Funding Archives - Page 12 of 14

Pittsburgh Startup: DuoLingo Gets Investment From Ashton Kutcher

Pittsburgh startup DuoLingo has just announced a $3.3 million dollar round of funding led by Fred Wilson’s Union Square Ventures along with actor turned tech investor Ashton Kutcher.. This article in the Post Gazette said Kutcher made this investment personally and no reference is made to his VC firm A-Grade investments.

Kutcher is known to journey outside the borders of Silicon Valley with his tech investments. He heavily vets his investments for game changing technologies. Kutcher recently invested in Des Moines mobile payment startup Dwolla. Although Kutcher hails from the same area, it was more about the technology, and the entrepreneur rather than just being from the same area.

With DuoLingo it’s obviously about the technology and the work that scientist/co-founders Luis von Ahn and Severin Hacker have put into the startup so far.

DuoLingo is a translation software. Although there are a few very technical articles about DuoLingo’s technology, to put it into layman’s terms DuoLingo provides a platform for real life translation. While Google translate can be great for a straight up word for word translation, DuoLingo and their algorithms translate pages on the internet, in a more “real world” conversational way.

When you’re doing the real-world stuff, such as reading a news report in German or French, you really feel like you’re accomplishing something,” von Ahn said in a press release. “It reinforces why you’re working to understand this new language.”

While DuoLingo is great for translation they also enter an element of education as well. As the Post Gazette explains:

Users can scroll over words if they need clues for their translations, and the program automatically detects blatant errors. The site also is designed to track words or concepts that give users trouble and to focus on those for future lessons.

The next phase of DuoLingo includes adding a document translator to it’s already existing web based platform for commercial uses. To get to this point DuoLingo used a pretty extensive beta testing process where von Ahn reports that the beta testers translated tens of millions of sentences.

By crowd sourcing the translations the software is able to pick up the most commonly used translations and achieve better accuracy.

Von Ahn is a 33 year old junior professor at Carnegie Mellon University, where he earned the honor of A. Nico Habermann associate professor of computer science. That’s an honor given to a distinguished junior professor every three years.

If you think that you’ve heard von Ahn’s name before it’s because you probably have. In 2007 von Ahn created the puzzle identifying system Captcha, the system used to verify that a human is filling out most forms. He sold that company to Google for an undisclosed sum.

von Ahn’s other credits include inventing “human computation” which is a form of crowd-sourcing humans to help computers solve problems that are beyond the technology.

von Ahn said that his goal with DuoLingo is to form a universally readable internet.

Linkage:

For more on this visit the Pittsburgh Post Gazette

Curious about Ashton Kutcher’s investments visit his Crunchbase Profile here

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Colorado Startup: Mile High Organics Closes Seven Figure Round

Boulder Colorado startup Mile High Organics has announced that they’ve closed a seven million figure seed round. The exact number wasn’t reported. However, there are some big names in the round including Dave McClure’s 500 startups and TA Venture of Kiev Ukraine. Mile High Organics will use th money to expand it’s high quality, cost-competitive grocery deliver service with new products and services.

We recently featured Mile High Organics in one of our stories about trending angel.co startups from “everywhere else”.

“The key difference between Mile High Organics and other grocer services is that we emphasize quality of product and service while being price competitive,” said Mile High Organics CEO Michael Joseph. “Part of the reason we are able to do this is by distributing to Colorado’s entire Front Range through one distribution center — as opposed to dozens of stores.”

While grocery delivery services are hardly new, Mile High Organics is more like Whole Foods or Trader Joe’s delivery, or even perhaps your neighborhood grocery co-op delivery rather than a huge supermarket. Online grocery services have been experiencing a huge surge. A recent Nielsen survey showed that consumers spent $12 billion in online grocery services since 2010. That figure is expected to more than double to $25 billion by 2014. In 2011 the online grocery service industry as a whole did $35 billion in sales

Despite a weak economy, Mile High Organics has seen tremendous growth since its launch in June 2010. The company employs 40 people and is currently hiring several more positions. It allows its customers to incorporate fresh, organic food into their diet for their best health and best life. In just less than two years, the company has achieved recurring orders by delighting thousands of members. Mile High Organics recently became the first U.S. Department of Agriculture certified organic online retailer, solidifying their industry leadership and consumer trust.

