April 2, 2010
Postling, a New York-based startup co-founded by David Lifson, Chris Maguire and Haim Schoppik, announced they have raised $350,000 in seed funding from angel investors including Dave McClure, Chris Yeh, Gary Vaynerchuk, Thomas McInereny and more. $200,000 of that was raised in just six days by David while attending SXSW. I like to think we gave David a little extra TECH cocktail luck since he stayed with us in the TECH cocktail SXSW HQ (house) during SXSW, but never-the-less, we were thrilled for him every step of the way and were able to watch his day-to-day success during those lucrative six days at South by Southwest.
In a piece on his personal blog, Dave shared that he leveraged:
AngelList is a collection of amazing angel investors, all waiting for your brilliant idea. You fill out an application and, if you’re awesome enough, your application will be sent out to everyone on the list. You’ll then be introduced personally over email to anyone who is interested.
After sending out his first application he got a bunch of introductions and was funded by David Rose and Chris Yeh. So now that Postling had a little bit of investment traction the folks at AngelList posted their application back out to its network of angels in hopes that the “social proof” would lure a few more investors – and it did. Before doing so, David came to the realization that the social media management tools space was changing quickly and that they needed to change their business plans and pivot into a new direction. So they did and then resent their AngelList application right before SXSW.
At SXSW, David looked to meet with as many investors as he could. He leveraged some of his AngelList connections as well as personal connections to talk with Tom McInerney who was in after 30 minutes and then referred him to his friend Paige Craig who was in and then pulled in Dave McClure. They were all in. Once word had spread that Dave McClure was in, Thomas Korte joined and Dave got an email introduction to investor Kal Vepuri, who was also at SXSW. After meeting up in person, Kal was in. Dave met with our old pal Gary Vaynerchuk who also jumped on it. David Cohen finished off their round not too long after that.
So through a combination of a great team, customer development, responding to feedback, AngelList, online and offline networking, and being able to articulate a compelling vision backed by domain expertise (and possibly staying in the TC house) David was able to raise $200k in the just six days of SXSW! Inspiration for other startups? You bet. Congrats to the Postling team.
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