First startup in Summer of Acceleration programming closes funding round in only 85 days
MEMPHIS, Tenn. (Aug. 4, 2014) – Start Co. today announced a $250,000 angel investment for Sparkgap cohort member Graph Story, a graph database-as-a-service offering for small and medium businesses. The funding, mostly furnished by members of the Start Co. Angels Network, represents the first investment for this year’s Summer of Acceleration programming.
“Moving through Sparkgap’s curriculum has helped me establish a valid business model and strategy,” said Greg Jordan, CEO and Founder of Graph Story. “The team and mentor network at Start Co. has helped coach me every step of the way, from customer discovery to development to receiving the investment dollars that will help propel my business forward to the next stage.”
Graph Story is the latest funding event for Start Co. Angels, the first angel network and fund in the region that was specifically designed to fund high growth technology startups. In January, three prior Seed Hatchery teams received funding from both the fund and network. Since 2011, Start Co. has rapidly increased entrepreneurial talent and access to mentorship, while also developing a larger base of angel investors, all to further the mission to relentlessly build founders in the Mid-South.
“Greg took full advantage of the resources, curriculum and access to our mentors and angel network,” said Eric Mathews, CEO and Founder of Start Co. “This is further validation of our acceleration model, where we cram 12 months of entrepreneurship into three months. As a result of the strengthened entrepreneurial ecosystem, we can quickly create results and provide the resources and funding needed to help startups succeed.”
The Start Co. Angels has standardized the investment process to become more time and cost efficient. This efficiency and the continued efforts of Start Co. to include more investors in the network led Graph Story to have a signed term sheet in only 75 days and close the funding round 10 days later. This is due in part to the proprietary standardized term sheet and due diligence process, coupled with the education and cultural norms instilled into both investors and founders of the local startup ecosystem.
To see Graph Story’s business pitch and to hear the other teams present at Demo Day, register at www.neverstop.co/demoday. Media should contact Liz Hamilton at (901) 260-4168 or lhamilton@archermalmo.com to register and receive a media pass.
About Start Co.:
Start Co. is a nationally recognized nonprofit 501(c)(3) Memphis-based venture development organization that relentlessly builds founders and companies, promoting entrepreneurship for everyone with a focus on digital startups. Start Co. is a member of theGlobal Accelerator Networkand is currently working withJumpStart, Inc.to advance Memphis’ economic growth through entrepreneurship. The organization is supported by partners includingarcher>malmo,Baker Donelson,The Marston Group, Orion Federal Credit Union,Softlayer (an IBM Company), andMosaik Solutions. More information can be found atneverstop.co.