MIT-backed The Engine announced its first batch of seven investments and revealed that it has closed on $200 million for its first fund, 33 percent more than the $150 million it said it initially raised. MIT is one of its investors, committing $25 million to the Cambridge, Massachusetts-based organization, which incubates and supports startups. The Engine was founded last year and is led by CEO and Managing Partner Katie Rae. It aims to back 40 to 50 startups in the next few years form Fund I.
Source: The Engine