their Entrepreneur in Residence, Ingrid Vandervelt, came up with the idea for the fund, under the supervision of the entrepreneur in residence advisory board.
Current Motor is using the funds from Dell, along with their expertise and “24 hour support” to help them implement an e-commerce system that handles customer service tracking, and also tracks important information on the scooters, such as battery life remaining. They want this entire system to be accessible via mobile app, similar to that of some of the shared bicycle and car apps out there (ZipCar).
“In exchange for a low monthly payment, we get one point of contact and a really comprehensive, scalable technology solution that allowed us to get to market six months ahead of schedule, while conserving our equity capital for sales, marketing, research and development,” Lauren Flanagan, executive chairman and an angel investor in the company told the Austin Statesman.
More after the break
Dell’s new Innovator Financing Fund, focuses on speed to market and job creation. Vandervelt and the advisory board will vet and find startup companies to participate in the fund. The fund includes financing on limited credit terms along with 24 hour access to Dell resources, and technical equipment.
“Behind most great company growth stories are pioneering uses of technology. In talking with business owners and listening to their needs, they tell us what they need most is access to capital and technology that enables them to grow,” said Dell president Steve Felice, in a press release. “Dell’s new Credit Fund provides credit and access to technology to help fuel global growth and innovation while helping startups preserve precious equity capital for other business needs.”
“To build scalable, high-return startups, entrepreneurs need access to early stage capital and great resources,” says Marianne Hudson, Executive Director of the Angel Capital Association (ACA). “Through the launch of the Dell Innovators Credit Fund, Dell is helping promising entrepreneurs obtain the technology solutions they need to grow and get to market faster, while stretching the capital they receive from angels and venture investors.”
Dell also introduced an expanded Dell Entrepreneur in Residence community.
Linkage:
For more information on both the Innovator’s Fund and Entrepreneur & Residence click here
For more on Current Motor click here
Nibletz is the voice of startups “Everywhere Else” check out these stories from “Everywhere Else”
