Stealth startup of the week: Doxo lands $5M for mystery project |
Follow the ups and downs of a new Seattle startup in a series of behind-the-scenes posts by its founders.
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.
John Cook is co-founder and executive editor of TechFlash. He has been covering the technology beat for nearly a decade, writing about startups, entrepreneurs and venture capital, most recently serving as a reporter/blogger at the Seattle Post-Intelligencer.
READ FULL BIOGRAPHYJoin the Microsoft WebsiteSpark program and get software, support and visibility – at no upfront cost. You’ll benefit from fast and easy access to current Microsoft development tools, platform technology and server products including Visual Studio, Expression Studio, Silverlight, Windows Web Server 2008 and SQL Server 2008 Web.
Seattle-based Adhost is a WebsiteSpark hosting partner providing dedicated servers with free Windows Web Server 2008 and SQL Server 2008 licensing for three years to Web developers enrolled in WebsiteSpark. Servers are located in our secure data center with SAS 70 Type II certification, 24x7 technical support and 24x7 client access.
WTIA 15th Annual Industry Achievement Awards
Held on March 4th at the Showbox SODO, this casual event celebrates and recognizes some of the best emerging and established companies in the Washington Tech Industry. The evening will feature a finalist company technology showcase and a variety of coffee, chocolate, and wine samples from local companies. More than 800 attendees are expected to be present at the celebration. Public online voting for Technology Leader of Tomorrow Scholarships will open February 3rd on the WTIA site.
We congratulate the 2010 finalists and look forward to unveiling the winners on March 4th. REGISTER NOW!
Mobile applications are a cutting-edge way to extend your brand’s reach into the hands of consumers 24/7. Increase loyalty and customer engagement by developing a targeted and effective mobile application. Learn the basics about mobile applications by reading our white paper Beyond the iPhone: Engaging Customers with Mobile Applications.
If you’re considering a mobile initiative for Q1-2010, now is the time to get started. The white paper covers: Venturing into Mobile Application Development, Typical Problems to Avoid, and Developing the Solution. Reaxion is a Seattle-based mobile application development company focused on start-to-finish project management and cost-effective development. Download Beyond the iPhone: Engaging Customers with Mobile Applications.