Echolocation, a New York-based based startup developer of a mobile microblogging application, raised $200k in funding.
Backers included TechLaunch (New Jersey’s premier technology accelerator), Casabona Ventures, and individual angel investors including Ira Cohen and Craig Sher.
The company intends to use the capital to continue to develop its application and make it available to other platforms beyond iOS.
Co-founded in 2011 by Rocky Chiu and Brian Donohue, CEO, who are seeking additional funds, Echolocation provides Echo, a mobile app that connects users with their location through 140 character messages.
The application, which is free and generates revenue from local business subscriptions and advertising, automatically detects which city or neighborhood they are in, and provides them with the most recent content from Echo users in that location. In addition to user-generated content, echo also sources content from local blogs and news outlets. It currently connects users to more than 200,000 local news stories from over 1,000 sources.
Following completion of the TechLaunch accelerator program in New Jersey, the company is currently working out of the NYU Poly Incubator in DUMBO, Brooklyn.
FinSMEs
17/01/2013