Print
Email
Print Edition Stories
Stealthy, sought-after Krush Inc. has disclosed the value of its first round of financing, reporting a $2 million fundraise in a regulatory filing today.
Buying into the deal was worth more than $6 million to investors, who bid the company’s valuation into the upper seven figures after it debuted at Open Angel Forum in Boston this June. Two weeks ago, Boston Business Journal first reported on the bidding war that brought in angels and venture capital investors from out of state. At the time, Krush did not disclose the amount of the round.
A $6 million valuation is extraordinary for a startup that has not yet publicly released any product or service. Krush hasn’t disclosed its plans, but the company appears to be developing a game-based shopping recommendation engine in which users are encouraged to pick and predict trends before they blow up. Founder Gina Ashe, formerly a co-founder at health IT company Sermo Inc., said the company is in a private beta testing phase with about 1,000 users.
Hot startups are hitting eye-popping valuations in New York and San Francisco amid talk of a ‘bubble 2.0’ in early-stage tech investing, but Krush has been the first such deal reported in Boston. The young company roamed far and wide to put the deal together, syndicating at least 16 investors, according to the Form D filed today with the SEC. The filing named Eric Satz – a Nashville, Tenn., angel investor who founded Plumgood, an online grocery business that failed in 2008 – as a member of Krush’s board of directors.
Earlier this month, Krush told the Boston Business Journal one of the company’s lead investors was a Tennessee-based entity.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
RSS Feeds
