Another One Bites The Dust – West Coast Deal II

July 8, 2011

10:00 am

Another one bites the dust, packs up their bags, and leaves the DC area for Silicon Valley. Last week, YouEye, a firm that we covered back in February, left town for California.

The company has been out on the money-raising circuit since the beginning of the year, received offers of funding at a reasonable valuation from several of the investors of the University of Maryland’s Dingman Center for Entrepreneurship Angel Network.  But after an expedition out west, YouEye received offers of funding at nearly twice the valuation that DC investors were offering.

So walking in the footsteps documented in our article The West Coast Deal, which discussed local companies like PointAbout/AppMakr and Hitfix high-tailing it out of DC, YouEye’s CEO Kyle Henderson follows the money and headed west.  YouEye, a once Proudly Made in DC firm, becomes a Proudly Launched and Left DC firm.

One possible bright side in the story for DC could be that several of the Dingman Angel investors co-invested with the west coast angels.  So we can hope that cash produced by a profitable liquidity event will be reinvested in DC.

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Glen Hellman (@glehel), is an angel investor, serial entrepreneur, and works for venture capitalists as a turn-around specialist. He is the Chief Entrepreneureator at Driven Forward LLC, frequently muses on his blog, Forward Thinking, and works with entrepreneurs to help them figure out what to do and get them to do it.

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