Cofounderscapital.com
Fund I Investors,?Here's what going on.? ?Next Capital Call??Thank you.? ?We have received everyone's capital call.? ?Next Fund I capital call will probably not be until next year.?InvestmentsWe have made no new Fund I investments since my last update although we did buy an additional $300K in FilterEasy stock from one of our LP's that wanted to sell his personal add-on investment in the company.? ?We purchased this at just above the last round pricing which we believe was a deal we could not pass up.? ?We are happy to double down on FilterEasy.? ?Cofounders Publishing and NewsWRAL:? What NC Must Do to Attract More Venture Capital?- GardnerWRAL:? Interview with Myxx and Tim on use of convertible notesWRAL:? The Art of Reference Checking?- GardnerCofounders EventsTim and I are back on the circuit meeting entrepreneurs and making sure we are aware of every software deal and entrepreneur in the Triangle.? ???Startup Essentials Conference?NCSU Garage Host David Gardner?BCVP State of Venture Capital ConferenceAlbright Entrepreneur Village EventUNC MBA LuncheonDuke's Fuqua School of Business to the Entrepreneurship Venture Capital ClubAdam's Apprenticeship Forum at UNCJudge/Panel for the?Greensboro Capital Connections CompetitionHosted the 2nd annual Internship Speed Interviews for portfolio companies, had over 100 applicants from 7 UniversitiesJudge/Panel for?Startup UNC at Kenan-FlaglerNC IDEA selection committee meeting?Me in a promotion video for upcoming Charity Shark TankPortfolio UpdateOnce again, the first color shows how we assessed the company in our last update and the second shows our current assessment.??????Green- doing well, at or near plan????Yellow -?somewhat behind plan or other trouble????Red - ?well behind plan?and in danger of failing????Black -?dead,?write off.?FilterEasy >?Green GreenFE finished up last year at around 110% growth.? ?They launched a?new partnership with Honeywell driving new?customers from the partnership by embedding the FE offering into Honeywell's smart thermostat app and?sending dedicated emails to their customers.? ?The early data is promising so far with three times the typical conversion rate.? ?FE now also?has its own?branded filters.???TBJ? HYPERLINK "" \t "_blank" FilterEasy Acquires CompetitorWRAL?Profiles FilterEasyCanopy >??Green GreenI am disappointed not to be able to provide an update on Canopy.? ?We have not had a board meeting or financials in the last couple of months which I am troubled by but in a brief meeting with the CEO a couple of weeks ago he assured me that things are going "better than ever".? ?We are on top of this and will have a full report soon.Factivate >?Red RedI am pleased to report that Factivate has finished rewriting its product and relaunching.? ?Next month will be critical to see if we got it right this time.? Regardless we are thrilled to have another time at bat on this one without inputting any additional capital.? ??EmployUs > ?Green?YellowI am sad to move this company temporarily to yellow.? ?The big Discover Card deal, which the company staffed up to deliver,??has been delayed into next year.??Although a tremendous amount of product and process improvement was generated, without the Discovery Card deal the company could not support the additional staff and has had to have layoffs.? ?The company's cash flow does support remaining staff but this will leave the company behind revenue plan for the year.? ?RewardStock >??Green GreenRewardStock has had a good first quarter.? The company released a new version of it's product that now provides full travel booking and the site will actually complete a credit card application for you i.e. it does all of the work making it much easier to get travel rewards and book your flight using points.? ?This is a game changer in the travel rewards industry.???The companies pilot with Experion achieved all of it's goals and they want to enter into a long term contract with us embedding RewardStock in their site visited by millions of users each week.? ? This is a big milestone for the company, industry validation and its first sizable?revenue.? ???Testive >?Green GreenFebruary revenue was $56K.? ?March is on track to hit $76K.? ? This year's top line is trending a little ahead of plan with expenses trending below plan.? ? I am still pushing for a full time Biz Dev hire which the company has agreed to look for.? ? ? ??Savii Care >?Yellow YellowSavii is turning the corner.? ?Revenues are slowing staring to climb a few thousand each month as the product stabilizes.? ? Fixing the software proved to be a much larger effort than anticipated but I feel very good about the new management team and what they are focused on achieving.??Tech Company:??Interview with Savii new CEOFokus Labs >?Green GreenWe have a terms sheet from a strategic investor in Canada offering $500K of the $1.2M A round.? There are plenty of other investors around the table so I believe A round funding will happen over the next couple of weeks.? This round is coming