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Two MassChallenge Finalists, Vsnap and Libboo, Win Big with MTDC Funding
January 24, 2012 - Massachusetts Technology Development Corp. (MTDC) today announced financial backing of two MassChallenge 2011 Alumni, Libboo and Vsnap. The two were selected from a "fast track" program that guaranteed funding for two startups and helped ensure the companies stay here in the Commonwealth.
Libboo is a platform dedicated to entirely transforming the process and economics of the publishing industry through empowering a social community of content creators. The creators believe that by helping authors, editors, illustrators, critics and marketers find one another within a well-organized environment, they will create better and more salable content while reducing the cost of its creation tenfold.
"Through our work with MassChallenge we were introduced to MTDC and its fast-track program. Being funded right out of the gate will allow us to sustain positive momentum and focus first on growing our business instead of fund raising," said Libboo Founder, Chris Howard. "We are excited to be working with MTDC and welcome their expertise in this early stage."
Vsnap is the most personal way to communicate with your customers and prospects. The company offers a set of simple applications that make it easy to send short video messages. The benefit is deeper engagement and as much as a 41% increase in action on the part of recipients as compared to email interactions.
"We are excited to be working with MTDC, and we continue to see value as a result of our participation in MassChallenge," said Vsnap CEO, Dave McLaughlin. "Both of these organizations are putting real resources to work to help fast-growth startups grow and create jobs in Massachusetts."
"The Patrick-Murray Administration has made a strong investment in making Massachusetts a world leader in the innovation economy," said Greg Bialecki, Massachusetts Secretary of Housing and Economic Development. "This partnership, and the funding that resulted from the fast track program, is another example of two organizations coming together to support promising Massachusetts companies and help them grow and stay here in the Commonwealth."
"Our goal with the fast-track program was to identify high-potential, Massachusetts startups graduating from MassChallenge, and give them some additional runway to prove out their value proposition," said Jerry Bird, President of MTDC. "Libboo and Vsnap are two exciting companies and we look forward to working with both Chris and Dave as they move their business forward."
You can read more about MassChallenge here: http://www.masschallenge.org/
About MTDC
Massachusetts Technology Development Corporation (MTDC), is a leading edge venture capital firm that addresses the "capital gap" for start-up and expansion of early-stage technology companies operating in the Commonwealth of Massachusetts. MTDC has invested in many of Massachusetts' most promising new technology-based companies. More information is available at
Contact:
Nick Pappas
MTDC
Vice President
617-723-4920
npappas@mtdc.com