“We see Mile High Organics emerging as an important player in the online grocery industry,” said David McClure, founding partner of 500 Startups. “They are disrupting the $600 billion grocery industry in the United States.”

“Mile High Organics is an innovative player serving the largest consumer market in the United States, focusing on local organic food products and minimization of environmental impact,” said Viktoriya Tigipko, managing director of TA Venture. “The company is developing a truly disruptive e-grocery model to compete for the burgeoning natural and organic grocery market. We are very excited about our investment in Mile High Organics and are confident that the company is uniquely positioned and capable of becoming a leading player in the U.S. organic grocery delivery market and expanding its business to other countries.”

Mile High Organics now offers more than 600 grocery products, with an emphasis on providing as much local, seasonal organic produce and groceries as possible. It is the only Colorado retailer that supplies completely non-genetically modified foods, free from synthetic pesticides and chemical inputs.

Linkage:

Find out more about Mile High Organics Here

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Cleveland Startup Organization Jump Start Receives $250,000 To Spur Development Of Women,Minority and Inner City Startups

The JumpStart organization in Cleveland Ohio is a non profit organization looking to help startups across the country. While Startup America does a great job on a broader scale, JumpStart focuses on women, minority and inner city based entrepreneurship. JumpStart is also a member and partner with Startup America.

The $250,000 grant came from the Surdha Foundation one of the nation’s oldest and largest family foundations. The foundation is headquartered in New York City and was founded in 1917 by John Emory Andrus, a successful New York businessman who served four terms in congress.

“Through our Strong Local Economies program, we aim to create robust and sustainable economies that include a diversity of businesses and sectors, improved access to quality jobs and opportunities for economic mobility. We are proud to support JumpStart in its efforts to expand this valuable program,” said Surdna’s president, Phillip W. Henderson.

“Minority and women entrepreneurs growing larger scale firms can contribute meaningfully to the country’s economic output by becoming more significant job creators,” says Darrin Redus, JumpStart’s Chief Economic Inclusion Officer. “With Surdna’s help, JumpStart can continue to develop and share inclusion best practices and make key connections that will help speed the growth, market entry and success of these high potential young companies.”

Along with the Knight Foundation, the charitable foundation that is the legacy of the Jack and Jim Knight, the brothers who started the Knight Ridder newspaper empire, Surdha is a founding partner of Jumpstart Inc.

Linkage:

Find out more about Jumpstart here

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Eric Schmidt’s Innovation Endeavors Backs Seattle Startup Tango Card

Seattle startup Tango Card is looking to continue to bring innovation to the gift card and rewards space. They are focused on enterprise customers and incorporate digital goods into gift cards and loyalty programs. Tango Card already powers solutions for Bing Rewarsd, FedEx, Extole and Shutterfly.

Those are just some of the factors by two big announcements the company had last week. First of which was that Google Executive Chairman Eric Schmidt’s Innovation Endeavors has participated in a $1.8 million dollar Series A round, alongside Western Technology Investment. Tango Card plans to use those funds to hire more software developers and expand their proprietary software applications.

Tango Card also announced that Westpac GM Technology and Boeing Joint Strike Fighter IT director Randy Fennel is joining the company in an expanded CTO role.

