Shelby.tv founder Reece Pacheco was reportedly fielding offers for $200,000 in funding minutes after getting offstage at the TechStars NY demo day.
The company was initially aiming for a $500,000 seed round, but has since graduated to a what Onswipe’s Jason Baptiste calls a “series Awesome”.
Betabeat learned today that Shelby.tv plans to double its raise to $1 million or more to accommodate the investor interest.
“It’s a very sought after deal right now,” said a local VC. “Not because Fred Wilson was their mentor, but because this is a problem that a lot of people want to solve.”
What initially began as an angel round now has interest from some larger venture capital firms. “A larger, more traditional VC is interested leading the round, backed by angels,” said one source.
So that would make a “Series Awesome” a sort of lite-A round or heavy seed, with a mix of participation from angels and VC. Can we coin it?
Shelby.tv has some direct competition right here in New York from the recently-launched VHX. The two sites have a very similar user interface and mission, which is to help users curate a ongoing channel of web video based on their social streams.
“Yeah, our round has changed, we’re growing it because there is a ton of interest,” said founder and CEO Reece Pacheco. “It’s a crazy game and we’re just trying to sort through it all.”
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