Founder’s Co-op Raises $1.8M From Seattle Internet Entrepreneurs
Luke Timmerman10/8/08Leave a CommentFollow @ldtimmerman
Founder’s Co-op, the Seattle-based tech incubator founded by Andy Sack and Chris DeVore, has gathered a $1.8 million investment round from some well-known Seattle Internet entrepreneurs, according to this report in TechCrunch.
Ben Elowitz of Wetpaint and Blue Nile, Alex Algard of Whitepages.com, and Adam Brotman of Play Network all participated in the round, according to TechCrunch. Greg dissected what this operation is all about back in June, based on an interview with Sack (an Xconomist). The vision boils down to bringing a bunch of entrepreneurs together to invest in small Web companies, (typically comprising just two people-one business and one technical), and share 5 percent of the equity in each of the companies among them. It sounds like this new round could go a long way toward getting new Internet companies in Seattle off the ground.
Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.
