Stealth startup of the week: Doxo lands $5M for mystery project |
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Three former Qpass executives have scored $5.25 million in a series A financing round for a stealthy startup company called Doxo. Executives at the Seattle company aren't saying too much about the product direction or the venture round at this point, though David Feinleib of Mohr Davidow Ventures is listed as a director.
Co-founder and Chief Executive Officer Steven Shivers -- a former executive at Qpass and Infospace -- confirmed the funding amount. And he noted that the round included two venture capital firms, one from the Bay Area (presumed to be Mohr Davidow) and one from the Seattle area.
"We are being a bit cryptic, deliberately," said Shivers, who co-founded Doxo last year with ex-Qpass employees Mark Goris and Roger Parks. "At this point, we are very heads down on building."
Shivers anticipates being able to share more details about the product some time next year. In the meantime, don't look to the company's Web site for much information.
In a vaguely written description, the company notes:
"Doxo is developing an innovative solution to an age-old problem - a simple and efficient system that addresses a multi-billion dollar business problem and a market opportunity with global impact. And on top of all that, it's good for the planet."
Feinleib is pretty well known around Seattle. He previously co-founded Seattle area startups Likewise and Consera, both of which were backed by Ignition Partners where he once served as an Entrepreneur-in-Residence.
Feinleib also co-founded the wireless software company onDevice, and before that worked in various marketing roles at Microsoft.
Given those connections, one might think that Ignition is the mysterious Seattle area venture investor. But Shivers didn't want to share details on the investment synidicate, though he did say he was glad to have the round closed.
"We are very pleased that we have raised money in a tough market," he said.
Doxo had planned to present at the Venture Northwest investment conference in Portland last month. But it pulled out because of the success it was having on the fundraising circuit and due to another conflict.
I am still curious what Doxo -- formerly known as Zobox -- is building. The team certainly has experience in the wireless sector, since Qpass operated in the mobile payment arena before its $275 million sale to Amdocs in 2006.
But the description from the Doxo Web site doesn't necessarily indicate that it is cooking something up in that space.
Stay tuned.
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