Angel Boot Camp, Project 11, and Hacker Angels Meet at a Startup Called Locately
Normally, we wouldn’t get too excited about a $300,000 tech startup financing in Boston. We might write a brief, or save it for a deal roundup. But today’s news that Locately, a Boston-based location analytics firm, has raised a seed round touches on several important local innovation themes and organizations. Consider the following:
—One of the key relationships in this investment deal came about thanks to Angel Boot Camp, the June event in Cambridge, MA, built around angel investing and entrepreneurship. Techie and angel investor Gabriel Weinberg writes on his blog that he hung out with Locately co-founder and chief technology officer Drew Volpe for most of Angel Boot Camp, and that this “really kicked things off.” Weinberg and three others from Hacker Angels, a recently formed group of individual investors, participated in Locately’s financing round. (I had been wondering what tangible deals have come out of Angel Boot Camp; this is Exhibit A.)
—This is the first announced investment from Project 11 Ventures, the “accelerator program” and investment fund run by former Microsoft and Eons veterans Katie Rae and Reed Sturtevant. Project 11 focuses on early-stage Internet startups, and is raising a small first fund of under $5 million, according to the Boston Globe, which has further details in a profile from last month.
—Oh yeah, so what Locately does is provide GPS-based location data from mobile phones to national brands, market researchers, and advertisers. The company says it does this in a way that protects consumer privacy. Mobile analytics and location-based advertising seems to be picking up steam, as everyone wants to figure out how to cash in on consumers’ online and offline behavior, via mobile devices.