together in perfect timing with the release of version II of the product.? ??Valuation is set at $6.5M.?? ?The Canadian strategic is also entering into a distribution and reseller agreement that we believe will be very impactful on revenue starting in the Fall.? ?ParkMyCloud >??Green GreenPMC entered into a high profile business partnership with CloudHealth.? ?As you can see from our spreadsheet below,? PMC has continued steady growth albeit not super fast revenue growth.? ?They have made huge product enhancements but the company is running short on cash.? We are simultaneously negotiating a terms sheet with an investor and a potential acquisition.? ? It now feels like there may not be a significant up-front-cash component but there are many other advantages to the merger/acquisition being considered.Fundable:? It's about damn time someone did this - videoChannelE2E:? PC Now Supports Microsoft AzureFollow is press about PMC and CloudHealth Partnership451 Research:?With new funding and partnerships, CloudHealth grows the channelOutlook Series:? HYPERLINK "" \t "_blank" ParkMyCloud Intros SmartParking for Automated Cloud Cost OptimizationSDxCentral:? HYPERLINK "" \t "_blank" ParkMyCloud Automates Multi-Cloud Cost ControlEnterprise Cloud News:? HYPERLINK "" \t "_blank" CloudHealth, ParkMyCloud Partner to Rein in Enterprise Cloud CostsCloud Strategy Magazine:? HYPERLINK "" \t "_blank" CloudHealth Technologies And ParkMyCloud PartnerDevOp:? HYPERLINK "" \t "_blank" CloudHealth, ParkMyCloud Partner to Contain Cloud Services CostsDiginomica:?Dynamic provisioning promised to put cloud cost optimization on auto-pilotChannele2e:?5 Channel Partner Updates: Tuesday, January 16, 2018Myxx >?Green GreenI'm super excited about Myxx.? ? ?They company has expanded now to 1,736 grocery stores in 28 states.? ? I was in a meeting with Monica and Pinterest in Vegas this week.? ?The Pinterest team was amazed at Myxx's technology and said bluntly "we need this in our platform".? First step will be a Pinterest-Myxx pilot at Harris Teeter.? Several big companies are chasing Myxx to discuss partnerships and potential acquisitions.? ?I feel confident that Myxx will be one of our winners.WRAL:? Myxx Expands to 1300 Kroger Stores?FierceRetail:? Kroger Expands Partnership with Myxx??PYMNTS:? Myxx Has the Right RecipeProgressive Grocer:? Kroger for Shoppable RecipesTesser >?Yellow YellowTesser had several big deals finally start to materialize this month.? ?The company is basically out of money with the founders bridging the company last month and going without salary.? ? These deals are closing just in time.? ? For now I'm going to leave the company at Yellow until the team gets these new deals fully implemented.? ???Urban Offsets?>?Green?Green?Urban offset got tremendous press and credibility via the Duke-Delta deal.? ?Suddenly there is a lot of great biz dev opportunities in the works.? ?Revenue is going basically to plan.??Fast Company:? World Changes Ideas Reforest Cities??Duke Chronicle:? Duke and Delta Air Lines Partner with Urban OffsetsDelta Hub:? Delta, Duke Launch First of it's Kind PartnershipServusConnect >?Green GreenWe bridged Servus $50K this month.? ?Revenue is climbing so we don't think another bridge will be needed.? ?I'm concerned about cash flow but there are deals in the pipeline that look promising.? ??MapMyCustomers >?Green GreenMMC will be one of our winners.? ?Recurring monthly revenue was $40K in November, $70K by January and over $100K now.? ?We are starting to discuss a significant A round.? ?ImpathIQ >?Green GreenThis company is doing well.? ?They closed Palmetto Healthcare System in SC this month and released their new Sepsis pathway.? ? There are very few doctors that can sell and prospect the way these founders can.? ??FeedTrail?>?Green GreenI'm feeling good about our newest investment here.? ? They work in the lab and are driving revenue.? ? ?The company did $29K in January and is on track to have $118K this month.? ? That's a nice jump in the 90 days we have been working with them.? I'm taking the team to dinner?tomorrow?night to congratulate them.? ?They are hiring sales reps every month.? ?The article below just came out about our investment in January.??WRAL:? Cofounders Backs FeedTrail and Moves Company to CaryLooma?>?Green GreenThe Looma guys have not launched so no revenue yet but they are prepping?their technology and tablets for a launch next month.? ?Pre-sales of ad space has been very strong with 100% of their available isle ad spots already sold even before their tablets are set up.? ? ??WRAL: Looma Lands $375K from Cofounders Capital?+ Video?ClosingFinally, many thanks to investor and all around cool guy, Anthony Dilweg, for providing free transportation as I attended some key partnership meetings with our portfolio companies out west.? ? He also let me pretend to fly the plane!?--?David Gardner ?Profiledavid@919.244.3048Cofounders Capital@startUpHatsThe Startup Hats Book? ................
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