“As a company we’re focused on launching innovative and proprietary software applications in huge and unexplored verticals, execution, and strong brand and partner curation. With Innovation Endeavors and WTI as our first institutional investors we have access to incredible industry thought leaders, mentors and innovators from the Innovation Community. Both investors also bring very deep pockets and long-term focus to Tango Card,” said David Leeds, CEO and Founder of Tango Card. “Additionally, our ability to attract someone with the pedigree, capabilities, and respect that Randy Fennel brings to the company underscores the exciting things we have already done and the mission we are on. Ultimately, this additional capital and the hire of Randy positions us to scale rapidly – a good thing since we have grown 30X already year-over-year,” Leeds concludes.

“We were attracted to Tango Card’s vision of bringing gift cards and digital goods to huge and unexplored areas, and doing this primarily through efficient and scalable software and proprietary applications,” said Dror Berman, Founding Managing Partner at Innovation Endeavors. “We believe we can add significant value as partners and advisors and look forward to working with this exceptionally talented team.” Maurice Werdegar, CEO of WTI stated, “We love David’s track record of success and clear results-based leadership. I’ve known him since his FiberTower days, just before he and his co-founders took that company public, and we see similar opportunities here.”

Tango Card works like no other gift card program out there. A purchaser can buy a Tango Card and give it to the recipient via email. The recipient can then exchange the value of the card for a variety of retailers cards like Amazon, iTunes, Target etc. Or they can elect to donate all or a portion of the cards value to charity.

Not only that but Tango Card makes their card program more social. They call it the “What I got” card, and they allow the recipient to take a picture of what they got with the card and post it for the giver to see via a mobile app available for both Android and iOS.

Tango Card allows more variety for the recipient and a better chance they’ll get what they actually want, no matter what the retailer.

Linkage

Find out more about Tango Card here

Check out the Tango Card app for Android here

Check out the Tango Card app for iPhone here

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Boston Startup: SCVNGR Announces $12M Round For LevelUp Expansion

Boston location based scavenger startup SCVNGR has secured another $12 million in funding. This time it’s to roll out their payment platform LevelUp on a national level. LevelUp is currently in 8 US cities and plans to rollout nation wide.

“This is a new round of preferred stock that will be left open for 1-2 more large strategic partners to join,” SCVNGR founder Seth Priebatsch said in an email to the Boston Business Journal. “We’re already in late-stage conversations with them — just haven’t officially closed on their funds yet.”

LevelUp is a gamified, deals based mobile payment system that connects to a users current credit or debit card. The user gets a discount by using the LevelUp app the first time at a merchant and can earn more discounts by continuing to pay with LevelUp.

LevelUp is currently supported at 3,000 locations in their 8 states including national hamburger chain Johnny Rockets. They have nearly $200,000 users and are paint $2 million dollars per month through the service. Towering the adaption of services like Google Wallet.

LevelUp is currently available in Boston, New York, Philadelphia, Atlanta, Seattle, San Francisco, San Diego and Chicago. SCVNGR will use the investment to add 40 people to their sales team and add more exciting merchants across more cities.

Linkage:

Check out LevelUp here at their website

Here’s LevelUp’s iTunes page

LevelUp in the Google Play Store

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Day 2 Has Started At Hollywood Hack Day At io/LA

We are here at Hollywood Hack Day, on a gloomy Sunday in Hollywood California covering what has turned into 70+ programmers from all over So Cal into one place. The idea behind Hollywood Hack Day was to bring Media and Tech together into one. With sponsors like Rovi, ToxBox, Mashery, Rdio, Spotify just to name a few, the programmers here have been coding all throughout the night.

We’ll be covering all the goings on today as well as later tonight and tomorrow have full videos on all the pitches and the winners as the night goes on.

Interview With Memphis Startup Work For Pie, Seed Hatchery’s First Funded Startup

Memphis has got a great startup culture, ecosystem and community. Most of that happens at Emerge Memphis in downtown Memphis Tennessee. Emerge Memphis is a co-working space, home to SeedHatchery, LaunchMemphis and LaunchYourCity. It’s also home to Work For Pie.

