Utah-based Social network XYDO.com raised $1.25 million in a seed funding led by EPIC Ventures, the Draper Fisher Jurveston partner fund. Specifics on the funding round were not publicized. Nick Efstratis, a managing director at EPIC Ventures, who will join XYDO’s board of directors.
XYDO Closes $1.25M Seed Funding Round
* Led by EPIC Ventures, seed round for first-of-its-kind social news network also includes East and West Coast professional angel investors
* Led by respected industry veterans, funding will help position XYDO to lead rapidly emerging social news industry
Park City, UT (June 7, 2011) – XYDO today announced the close of a $1.25 million seed round of funding. The round is being led by EPIC Ventures, a Draper Fisher Jurveston (DFJ) Global Network partner fund, whose notable successes include DivX, Mozy, and Ancestry.com. Other participants include professional angel investors in San Francisco, New York, and Salt Lake City. The funds from this seed round will be used toward further developing XYDO’s innovative social news network and expanding the company’s team.
“At no time in history has demand been greater for quality, personalized news and tools that help to separate signal from noise,” said Nick Efstratis, a managing director at EPIC Ventures, who will join XYDO’s board of directors. “Quality of leadership is what determines the success of a venture; we have tremendous confidence in the XYDO team and their ability to lead the social news space to new and exciting heights.”
Launched May 3, 2011, XYDO is a social news network focused on the endorsement, prioritization, and engagement of news. XYDO provides users with a prioritized view of articles/features, editorials, blogs and other news being shared within their social graphs, together with the ability to observe and track broad global news trends and specialized domain-specific trends.
“We are delighted to receive this infusion of extremely smart money,” said Eric Roach, CEO and co-founder of XYDO. “The EPIC Ventures team has an impressive track record for recognizing and supporting the development of promising companies, and the firm’s guidance and influence will play a key role in helping XYDO build the definitive social news network.”
XYDO’s founders have significant experience building products and companies that have helped drive the web revolution. Co-founder and CEO Eric Roach founded Lombard Brokerage, which pioneered stock trading on the internet and was acquired by Morgan Stanley. Later in his career, Eric was recruited by legendary Valley investors John Doerr of Kliener Perkins and Ram Shriram of Sherpalo Ventures to serve as CEO of Elance.com.
Co-founder Cameron Brain founded and led Open Box Technologies, which developed a Software as a Service (SaaS) platform for business to store, manage, and publish video to the web and mobile devices. Cameron holds three U.S. patents for innovations in the delivery and display of video on mobile devices.
For more information, visit www.xydo.com. On Twitter Xydo can be found @xydoapp.
XYDO (www.xydo.com) is a new social network, focused on the social endorsement, prioritization and engagement of news. XYDO provides users with a prioritized view of articles/features, editorials, blogs and other news being shared within their social graphs, together with the ability to observe and track broad global news trends and specialized domain-specific trends. Founded by influential leaders, XYDO is changing the way people discover, consume, and engage with news.