Last week Adam Neary, founder of the startup Profitably, laid out the saga of finding funding for his company over the past year. In the post, he threw some digs at the venerable investing group, the New York Angels.
After 13 weeks and a commitment from one member to lead the round, Mr. Neary ended up with nothing when the investor missed his closing deadline. “No doubt, there are a handful of credibly amazing investors who attend their meetings, but from my perspective, clearly the New York Angels process is broken.”
It was a fun week on the internet, wasn’t it guys? We were so giggly over New Work City’s fake decks that we almost neglected our rumor trafficking! So we cast a wide net with this week’s shameless rumor soliciting, and came back with a wide range of live, squirming items from all over the start-up sea. Enjoy:
Adam Neary’s tell-all blog post about Profitably’s exhausting quest for funding made a big splash this week in the normally hypersensitive climate of the New York start-up scene. Founders and VCs have been muttering, speculating to Betabeat that the post was unwisely frank, especially in its discussion of the institutional New York Angels. Will our hero suffer a backlash?
Zach Greenberger, the New York developer behind the fastest-growing Facebook application in January, Profile Banner, was recently the victim of a Hong Kong-based Facebook app syndicate.
Customer analytics start-up Profitably just announced a $1.1 million raise after more than nine months of pitches, demos, meetings and introductions. The moment was cathartic for CEO Adam Neary, who was moved to rehash the entire experience in a 3,000-word post on Profitably’s Tumblr today. “I’ve read many blog posts by entreneurs who have raised money successfully, and honestly, I can’t relate to most of their experiences. Maybe our situation was grossly different, or maybe folks are glossing over their struggles and mistakes. Either way, I thought I would do my best to recount an honest and complete review of 2 very grueling rounds of startup financing,” he wrote.