StumbleUpon Downsizes, but Newark Celebrates a New Venture Fund

August 11, 2015

3:00 pm

It never ceases to amaze me which companies do, in fact, get funding and which ones don’t. Case in point: StumbleUpon was unable to secure any new venture funding and had to downsize while the city of Newark actually saw the creation of a brand new venture fund to transform the city. I think it just goes to show just how difficult raising money can be in the tech world.

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Funding

Infogain Raises $63 Million

The business and IT consulting company received their $63 million from ChrysCapital so that they can broaden their solution offerings, pursue strategic acquisitions, explore new geographies, and accelerate the expansion of their user base. Over the last five years Infogain has doubled their revenue and remains one of the world’s fastest growing IT service firms. It services 5 of the world’s largest 50 and 20 of the world’s largest 1,000 enterprises, and enjoys deep, long-standing relationships with each of its top customers.

Invesdor Hauls in €1M

With the funding, Invesdor will be officially launching their European expansion as the first licensed equity crowdfunding platform. What’s interesting is that the Finland based comapny actually used their very own platform to raise the money. In total the round had 143 investors from 16 different countries, including ex Merrill Lynch investment bankers.

Layoffs

StumbleUpon Lays Off Dozens

StumbleUpon has been seeking funding for a while now, but after being unable to secure additional VC funding they were forced to let dozens of employees go. Their last round of funding was for $17 million back in 2011, and as a result of today’s news they’ll be shrinking from about 100 employees to 30 by the week’s end.

Venture Fund

New Venture Fund Aims to Transform Newark

Newark Venture Partners announced the creation of a brand new, $50 million venture fund fueled by Audible.com, Prudential Financial, and backed by city and state leaders. Additionally, the partners announced a new startup accelerator space in downtown Newark as well as an outdoor municipal high-speed Wi-Fi network that will serve public spaces as well as housing authority properties in the downtown. The entire idea is to transform Newark into America’s newest tech ecosystem that will stand with the likes of other big cities.

Image Credit: Pixabay

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Will is a Senior Writer with Tech.Co, based out of America’s Finest City: San Diego. He covers all territory West of the Mississippi river, digging deep for awesome local entrepreneurs, companies, and ideas. He’s the resident Android junkie and will be happy to tell you why you should switch to the OS. When he’s off the clock, Will focuses his literary talent on the art of creative writing…or you might find him surfing in Ocean Beach.

Follow Will on Twitter @WJS1988

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