VC trickles into small firms
Venture capital is still trickling into small tech companies, says David Freschman of the Delaware Innovation Fund, which helps host the yearly Early Stage East VC funding pageant.
"More than half" the 22 companies that presented themselves to potential investors at Early Stage East, the yearly mid-Atlantic venture capital show held at Wilmington's Hotel du Pont last summer, have raised capital since then, says co-organizer David Freschman. Among those investments:
- Rus Hawkins' Agilence, a Camden video-data software maker, raised $4 million in November from California's Granite Ventures and Dan McKinney's Audubon-based NextStage Capital.
- Ray Bixler's Skill Survey, an online reference check developer in Berwyn, raised $1.7 million last summer from Inflection Point Ventures, Boston; Milestone Ventuer Partners, New York; Innovation Ventures, Wilmington and Lancaster; and Mid-Atlantic Angel Group Fund.
- Marc Olson's Nayatek, a Newark, Del.-based security software firm, "closed its Series A funding" in December with backing from Originate Ventures, Bethlehem.
- Miles Flamenbaum's SOMS Technologies, a Valhalla, NY-based "green" oil engine filter maker, received $250,000 from Rand Capital Corp. in December, and an investment by Advantage Capital Partners in September.
- Steve Rosenbaum's Magnify.net, based at Silicon Alley in New York, raised funds in the "high six figures" in November from RoseTech Ventures, New York; NextStage; Ogden Capital and Innovation Ventures.
- Jim Shanahan and partners' Maverick Network Solutions, Wilmington, raised $1.5 million in December from Innovation Ventures, Emerald Stage2 Ventures, Robin Hood Ventures, Trestle Ventures and the state of Delaware.
They're setting up another fair June 9-10 in Wilmington. See www.earlystageeast.org.