According to the announcement (dynamo-fund) from Lamp Post Group and Lamp Post Ventures, the amount raised exceeded the original goal of $12 million by 50 percent. Equally significant is the fact that the majority of the $18 million was raised in Chattanooga.
Dubbed the “Dynamo Fund,” it is closely related to the new business accelerator that Lamp Post started earlier this year. You can read more about the accelerator in this recent teknovation.biz article.
The announcement says the fund will be investing in the “highest performing companies to participate in the Dynamo Accelerator in addition to investing opportunistically across the U.S. and internationally.”
One investment has already been made, although details are not yet being disclosed.
The 10 start-ups participating in the accelerator will be part of a “Demo Day” set for 10 a.m. October 4 at the Tivoli Theatre in Chattanooga. Click here for more information. Also, look for features on most of the teams starting September 26 on teknovation.biz.