Well, I told you we’ve been busy with some new clients. One of them I mentioned earlier was Stuart Skorman’s latest venture, another one that I can now tell you about is Freepath. I wrote about Freepath back in April, when I saw John Stone, their CEO, present at the California Tech 100 put on by Golden Capital (yes they are a client too). I know John from his days at PowerSchool, which Apple owned at the time (they have since sold it to Pearson).
Today, Freepath announced $1.5m in Series A funding led by Velocity Venture Capital of Folsom. Also participating in the round were investors from Strategis Early Ventures (based in El Dorado Hills – heck they’re in the same housing development as me), Sierra Angels, and the Sacramento Angels (yes, also a client of Morgan/Dorado).
Here’s a few links to the first stories about the funding, one from VentureBeat (thanks Matt!), and one from the Sacramento Bee. We’ll update with some more as they come in.
One of our new clients is being funded by a local venture fund, Velocity Venture Capital, and as a result I was talking to a local reporter who is filling in for the Sacramento Bee’s tech reporter (Clint Swett) .
Well one thing led to another and I’m in the article:
Several analysts welcomed Velocity’s move and agreed on the significance of the firm’s pouring 100 percent of its fund into local companies.
Josh Morgan, a principal at Morgan/Dorado Public Relations of El Dorado Hills and a technology specialist, said the $15 million fund is “substantial in the commitment it shows to the Sacramento region and opportunities for growth here.”
“There’s been a strong entrepreneurial commitment in Sacramento for a long time that quite frankly has left the area for (lack of) funding,” Morgan said. “Now there’s been a significant rise in available funding sources in the area. Velocity Venture is definitely a driver of that.”