In its second year, the One Spark festival has more than tripled the amount of private investment funding available for creators.Festival leaders announced Wednesday that they've amassed $3.25 million for creators as a number of private venture capital firms joined Jacksonville Jaguars owner Shad Khan in pledging money for One Spark projects.
In a statement, One Spark co-founder Elton Rivas said, "the caliber of capital partners who will be at One Spark 2014 looking for the next big thing is truly remarkable."
Through his STACHE Investments Corp., Khan pledged $1 million in investment for the inaugural One Spark festival and is making a similar pledge again for 2014.
This year private venture capital firms Arsenal Venture Partners, Healthbox, Palm Ventures, PS27 Ventures and UE Investors as well as insurance company Florida Blue are also guaranteeing money for One Spark creators.
"Our creators will have the chance to present their ideas in front of some really big venture capitalists from across the country," said spokeswoman Meredith O'Malley Johnson. "I think it’s just an added bonus—an added resource on the table for these creators that we’re really excited to be able to offer them."
Creators are also eligible for a portion of $310,000 in crowdfunding, up from a $250,000 pool in 2013. Visitors to the One Spark festival determine how that money is split by voting for their favorite projects.
Because of the new investor information, One Spark has extended the deadline to register as a creator until February 21.
The festival is scheduled for April 9-13 in downtown Jacksonville.
You can follow Karen Feagins on Twitter @karenfeagins.
