SOURCE: North Bridge Venture Partners

North Bridge Venture Partners - Seed and Early Stage Venture Capital

June 17, 2010 10:30 ET

North Bridge Venture Partners Announces Winners of $150K Seed Capital Competition

Online Offerings for Test Preparation and Small, Medium Businesses Reap Big Rewards in Inaugural Contest

BOSTON, MA and SAN MATEO, CA--(Marketwire - June 17, 2010) -  Today, North Bridge Venture Partners, a seed and early stage venture capital firm with offices in Boston, MA and San Mateo, CA, announced two winners of its inaugural seed capital competition. Magoosh, an online multi-media test preparation company, and Profitably, a web-based business intelligence and improvement service for small, medium businesses, were selected from a group of ten finalists based on the quality of their founding teams, potential for industry disruption, and large addressable market size. 

"North Bridge has demonstrated a strong track record of partnering with great entrepreneurs to create innovative, early-stage companies and helping them identify and successfully target opportunities in emerging markets," said Cali Tran of North Bridge Venture Partners' San Mateo office and responsible for the competition. "We were so impressed with the quality of the ideas submitted that we doubled the prize fund so we could recognize two groups of the entrepreneurs."

The winning companies, Magoosh and Profitably, will each receive:

North Bridge is not new to the seed capital market. More than half of the companies funded over the firm's 16 year history were initially funded at the seed stage. It was also among the first investors in industry leaders such as Starent Networks (recently acquired by Cisco for $3 billion), A123 (NASDAQ: AONE), Humedica, OfferPal Media, Foro Energy, and Acquia. North Bridge invests in five core areas: digital media/Internet, SAAS/open source/software, wireless/infrastructure, materials and healthcare.

"Successful companies are built around passionate people with transformational ideas," said Dayna Grayson of North Bridge Venture Partners' Boston office, who co-led the competition with Tran. "We believe collaborating with entrepreneurs in their earliest days can provide a critical advantage in shaping their ideas and expanding their opportunities for success. This program reflects our continued commitment to early stage companies and the seed capital market. We are looking forward to expanding the competition to reach more early-stage entrepreneurs in the coming years."

The eight other finalists in the competition were:

  • Bizstro -- social media marketing management tools and services for small businesses
  • Cause It's Cool -- an ecommerce product review and referral solution delivered via social networks
  • Datalette -- an online marketplace for data providers and users
  • DPL Health Games -- social gaming service and online support groups for healthcare
  • Launchtime Mom -- an online platform connecting Moms for local shopping deals, savings and product/service recommendations
  • MobileMob -- an online community for consumer wireless services
  • Neoflect - a cloud-based personal computing platform
  • Ubiqi Health -- mobile health management tools for chronic disease patients

About North Bridge Venture Partners
North Bridge Venture Partners is an active, early-stage venture capital firm based in Boston, Massachusetts and San Mateo, California, founded in 1994. With approximately $3.1 billion under management, North Bridge Venture Partners focuses on investments in communications, software, new media, healthcare, and materials technology. Working closely with entrepreneurs, North Bridge adds value by providing strategic guidance, specific industry knowledge, team-building skills and an in-depth understanding of both private and public financings. For more information, visit North Bridge's website at www.northbridge.com. North Bridge also has a growth equity arm in the North Bridge Growth Equity fund that invests in technology middle-market companies.

Contact Information

  • Contact:
    Tim Walsh
    Walsh Group for North Bridge Venture Partners
    617.512.1641