PROVIDENCE – RevUp, the investment fund operated by Providence-based startup accelerator Betaspring, is expanding its portfolio to include companies in the Washington, D.C., and Baltimore region.
The expansion, first announced in a Sept. 5 announcement on Betaspring’s website, got underway in earnest Wednesday with the first day of screenings with potential investees in Washington, D.C. Betaspring currently has more than 90 active investments in Boston, New York and Pittsburgh
RevUp’s target companies are those generating annual revenue in the range of $300,000 to $1.5 million, with proven leadership and “plenty of room to run” and grow in their respective markets.
The average RevUp investment comes in at around $100,000, Betaspring said. Portfolio companies pay back the investment as a percentage of revenue earned, usually in the range of 4-8 percent over a three-year period, rather than in equity.
This “non-dilutive, non-equity” model allows RevUp to invest in a “broad spectrum of exciting companies.”
In addition to cash support, RevUp companies also receive dedicated access to Betaspring’s in-house growth and management teams, which provide support with branding, audience engagement, website optimization, social media and content campaigns, and other marketing and sales issues.
Since RevUp’s launch in 2015, the fund’s portfolio companies have raised $65 million in follow-on funding, according to information on Betaspring’s website.
Betaspring is hosting screenings with qualified candidates at the Alley co-working space in Washington, D.C., on Sept. 13-14 and in Baltimore on Sept. 15.
To qualify, eligible companies can submit a pre-screening form online. For more information, visit Betaspring’s website or email info@betaspring.com.
Galen Auer is a PBN contributing writer. Email galen.auer@gmail.com or follow on Twitter at @PBNAuer.
