Back in June, Twitter app store oneforty became the first TechStars Boston company to get seed funding (just two weeks after presenting). Now it has become the first one to get institutional VC funding, with a small round that was led by Flybridge Capital Partners.
According to a regulatory filing, Oneforty has secured $1.62 million of a $2.37 financing with Flybridge’s Jeff Bussgang joining the board of directors. This includes an equity conversion of around $372k from a debt bridge.
“We give you access to the very best tools that make Twitter valuable. We help developers reach the Twitter community and keep providing the innovations that make Twitter better for all of us. There’s an exploding ecosystem of applications and services for Twitter — way too many to keep track of! Your home on oneforty is your place to find, rate, collect and share the best tools for you, and to tell the world what you’re accomplishing with Twitter.”
The company’s provides links to all sorts of free apps (e.g., TwitPic, Tweetdeck, etc.), but its initial revenue stream is based on referrals it makes to paid apps (e.g., Tweetie’s iPhone effort). It also plans to eventually become an initial point of purchase for Twitter app developers, and hopes its social networking features will make it THE yellow pages for Twitter, as opposed to just A yellow pages for Twitter. Or maybe Twitter just scoops up oneforty, and it becomes TWITTER’s yellow pages for Twitter…
Two final notes: First, I really need to emphasize what a big deal it is that a TechStars Boston company has already been funded by a Boston VC. If memory serves — and I’m sure someone will correct me if I’m wrong — but no YCombinator Boston company ever got funded by local VCs, which perhaps is another reason why Paul Graham closed the East Coast outpost earlier this year. In less than a year, TechStars has already succeeded on that account, and I’m told that another got an institutional term sheet but opted not to take it. Seattle will be lucky to have them…
Second: Fitton has organized a Twitter-based fundraising campaign for MyCharityWater. She discusses it here, and ends with a cryptic: “COMING SOON: SURPRISE ANNOUNCEMENT FOR WHOMEVER RAISES THE MOST BY CHRISTMAS!!!”
She tells me that the surprise is that the most successful fundraiser will get a pair of tickets to the Winter Classic, the hockey game happening at Fenway Park on New Year’s Day, between the Boston Bruins and Philadelphia Flyers. Good luck… Fitton declined to discuss the fundraising, citing SEC marketing rules (because the whole round isn’t closed yet).