First quarter ends with a flurry of early-stage deals
SAN FRANCISCO (Private Equity Week) - The first quarter of 2010 ended with a flurry of venture deal announcements, as at least nine startups announced last week they raised early-stage financing, according to Thomson Reuters data.
Among the startups to secure VC funding is Goomzee, a Missoula, Montana-based developer of mobile marketing product for the real estate industry. The company raised $1.5 million in a first round of funding led by Highway 12 Ventures, along with several, undisclosed investors from the United States and Europe.
Goomzee's text messaging service, called "Realty Connect," allows real estate agents to send home information, pricing, and photos to potential buyers via text messages. The investment is the first deal in Montana for Boise, Idaho-based Highway 12.
Glenn Michael, general partner at Highway 12, has joined the company's board.
The startup joins a field that is in large part dominated by VC-backed Zillow Inc., which has raised about $85 million in funding from venture firms Benchmark Capital and Technology Crossover Ventures. Last month, Seattle- based Zillow rolled out an app for the Google Android phone that allows users to track real estate listings from their mobile devices.
In addition to Goomzee, other startups that raised capital last week included the following:
CLEANTECH
Integrated Photovoltaics
Sunnyvale, CA
Amount/Round: $8.5 million/Series A
Investors: Peninsula Ventures (led), Alloy Ventures and Labrador Ventures
Details: Develops photovoltaic solutions. The company is in stealth mode. Sam Lee from Peninsula Ventures and David Waserstein from I2BF will join Dan Rubin from Alloy Ventures on board.
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Scientific Conservation Inc.
Berkeley, CA
www.scientificconservation.com
Amount/Round: $5 million/Series A
Investors: Draper Fisher Jurvetson
Details: Provides energy efficiency and system optimization solutions for commercial buildings. The company also named Russ McMeekin, former CEO of Progressive Gaming International, as its new CEO.
CONSUMER INTERNET
CardStar Inc.
Canton, CT
Amount/Round: $1 million/Series A
Investors: Amplifier Ventures (led), Acta Wireless and LaunchCapital
Details: Develops loyalty cards and mobile coupons for wireless applications.
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Quora Inc.
Palo Alto, CA
Amount/Round: $11 million/Series A
Investors: Benchmark Capital
Details: Provides a question-and-answer website launched by Facebook alums, including former CTO Adam D'Angelo. The company is stealth mode. TechCrunch reported the round amount.
ECOMMERCE
C$ cMoney Inc.
Houston, TX
URL NA
Amount/Round: $15 million/Series A
Investors: NA
Details: Develops ways to send money and pay for goods and services using a cell phone and the text messaging system.
INTERNET MARKETING
The Trade Desk Inc.
Ventura, CA
Amount/Round: $2.5 million/seed stage
Investors: Founders Collective and IA Venture Strategies
Details: Operates an online advertising exchange.
PHARMACEUTICALS
Thermalin Diabetes Inc.
Cleveland, OH
Amount/Round: $250,000/seed stage
Investors: JumpStart Ventures
Details: Develops insulin treatments for patients with diabetes. The company's technology was developed at Case Western Reserve University Medical School.
REAL ESTATE
Goomzee Corp.
Missoula, MT
Amount/Round: $1.5 million/Series A
Investors: Highway 12 Ventures
Details: Develops an interactive mobile marketing platform for real estate agents and buyers. Glenn Michael, general partner of Highway 12, has joined the board.
SOFTWARE
Socialcast Inc.
San Francisco, CA
Amount/Round: $8 million/Series B
Investors: Menlo Ventures and True Ventures
Details: Provides social business communication software for large enterprises. The company previously raised $1.4 million in a Series A round from True Ventures and individual investors. Sonja Hoel Perkins, managing director at Menlo Ventures, has joined the board.
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