Dell Announces $100M Credit Fund for Startups
Dell on Thursday announced the creation of a US$100 million credit fund aimed at giving startups the "financial and scalable technology resources they need to maximize potential for innovation, speed to market and job creation."
Applications are now being taken for the Dell Innovators Credit Fund, through which companies backed by angel investors and venture capital can garner up to 10 percent of their current funding amount or up to $150,000 in credit to buy products through Dell, according to the announcement. More money can be obtained through a number of additional steps, Dell said.
Along with money, credit fund participants will get a set of supporting services and a dedicated sales team, according to a statement.
In addition Thursday, Dell is unveiling an expanded Entrepreneur in Residence community website featuring case studies and other materials meant to help startups grow.
The new credit fund is different from Dell Ventures, wherein Dell works with VC firms and makes direct investments in companies, according to a FAQ document.
Dell is looking to finance "all promising Web-knowledgeable startups, regardless of industry," through the fund.
Chris Kanaracus covers enterprise software and general technology breaking news for The IDG News Service. Chris's e-mail address is Chris_Kanaracus@idg.com