Work For Pie is an online community for developers, with a focus on open-source developers. It’s a lot more than a LinkedIn for developers and the only thing like it in existence right now.

The company was founded in 2011 when Cliff McKinney met Brad Montgomery at a Launch 48 event at Emerge Memphis. The two tweaked a different idea into what Work For Pie has turned into today.

Work For Pie’s unique community allows developers to start a free profile that includes a portfolio of their development work. There is also a rating system involved to show the achievements of the developers in the community. The plan as they continue, is to create a site for businesses as well and then link the two so that businesses have a talent pool of top rated developers to choose from for their project.

They’ll be able to do that now that they’ve secured a a $300,000 round in funding. Work For Pie went through the first incubator class at SeedHatchery last year and they are the first startup to get any kind of substantial outside funding round. The two co-founders are excited about working on Work For Pie full-time.

As part of that great startup culture and eco-system in Memphis, they were onhand at 48 Hour Launch this year to help mentor the four startups that are building out in the weekend event. Friendsignia, Paytopia and a host of other EmergeMemphis companies and SeedHatchery graduates also spent the weekend at 48 Hour Launch paying their experience forward.

Check out our interview with both Cliff and Brad about Work For Pie and the startup culture in Memphis:

Michigan Startup: Current Motor, First In Dell’s $100M Startup Fund

An Ann Arbor Michigan based startup called Current Motor, is the first startup to benefit from Dell’s new $100 million dollar Innovator’s Financing Fund. Current Motor is developing electric powered scooters.

The fund, announced Thursday, is entirely funded by Austin based pc powerhouse Dell. Their Entrepreneur in Residence, Ingrid Vandervelt, came up with the idea for the fund, under the supervision of the entrepreneur in residence advisory board.

Current Motor is using the funds from Dell, along with their expertise and “24 hour support” to help them implement an e-commerce system that handles customer service tracking, and also tracks important information on the scooters, such as battery life remaining. They want this entire system to be accessible via mobile app, similar to that of some of the shared bicycle and car apps out there (ZipCar).

“In exchange for a low monthly payment, we get one point of contact and a really comprehensive, scalable technology solution that allowed us to get to market six months ahead of schedule, while conserving our equity capital for sales, marketing, research and development,” Lauren Flanagan, executive chairman and an angel investor in the company told the Austin Statesman.

More after the break
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St.Louis Startup: LockerDome Announces $1.04M Round

Our good friends at LockerDome have announced some great news this morning. They’ve just completed a $1.04 million dollar round of financing led by St. Louis Arch Angels. Cultivation Capital, Capital Innovators, the Missouri Technology Corporation and several individual angel investors participated in the round.

This new round brings LockerDome’s total investment to date to $2.1M.

In addition to this great funding news LockerDome has also announced today that they’ve seen a 25% increase in users week over week for 24 weeks straight. In just about five months the sports based social networking site has seen growth to 850k monthly uniques. They also have 80 pro athletes signed up including Pittsburgh Steelers Safety Troy Polamalu. They’ve also secured iconic brands like Rawlings.

LockerDome allows users to create their own sporting profiles for their local sports teams. Within LockerDome, teams can create their own social networks whether it be for a 5 year old T-Ball league, a 15-17 year old basketball team or a semi pro team. Even pro-athletes can create their own profiles.

Square Co-Founder Jim McKelvey has been a strong believer in LockerDome and the St.Louis startup scene. McKelvey has invested in LockerDome and holds a seat on their board.

“We’d like to give a huge thanks to the St. Louis investor community, whose support has been fantastic. Oversubscribing on a million-dollar financing round in only a matter of weeks not only speaks to the strong growth and demand that LockerDome is experiencing, but to the quickly emerging St. Louis tech startup ecosystem,” commented LockerDome CEO, Gabe Lozano.

