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That's how one of the many CEOs that contact me recently described his colleagues who submit to Venture Capital (VC). (A bit inflamatory but worth a read)
This alternatively funded CEO describes other CEO's that seek VC funding as idiots — with a 1 in a 1000 shot at a lousy valuation (52% Round A, 25% Round B and 15% Round C). He continues that many of the serial entrepreneurs trumpeted by VC's have no money themselves despite "successful" previous exits.
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Madrona Venture Group usually likes to stay close to home when it makes an investment. But the Seattle venture capital firm made an exception with its latest bet.
Madrona is leading a $4.4 million venture round in Animoto, the fast-growing New York startup that has developed an easy way for people to create interactive slide shows from personal photos. Amazon.com Inc. (NASDAQ: AMZN) of Seattle, iStockphoto founder Bruce Livingstone and angel investor Jeff Clavier also participated in the deal, which brings total funding to about $5 million.
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EcoDog, a Vista, CA-startup developing a “watchdog” device to help consumers monitor their electricity use, inaugurated its plans to raise $5.6 million in angel funding today by naming its first angel investor. CEO Ron Pitt, who founded EcoDog in his garage four years ago, told me Tom Page, the former chairman and CEO of San Diego Gas & Electric and its corporate parent Enova (now Sempra Energy) made an undisclosed investment in the startup. Pitt says he developed the FIDO Home Energy Watchdog system, which is installed at the breaker panel to monitor energy consumption on every circuit. The device also uses the home’s own electrical wiring—and not the Internet—to send recommendations for conserving energy to the homeowner’s computer.
links for 2009-06-18
June 19, 2009 · Leave a Comment
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