VendAsta Raises First Round

VendAsta Technologies Inc., a Canadian developer of social software for the home and home service industry, has raised C$3 million in first-round funding from Victoria Park Capital.

PRESS RELEASE

VendAsta Technologies Inc announces $3 million first-round funding from Victoria Park Capital for MyFrontSteps.com (“MyFrontSteps”), a social software initiative focused on the home and home services industry.

MyFrontSteps connects people over social networks allowing them to share their home and home experiences with friends, family and the world – from their front steps in. Allowing everyone to leverage the collective experiences of their social graph – people they know and trust – to find inspiration and local service providers to improve home and lifestyle.

Consumers are beginning their search for services online. Many of the best service providers operate via referral and have no real online presence. MyFrontSteps allows people to open their “black book” of great service providers and share their experience with friends, family or anyone, via the social network of their choice.

MyFrontSteps' first product, StepRep, will allow home service professionals to monitor, manage and build their online identity and reputation. MyFrontSteps will help consumers find, select and utilize home service providers and gain insight and knowledge about them from people they know and trust.

“In the short and medium term the Internet has had an underwhelming effect on the real estate and home services industry,” said Brendan King, MyFrontSteps CEO. “To clarify, there are a lot of agents, brokers, contractors, developers – you name it – that have done just fine with traditional marketing and referrals. However, in the long term the Internet will have an overwhelming impact on this very same industry. These same players will not continue to be able to effectively function going forward in the next few years without embracing Web 2.0 techniques. MyFrontSteps and StepRep will allow their customers to showcase their products and services via online social networks.”

VendAsta will be expanding the number of teams it houses to meet the needs of multiple projects. Positions will be available immediately for a variety of software development, creative and business development skill sets. VendAsta is seeking passionate people that desire to be part of an elite team. The team will work out of VendAsta's office in Saskatoon's Innovation Place, a world class research facility and technology park adjacent to the University of Saskatchewan.

About MyFrontSteps
MyFrontSteps is a new social software initiative for the home services industry started by VendAsta Technologies, a software development company founded in January 2008.

About VendAsta Technologies Inc.
VendAsta is based in Saskatoon, Saskatchewan, and provides technology consulting and development services from conception to completion for corporate clientele. Currently VendAsta is working with Ritchie Bros. Auctioneers on a number of projects, including the development of their next generation equipment inspection system.