Baltimore – Startup City, a new Baltimore-based technology incubator that had planned to fund up to 10 companies this summer, said it has delayed its launch while continuing to raise funds.
“While we received significant angel investor support, we don’t want to launch without full funding from the right investors,” wrote founders Mike Subelsky and Monica Beeman on the program’s website.
“We view this as a temporary setback: rest assured we will be retooling the Startup City concept using feedback we received during the fundraising process as we continue to seek investors.”
Startup City had planned to launch a 12-week program that was scheduled to begin on July 1, with 10 companies expected to receive $15,000 in seed funding, mentoring, free office space and other services.
Participating companies, whose founders were expected to stay in Baltimore during the program, would give up a small stake in their companies to investors.
Related Links:
http://thestartupcity.com/uncategorized/startup-city-2011-postponed
