Archive for March 2011
by Marina Zaliznyak on March 31, 2011

Offerum, a Spanish group buying site launched exactly a year ago by Jesus Monleon and Vicente Arias, also founders of Seedrocket, has closed a second round of funding totaling a hefty €2 million. It follows an initial €500,000 investment. The new round was led by Cabiedes & Partners and includes Bonsai Venture Capital (who have invested in well-known Spanish companies such as Idealista, TopRural, Softonic, Emagister) and a private family fund.

Offerum boasts 1.1 million users in just a year of operation and expects 20 million euros in revenues in 2011. For now, with a hefty team of 70, the company has offers available in Spain and France (currently limited to Paris) and is planning on expanding into two other EU countries this year.

by Mike Butcher on March 31, 2011

This year’s European startup conference GeeknRolla has become a platform for news, as startups launched and speakers broke news direct from the stage.

Duedil, the business reputation startup, secured first prize in the startup competition, and an on-the-day announcement from DFJ Esprit that it would award the winner a £50,000 no strings investment in the form of a convertible note. This would convert into its next funding round at the price of the next round. That kind of announcement is more common in Silicon Valley, so to have the deal announced literally within a couple of hours of Duedil’s pitch on stage was real news for a European event. Let’s hope we see more of that kind of fast action in the rest of the year. They also won a crack at a year’s worth of Windows Azure hosting, £5,000 in free legal advice form Orrick and free premium job advertisements for a year on CoderStack (normally £120 per ad per month). Not a bad result for a 3 minute pitch.

by Robin Wauters on March 31, 2011

Exclusive - Munich, Germany-based social games developer and publisher MegaZebra has secured ‘multiple millions of euros’ in its latest round of financing led by Doughty Hanson Technology Ventures. Previous backer Kizoo Technology Ventures also participated, alongside private investor Markus Stolz.

Founded in 2008 and originally supporting a variety of social networks, MegaZebra in the course of last year shifted its focus squarely on developing and publishing games for the Facebook platform only.

by Steve O'Hear on March 31, 2011

There’s a plethora of medical advice and information about drugs and treatment online. But separating the wheat from the chaff can be somewhat of a problem.

Enter Diagnosia, a newly launched startup that is aiming to become “Europeʻs premier drug search engine” by providing a safe place for people looking up medicine information. Curiously, perhaps, it’s aimed at both patients and physicians. In fact, the consumer angle plays a part in Diagosia’s business model.

by Steve O'Hear on March 31, 2011

Somewhat similar to one-man shop Yogile, Photocollect offers a way for a group of people to upload and share photos related to an event. In addition, the site supports (up to) HD video. And although the service is currently web-based, a dedicated iPhone app is in limbo waiting for Apple’s App Store approval.

by Steve O'Hear on March 30, 2011

Bright Network, the social recruitment site, has secured £300k in investment from a consortium of angels.

They include the VC and former chairman of Sage, Michael Jackson, and Zach Miles, a former CEO of Vedior, the recruitment company that was acquired for €3.5 billion by Randstad. Both Jackson and Miles will join Bright Network’s board, while Jackson will also become Chairman. The new funding will be used to further develop the social network, marketing and to “attract additional high-quality staff”.

by Steve O'Hear on March 30, 2011

BaseKit, which lets designers build websites without the need to write code, has secured a further $6.5m in funding from Nauta Capital, Eden Ventures and NESTA.

This follows a previous A round in June of last year, bringing the total raised by the UK-based company to just over $10m. The funding will be used by BaseKit to “rapidly expand its global reach” and open new offices in Barcelona, Sao Paolo, Mexico DF, Buenos Aires and San Francisco.

by Mike Butcher on March 30, 2011

Here’s the live stream from the GeeknRolla conference for European startups:

And follow the action on twitter on the hashtag #GKNR

We’ll be updating this shortly with the startups that launched today.

