Tech startups have a possible source of new funding now after 500 Startups announced it plans to invest in some 200 startups over the next 12 months. The total amount held in its new second fund is $44.1 million thanks to over 100 backers.

500 Startups started three years ago and since then has invested in close to 600 companies. The first fund totaled $29.6 million.

While focusing on early-stage companies, it also undertakes both seed investments and some later-stage funding.

Providing up to $250,000, investments start at $25,000. Companies tend to be profitable to quality for investments and many are being seen in developing nations (more than 40 nations are represented) or are companies headed by women.

Also, 500 Startups offers an accelerator program, and has mentors – located in different nations – who assist the companies.

There are also funds for specific nations such as Mexico and India. Recent areas of interest for the fund are Brazil, Mexico, India, China and Southeast Asia, TechCrunch reported.

Looking back, some of the investments include those in Wildfire, which was later acquired by Google for $350 million; Makerbot, which was later acquired by Stratasys (News - Alert) for $400 million; and Viki, which was later acquired by Rakuten for $200 million.

VentureBeat also noted that other investments include firms such as TaskRabbit, Twilio (News - Alert) and SendGrid.

Looking ahead, some 1,200 startups applied and 30 were approved for participation in the newest accelarator program.