The St.Louis Arch Angels invested $3 million dollars in the thriving St. Louis startup scene in 2011

Linkage:

Check out LockerDome for yourself here

Find out more about St. Louis Arch Angels Here

See Nibletz’ coverage of St. Louis’ startup community here

Techstars David Cohen Invests $150,000 In Advocharge

TechStars Co-Founder & CEO David Cohen

David Cohen, the co-founder and CEO of Techstars, the largest accelerator program in the world has recently invested $150,000 in Advocharge. Advocharge establishes credit card processing rates at a substantial discount from the rates typically found from similar companies.

Advocharge’s CEO Mark Tracy said that they are able to allow substantially lower rates because they are compensated 10% from the savings a client company receives from the difference in rates.

“A number of the TechStars businesses are currently working with AdvoCharge and have realized significant savings – as much 80-90 percent over the fees they had been paying to their previouscredit card processor. On top of the savings, our TechStars companies are really happy with the service and support they receive,” said Cohen.

One TechStars graduate, Orbotix, the makers of the Sphero Ball, utilize the services of AdvoCharge. Their VP of Operations, Jim Booth said:

“Rate is not everything with merchant services, but the support we get from AdvoCharge has been tremendous. When you couple that with the very low rate they established for us, we couldn’t be happier.”

AdvoCharge’s CEO, Mark Tracy, stated, “We are thrilled to be working with David. Through TechStars and his other investments, David has learned a great deal about what makes startups successful and has a tremendous network. We’re excited to learn from him, to leverage the relationships he’s developed and to positively impact those contacts.”

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Austin Startup MapMyFitness Announces $9 Million Dollar Round

Austin fitness startup MapMyFitness has received a $9 million dollar round of funding.

SiliconHillsNews is reporting that Austin Ventures and Milestone Venture Partners led the series B round for the fitness app development startup. Competitor Group Inc, and The Running Specialty Group LLC also participated in the round through other business partnerships.

The Austin based startup makes a variety of fitness apps that allow their users to track their progress on their smartphone or other mobile device. They’ve already built up a strong community of over nine million registered users. They are currently adding 25,000 new users per day.

“Austin Ventures’ continuing enthusiasm is a great validation of our success to date. We’re also thrilled to leverage Milestone Venture Partners’ unique expertise on healthcare technology services, and to deepen our business partnerships with Competitor Group and run.com, the e-commerce platform for The Running Specialty Group,” said Richard Jalichandra, chief executive officer of MapMyFITNESS. “This Series B funding allows us to continue innovating and improving our tools for people of all levels to improve their fitness, nutrition and overall health.”

One of MapMyFitness’ strong points is how their apps are resonating within the fitness community. Fitness event producers have used MapMyFitness to track participants progress in races, decathlons and more.

“MapMyFITNESS’ amazing growth of one of the largest audiences of runners, walkers, cyclists and active people has tremendous synergy with what we’re doing at Competitor with events like the Rock N Roll race series,” said Scott Dickey, president and chief executive officer at Competitor Group, Inc.

“The MapMyFITNESS team has created one of the most engaging utilities for fitness enthusiasts, one that complements what we’re trying to do with our new website, run.com,” said Ken Gart, President of The Running Specialty Group.

MapMyFitness is available across multiple platforms. Of course iOS and Android are their leading platforms but it’s also available as a native app for Blackberry, Windows Mobile and iPads.

Linkage:

Find out more about MapMyFitness here

Source: SiliconHillNews

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Michigan Startup: Rippld Get’s $50,000 To Expand Social Network For Creative Professionals

Rippld a social network to promote, collaborate and bring creative together has announced the receipt of a $50,000 micro loan investment to continue working and expanding their network.

This innovative startup for creative professionals is a resident at Wayne State University’s TechTown incubator.

“Friends ask us all the time where to find creative talent,” said co-founder Adrian Walker, who conceived of Rippld with his partner Wilbert Fobbs III when trying to get a fledgling video production company off the ground. “I looked at what was out there in the online landscape and nothing offered the kind of access or information people were looking for. Rippld fills that gap.”