Here’s the agenda

by Robin Wauters on March 29, 2011

Cheapflights Media has made a strategic investment in travel meta-search site Momondo.com and its parent company Skygate International, the company announced this morning.

Both Skygate and Momondo will continue to operate from Copenhagen as independent brands, led by their existing founding management. Terms of the investment were not disclosed.

by Steve O'Hear on March 29, 2011

Irish startup Plendi, which helps people track their business expenses using their mobiles, has secured a €50,000 seed investment from Enterprise Ireland’s Internet and Games Competitive Start Fund.

The Dublin-based company, whose launch we covered 4 months ago, is a sort of Mechanical Turk for transcribing paper receipts. Available for iPhone and Android, the app works as follows: You take a photo of a receipt and Plendi’s data entry staff put the data into a personal online receipt manager, where both the image and transaction details – vendor, date, currency, net, VAT and total – are permanently stored.

by Mike Butcher on March 29, 2011

One thing I really like to do with GeeknRolla is to make it very real. What does that mean? Well, it’s fast paced – no-one can speak longer than 20 minutes – so they really have to get to the point. The panels are short so people have to step up to the plate and get their message out before we move on. The whole thing is curated from an editorial point of view: what is really going on out there? And more action happens in the breaks and lunch where we make sure people network with each other and get real things done. We even love to break news at the event.

Another way we try to keep it real is by inviting journalists to get on stage and ask real questions of those appearing. Sure, we have the odd cosy ‘fireside’ chat. But we also like to get to the bottom of things. Which is why I’m so proud that my awesome colleagues in the media have joined us to moderate aspects of the programme and generally hang out with the tech startup scene. And those are just the ones on stage – there are plenty more turning up to cover the event.

Combine that with an amazing speaker lineup and you have a great recipe. It’s a privilege to be the Chef.

I can’t wait till tomorrow. Here’s are our on-stage journalist panel moderators (in alphabetical order):

by Steve O'Hear on March 29, 2011

U.S. online ad network Collective, which recently opened its doors in the UK, has acquired Web TV Enterprise, which claims to be the UK’s largest premium online video ad network. Details of the deal weren’t disclosed.

It follows just weeks after Collective bought video advertising platform Oggifinogi.

Web TV Enterprise has been in the video on-demand advertising space since 2006 and says it reaches more than 25 million UK viewers a month. Collective says the acquisition is part of a strategy designed to cash in on ad spend moving from broadcast video to the web.

by Steve O'Hear on March 29, 2011

MobiCart, the free service lets users build a native storefront for Apple’s iOS, has secured a $500,000 seed funding round with participation from the UK’s Finance for Business North East Angel Fund.

The new investment will be used to expand the company’s offering, which will add support for Android in the next eight weeks, with Blackberry and Windows Mobile to come later this year, along with introducing new features to its app builder, including a bar code scanner, virtual coupons, and loyalty schemes.

by Roxanne Varza on March 29, 2011

Performance-based mobile ad platform, MobPartner, has just scored €2.5 million ($3.5 million) from France-based VC funds Alven Capital and Newfund. The funding will go towards developing MobPartner’s services in English-speaking markets as well as certain emerging markets in Asia, Africa and Latin America where mobile phones are the main way to access the internet.

The company founded in 2008 is essentially the equivalent of Admob – which was bought by Google for $750 million in 2009 – but for performance marketing. MobPartner’s model lies at the junction between performance and mobile marketing, aiming to reduce risks for advertisers and maximise revenues for publishers; advertisers only pay when the user completes a specific action – like completing a sale, placing a call, etc.

by Mike Butcher on March 28, 2011

A new early stage investment firm is de-cloaking in London today. Three prominent Angel investors on the tech scene in London – Stefan Glaenzer, Eileen Burbidge and Robert Dighero – have been operating out of their White Bear Yard base in Clerkenwell for just under a year. Rumours circulated that they were looking to raise a real fund to continue their work, and now the news is about to break (ok, now it’s broken).

