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Sunstone Management sets up fund for startup accelerator program

Long Beach, Calif.-based middle-market investor Sunstone Management launched LBA Sunstone Fund I to facilitate the growth of participating startups in the Long Beach Accelerator program.

The program, a public-private partnership among Sunstone, the City of Long Beach, and California State University Long Beach, will help early-stage technology startups obtain capital and will provide other resources including physical space.

Sunstone also partnered with angel investment firm Seraph Group to launch another seed fund. Seraph Long Beach I LP will earmark up to about 33% of its resources to graduates of the accelerator program, while two-thirds of the fund will support other seed-round startup projects in the city.