Statewide, Michigan has seen a huge uptick in startups forming in the state or moving into the state. In fact, just this morning we reported on the budding community of 37 startups and innovative companies at Ann Arbor’s TechBrewery, and their newest tenant the team behind PaperDesk.

As for Rippld, Michigan is firmly home of the social startup, in fact, co-founder Lander Cornado-Garcia moved back from Chicago to Detroit to help start Rippld.

“TechTown and its sister incubators have been and continue to be critical to Rippld’s success,” said Coronado-Garcia. “The one-on-one coaching, business plan support and networking capability we accessed through TechTown positioned us to be competitive in our bid for this pre-seed loan and validated the integrity of our business model. We owe this victory in large part to TechTown and its partners.”

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Boston Startup: KontrolTV Is Another Cuban Backed Startup Who Won Another Huge Contest

Daniel Gnecco and his father Juan Pablo Gnecco founders of MOVL/KontrolTV (photo bu.edu)

Just moments ago we wrote about Mark Cuban backed startup Kisstixx out of Utah who just won the United States Small Business Administration Video Contest. Kisstixx was able to convince Dallas Mavericks owner and venture capitalist Mark Cuban to shell out $200,000 of his own money on national tv, for the innovative lip balm startup.

KontrolTV was a little different. As our friends at Bostinno.com report. Daniel Gnecco, a senior at Boston University this past school year, convinced Cuban to invest in his family run startup MOVL. The younger Gnecco is a co-founder in the video startup with his father Juan Pablo Gnecco.

As the story goes, Daniel saw that Cuban would be speaking at an entrepreneurship event at Babson. Daniel was able to get into the event and then have some face time with Cuban after he finished speaking.

Cuban reportedly emailed Daniel later that day and immediately started negotiating a deal with MOVL. The talks were interrupted by the ending of the NBA walkout but once basketball resumed so did the discussions between Cuban and the Boston startup.

According to bostinno.com Cuban invested $500,000 into the startup that lets you link your television experience with your social activity via your mobile device. It’s a little more robust than GetGlue.

VIDEO Capital Connection TechBUZZ ’12 Ending Keynote – Steve “Makes Our” Case

(photo: nibletz syndicate)

Capital Connection TechBUZZ ’12 Had Steve Case as the Keynote speaker at the end of the two days. In 1985 Steve Case founded AOL. It was the first internet company to go public, it was the largest media acquisition of its time.

When crowdfunding was brought up he spoke about the ability to raise funds for projects via indiegogo or kickstarter Recently he has been spending a lot of time in Washington DC convincing the US Government to deal with entrepreneurial issues and American jobs. When asked how he feels about crowdfunding (JOBS Act) he mentioned the fact that it has been passed and is waiting for the SEC to finish their part. The law had previously stated that it was illegal to sell private equity to investors online. “You can sell the whole business – 100% but you will go to jail if you sell 1%” Case stated “for the first 6 years it was illegal for us to connect to the internet.” The JOBS act focuses on modernizing an extremely old system.

In this short clip he discusses the benefits he sees in crowdfunding for startups and where it will may have the biggest benefit. As we are well aware, if you are in North Dakota, Philly, St Louis, Chicago, or Everywhere Else – it is very difficult to get covered by media outlets or to raise seed or angel capital. This is where we come in. We are planning on driving across the country for just over a year meeting with startups, incubators, accelerators, and their towns. While we cannot directly assist in helping you raise capital, we are sneaker strapped ourselves, we can help get your names out. We will come to your city and spend time with you. We don’t discriminate against a lack of funds being raised or lack of angels in your region. We only care about meeting startups who are making a go at something new.

We do need some help though, which explains the title of the article, our case has been made by Steve Case himself. Take a look below:

More stories from Capital Connection 2012/TechBUZZ here

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