Expa, the startup studio led by foursquare cofounder Naveen Selvadurai and Uber cofounder Garrett Camp, has today announced the close of a $100 million fund that will go towards both Expa Studios and Expa Labs, a new incubator.
Investors in the fund include Garrett Camp, TPG founder David Bonderman, Li Ka-Shing & Solina Chau, Google board member Ram Shriram, RIT Capital Partners, Virgin founder Sir Richard Branson, HP CEO Meg Whitman, Ace & Company, Kees Koolen & SV Angel.
Expa Labs will act as an incubator outside of the traditional Expa Studios model, with six applicants receiving six months of office space in either SF or NY, as well as $500,000 in funding.
Expa Studios espouses more of the traditional startup studio model, where founders are recruited and ideas are born in house for new startups to work amidst other entrepreneurs and investors to create new products and services.
Expa Studios has already built companies like Drip.fm, which sold to Kickstarter, as well as Operator, Spot.com, and Reserve. Expa Studios will continue on, with the studio blog mentioning that they have a few exciting new projects to unveil soon.
Meanwhile, Expa Labs will start accepting applications now, with selections to be announced by May 17.
You can learn more about Expa Labs here.
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