GoInstant, a Halifax-based developer of a shared web-browsing solution, has secured $1.7 million in financing from some of the biggest venture capital names in the technology world.
The province, through Innovacorp, is investing $100,000 alongside investors such as: Freestyle Capital; Baseline Ventures; Greylock Partners; Social Leverage; Chamath Palihapitiya, founder, The Social+Capital Partnership; Yuri Milner, Facebook, Zynga and Groupon investor, and CEO of Digital Sky Technologies; and Ed Sim, GotoMeeting and LivePerson investor, and founding member for Dawntreader Ventures.
Innovacorp's Entrepreneur in Residence initiative helped establish the company. GoInstant's co-founder, Jevon MacDonald, was Entrepreneur in Residence from July 2010 to June 2011, when he teamed with Gavin Uhma, a Sydney-based software and game developer, to form GoInstant.
"We are enthusiastic to participate in GoInstant's first round of financing," said Patrick Keefe, vice-president of investment with Innovacorp. "Jevon is an accomplished entrepreneur, and Gavin is a first-rate developer; this company and its technology are definitely ones to watch."
GoInstant allows customers, business partners and colleagues to easily meet in online sessions, browse the web, and interact in real-time, as if seated side-by-side. The patent-pending technology is independent of any particular platform, application or device, and requires no downloads or plugins; users simply go to a URL.
While at Innovacorp, Mr. MacDonald provided business development support and advice to Innovacorp's clients and helped evaluate emerging business ventures. Over the years, he has founded and developed several software and services companies.
"This is such an exciting time for us. The money will be invested in ongoing product development, product launch, and marketing efforts," said Mr. MacDonald. "The enthusiasm and support of our investors has been fantastic."
GoInstant was formally launched Tuesday, Sept. 13, at the TechCrunch Disrupt conference in San Francisco. The company was chosen from among hundreds that applied to launch at the industry's foremost start-up networking event. Mr. MacDonald expects to build his team in Halifax.
For more information about the company, go to WWW.GOINSTANT.COM.
Innovacorp, Nova Scotia's technology commercialization agency, manages a venture capital fund that invests in early stage, high-growth companies. Target industries include clean technology, information technology, and life sciences. Seed and venture capital investment is a critical part of Innovacorp's business model, which has earned international recognition as a best practice approach to technology commercialization.
For more information contact:
T. 902.424.8670 ext. 1189
Halifax, Nova Scotia, September 2011