Funding Daily: It’s all Good

Funding Daily: It’s all Good
Image Credit: John Louis/Flickr


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Things are just dandy today at Good Technology, Eventboard, Front, Reddit, and a few other companies today. Read on to find out why.

Good Technology takes $80M

Good Technology, a company that helps big businesses let their employees use mobile devices securely, has taken on $80 million before its upcoming IPO. In announcing the new funding today, Good didn’t say who was putting up the money. It only said Oppenheimer & Co. was handling the book-running.

Read more on VentureBeat: Mobile security player Good Technology takes $80M ahead of IPO

Reddit gets $50M

Community news-sharing site Reddit has raised a new $50 million round of funding, the company told VentureBeat today. The new round of funding was led by Y Combinator president Sam Altman, with participation from from Alfred Lin of Sequoia Capital and Marc Andreessen of Andreessen Horowitz. Others who participated in the round include a handful of tech industry entrepreneurs including Peter Thiel, Ron Conway, Paul Buchheit, Jessica Livingston, Kevin and Julia Hartz, Mariam Naficy, Josh Kushner, and even Reddit CEO Yishan Wong.

Read more on VentureBeat: Y Combinator president upvotes Reddit with $50M investment

Remind scores $40M

San Francisco-based startup Remind has no revenue to date. But that hasn’t stopped the secure broadcasting app for teachers, students, and parents from landing a new $40 million round on top of a previous $19 million. The new Series C funding round was led by previous investors Kleiner Perkins Caufield & Byers, The Social+Capital Partnership, and First Round.

Read more on VentureBeat: Tapping mobile communication between parents and teachers, Remind scores $40M

Netpulse gets $18.6M

Netpulse offers a cloud platform that connects the gym’s check-in and membership system with the wearable devices of its members, as well as the treadmills and other workout gear in the gym. The gym can then collect workout information from all those end points, and can then use the information to offer its member loyalty and rewards programs. The rewards, it’s thought, will gamify the gym experience a bit, and hopefully keep members more engaged. The company announced yesterday that it has secured $18.6M in new funding led by Nokia Growth Partners, with participation from August Capital, Javelin Venture Partners, DFJ Frontier and Docomo Capital. The company plans to use the funds to accelerate growth, develop the platform, and introduce new integrations to wearables and systems. 

Read the press release.

Sharethrough raises $10M

In-feed ad exchange Sharethrough has pulled in $10 million, according to a statement the startup sent out today. British Sky Broadcasting is making a strategic investment. Elevation Partners, Floodgate, North Bridge Venture Partners, and Silver Creek Ventures are also participating. The new money will go toward the San Francisco startup’s international expansion.

Read the blog post.

Dwolla raises $9.7M

Payments startup Dwolla has picked up $9.7 million in new funding, TechCrunch reported today. CME Group has joined in as an investor in the round alongside Andreessen Horowitz, Union Square Ventures, and Village Ventures, the company said in a statement.

Read Dwolla’s blog post.

Orckestra grabs $8M

Orckestra, a startup with .NET-centric applications for managing e-commerce operations, has pulled in $8 million for its first round of financing, according to a statement the company issued today. Fondaction CSN, Fonds de solidarité FTQ, and W Investments participated.
The money will go toward getting more partners on board and expand the Montreal-based startup’s sales capabilities.

Read the press release.

365Scores raises $5.5M

365Scores, a startup with mobile apps for tracking sports games and teams, announced today $5.5 million in new funding. LETA Capital, Cedar Fund, Titanium Investments and private investors participated. The startup now sends 2 billion push notifications per month, it said in a statement today. Increasing social is on the to-do list for the startup.

Read the press release.

Front raises $3.1M

Problem: Mass emails come in to your office all the time, and there’s no way to collaborate on the perfect response. Solution: That’s where Front, a startup from Y Combinator’s 14th class, comes in. Front has now announced that it has raised a $3.1 million seed round led by Jeff Clavier’s SoftTech VC. A number of SaaS-focused VC firms also participated, including BOLDStart, Point Nine Capital, Caffeinated Capital, and a number of angel investors. Among the angels were Gmail’s creator Paul Buchheit, Yahoo former chief product officer Geoff Ralston and Yahoo Communication Products SVP Jeff Bonforte.

Read more on VentureBeat: Team email startup Front raises $3.1M for ‘multi-player version of Gmail’



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Mobile security player Good Technology takes $80M ahead of IPO

Mobile security player Good Technology takes $80M ahead of IPO

Good Technology, a company that helps big businesses let their employees use mobile devices securely, has taken on $80 million before its upcoming IPO.

In announcing the new funding today, Good didn’t say who was putting up the money. It only said Oppenheimer & Co. was handling the book-running.

In May, Good filed to go public.

