In the last 4 months, I’ve had conversations with 5 different US-based VC’s who’ve approached Devshop about growth capital. It’s wonderful to know that Devshop is popping up on people’s radars, particularly among large VC firms. Some of this is due to the Red Herring press this past Fall.
With each of these conversations, it was clear that it’s too early in the company life cycle to be entertaining these kinds of deals. They typically put in amounts in the $10 million range, which at this point would swallow up the company a couple times over.
That said, I am starting a new investment round. We’ve worked with local Angel investors in the past and it has worked well. The company has been built so far with a mixture of bootstrapping and Angel investment.
Devshop has been operating since Fall 2005, though it was in R&D mode until Spring 2007. For the last year and a bit, we’ve been essentially test marketing the Devshop product and the indicators are good. We’ve received a lot of feedback from users about where to go next. It’s time to ramp up a little and pick up the pace.
Ideally we’d like to raise $500k to $1 million. This could be done with one institution, or a syndicate of individuals and/or institutions. Interested parties can contact me directly: craig (at) devshop.com.
