Speed Dating Site Ramping As Fast As FaceBook, WooMe CEO claims (video)
Story posted on: February 06, 2008
"We're on the same pace Facebook was after 3 months. Not to say that we will be Facebook but we're also not one of these sites that blip and sort of stalling around. We're sort of ramping up, flirting with that consumer phenomena", WooMe CEO Stephen Stokols said.
More, including Stokols video interview after the jump.
The East Bay start-up raised $3 million in a convertible loan, in addition of a seed round of $1.9 million, to accelerate the introduction of new features/improvements and sign some international distribution deals. That money was much needed as it'll "literally" buy the company some time, and enable it to hire 10 more staff by the end of March and prepare its series B when it hopes to raise between $8-10 million.
Stokols actually sees a tightening up of venture money in the next 4 to 6 months and want to raise money as quickly as possible.
"We want to support the growth without stalling things when we look for fund raising. And we got quite a few VCs that are interested in investing as well as some potential strategic partners, some distribution partners. So what we don't want to do is to jump the gun and make a hesty series B with investors that maybe won't add much value. So we have to pace ourselves, bring in some top investors in the round [...] So this buys out a lot of time, gives us some confort. And we'll raise a series B of about $10-12 million but it doesn't have to be in February or March", Stokols added.
Competition wise, Stokols' VCs are seeing business plans coming out of Europe, Germany and Holland in particular, that look very similar to WooMe's. Another reason to add a new EU investor to that latest fund raising round is that it will help deploy WooMe in Germany.
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