Good’s products include mobile-device management, identity and access management, and mobile analytics, among other services. Good said today that more than 5,000 organization use its technology. The company started in 1996 and is based in Sunnyvale, Calif.

Good Technology provides multi-platform enterprise mobility, security and management software. Product offerings include those Good for Enterprise, Good for Government, Good for OEM Device Manufacturers/Carriers and Good Dynamics, the … read more »



Reddit CEO on new $50M round, ‘selling out,’ and putting his own money at stake (interview)

Reddit CEO on new $50M round, ‘selling out,’ and putting his own money at stake (interview)
Image Credit: nComment

With the news that Reddit just closed a new $50 million funding round, lots of people are asking what this means for the popular community-sharing site.

Since launching in 2005, Reddit has proven that it and its community has staying power. It’s also demonstrated that it won’t sacrifice or anger that community for the profit’s sake. But what Reddit hasn’t had, until now, is the money to transform into a viable business alongside the likes of Facebook, Google, and Twitter.

CEO Yishan Wong, however, attempted to put things into perspective — as well as assure those diehard Reddit users that the $50 million in the bank won’t change the site’s core values. He’s so confident that he’s putting his own money into it; Wong is among the handful of entrepreneurs that participated in the large funding round.

“I decided it was necessary to participate myself to show that I believe in the company and what we’re doing,” Wong told VentureBeat today via e-mail. Additionally, he agreed to answer some bigger questions about the investment.

VentureBeat: Why raise new funding now? Why not two or three years ago?

Yishan Wong: We actually did back then; it was just quiet and no one seemed to care. You don’t want to raise money until a company can invest it properly, and we are at that state now.

VentureBeat: What was compelling about the crop of entrepreneurs also participating in the round? Specifically, Yishan, why did you feel compelled to drop money into this round?

Wong: We looked for investors and entrepreneurs who understood Reddit and our philosophy and aims. I decided it was necessary to participate myself to show that I believe in the company and what we’re doing.

VentureBeat: What would you say to the people who claim Reddit is “selling out” by taking new investment?

Yishan Wong

Above: Reddit CEO Yishan Wong poses for a verification photo.

Wong: When you take investment, you don’t, can’t, just ride off into the sunset with the money. It’s not the same as selling your business and taking a payout. It’s an investment, intended to be used to make the site better and more useful for all the users, which is our plan.

VentureBeat: Can you give me a bit more of an explanation about the “10 percent of shares back to the community” plan? Who will own those shares? A collection of individuals? Has this been done before by other companies? How much, percentage-wise, will the community’s stake in Reddit be?

Wong: We’re working through the details. We don’t believe any other company has done this before.​

VentureBeat: How would you respond to criticism that Reddit only spoke up about banning “The Fappening” because it was so close to announcing the new funding round? Certainly Reddit has dealt with uncomfortable issues like this plenty of times in the past, such as the banning of the subreddits Creepshots, Jailbait, and the moderator that was managing both. Why do you think this time was different? Or was it?

Wong: Well, the two just aren’t related. Fundraising cycles are much longer than nude celebrity-photo cycles, and the two happened to overlap. We handled the two independently, just like we made statements around other events. If anything, I spoke with our investors before doing the final term sheet signing and told them “Hey, this thing is going on, and we are going to handle it the way we always handle things. Here’s a chance to back out if you want,” and they all stayed in. It was a nice chance to make sure they were really on board with how we do things.

If there’s any confusion: [Reddit] did not shut down /r/TheFappening due to content linking to nude celebrity photos. The subreddit was shut down because users were reposting content already taken down due to valid DMCA requests, and because spammers began posting links to the images hosted on their own pay-per-click sites, or sites intended to spread malware. Both activities violate our rules and we took down the subreddit for those reasons only. Similar subreddits created immediately afterwards were also removed for similar reasons, some were created by the spammers themselves.

We understand that this was confusing because our clarification around this stance was posted at around the same time that activity in the subreddit began to violate the rules we’ve detailed here (and thus triggering a shutdown), so we hope this makes things clear.

VentureBeat: Why has it suddenly become “cool” among some tech people to hate Reddit? Do you have a rough estimated guess on how long it’ll take to become “cool” to hate the Reddit haters? Or how long it’ll take for Reddit to become universally loved, like Bill Murray?

Wong: Sites involving very large numbers of users end up being very complex, so there are waves of good PR and bad PR, affected by a lot of micro events in unpredictable ways. I experienced this at Facebook, and it sort of comes and goes. We just focus on making the site good for users, because that’s the underlying reality.

reddit was founded by Steve Huffman and Alexis Ohanian in 2005, and is an online community where users submit, vote, and comment on content, stories, and discussions. The hottest stories as determined by the community through discussio… read more »