Passion Capital (@passioncapital)is a brand new fund aimed squarely at early stage tech startups and has closed its first investment at £37.5 million ($60 million). They anticipate making about 50 investments, where the average investment size is likely to be £150k-£200k at a time. But they say they will go as small as £15k-£50k and also “most certainly higher” than £200k depending on the situation. They are being pretty open. Here’s their investment strategy and they’ve even published their term sheet.

This first fund for Passion comprises significant funding from the private sector, family funds and high net-worth individuals. In addition the UK Government has also invested £25 million via the the tenth Enterprise Capital Fund (ECF).

by Mike Butcher on March 28, 2011

The areas around Old Street tube station, Shoreditch and Hoxton, just North of London’s Square Mile and on the border of East London, have come to be known, lightheartedly, as Silicon Roundabout, given that there is now a recognisable cluster of startups there. I’ve been tracking the trend since 2008. But what’s missing is the VCs. While, in Silicon Valley the VCs on Sand Hill Road are but a short drive from Palo Alto and Menlo Park, the VCs in London have preferred to stay in Mayfair, often close to the offices of the Limited Partners who back their funds. It’s not far away from Old Street – 3.2 miles – but it’s different in culture and scene. But to stay close to what’s happening in tech today it makes a lot of sense for investors to co-locate with the startups.

Leading the advance guard almost a year ago was White Bear Yard, a large space backed by three prominent Angel investors. Not strictly in ‘Silicon Roundabout’, but their Clerkenwell base is but a 5 minute cab or cycle ride away.

But soon the area will be welcoming well-known startup accelerator programme Seedcamp, dubbed the Y Combinator of Europe by some. We’ve heard they they are poised to move from their West End location to hang out with one of their invested companies, Editd.

And today news reaches us that leading tech VC Index Ventures is to take some desks in the area, co-locating in Scrutton Street with new landlord Moo Studios, also home to Groupspaces, Lightbox, Soundcloud, SparkPR and Tweetdeck. Index was an early investor in Last.fm and Moo in 2006, both scions of the ‘Roundabout scene’, which also encompasses Songkick in Hoxton and Moshi Monsters in Shoreditch.

by Steve O'Hear on March 28, 2011

This is quite a coup for 7digital. The UK company’s music download store has bagged Radiohead’s new album “The King of Limbs” as a world-wide digital exclusive, meaning that it’s the only place online to purchase said album as a download. What’s more, 7digital is offering up an extremely high quality 24bit FLAC version of the recording – audiophiles rejoice – a first for a major recording artist, says the company.

#StartupBritain launch, live video
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by Mike Butcher on March 28, 2011

by Lukas Zinnagl on March 28, 2011

Aside from Dopplr’s quiet disappearance after its acquisition by Nokia and Tripit’s exit to Concer, web-based travel planning is still, arguably, one of the holy grails of the web. flextrip, a new startup operating out of Europe and the US and founded by long time entrepreneurs Leith Stevens, Alex Kremer and Andrew Glover, aims to facilitate travel planning by offering real-time offers for tours and activities – a branch of the travel industry that is still somewhat neglected despite its estimated global market size of $89 billion.

Flextrip is a stand alone service that lets you plan your travels by pulling in your Dopplr or Tripit travel details, analyzing that data and serving real-time offers from local operators. Tour operators working with flextrip on the other hand receive SMS notifications whenever a potential travel customer plans a tour in some city or region. They in turn can then make targeted offers to the traveller .

by Steve O'Hear on March 28, 2011

Utopic, the service that lets you see what content is trending amongst your friends, has closed a $70k convertible note from a number of angels, including Ahti Heinla, one of the founding team of Skype and its chief technical architect.

We’ve also learned that Vitaly Rubstein has also participated. He is an ex-majority owner and the “product brain” behind Russia’s largest social network Odnoklassniki.ru, which was recently acquired by DST, as well as majority shareholder in Forticom.