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April Fools: We are funded! StartupNorth takes a $3.2 million series A financing

Well, the time has arrived. We can finally take the covers off of what we have been working on and give you an idea of where we plan to go with StartupNorth.

Today we are announcing that we have taken an initial round of financing to expand StartupNorth, launch new startup focused projects and to further expand our blog-related publishing business. Most of you are aware of our first addition to the SUN network: wirelessnorth.ca

Our new CEO and former Microsoft employee David Crow sums it up best:

File Photo

“Running a startup community has been very lucrative for StartupNorth (now known as SUN, INC) in the last year and we feel that we have been leaving a lot of money and opportunity on the table. In order to maximize the potential and reach of our media properties and to enable further growth in to other markets, we have decided to take this round of funding. To further accelerate this expansion, we have acquired several blog networks, including a Canadian one, and we will be announcing that formally quite soon”

In a sense, this is eating our own dogfood. We encourage startups to take as much money as they can early on in order to grow as rapidly as possible, which will bring with it a solid business plan. By expanding rapidly and letting the business plan emerge, we believe we can show fellow Canadian entrepreneurs how to do it, and our new VCs, Apprentice Partners from London, UK and placements from two Canadian pension funds, have helped us make this decision.

Jonas and I would like to thank all of you for your support in the last year. Without you guys, we couldn’t have done this.

Everyone welcome David aboard. And remember: with all this money, we’ll be hiring soon!

76 Comments

  1. Congratulations guys, this is fantastic news. I look forward to the expansion of your business! All the best.
    R.

  2. Congratulations guys, this is fantastic news. I look forward to the expansion of your business! All the best.
    R.

  3. This is great news. So here’s what I’m seeing. A LOT of activity in the small companies and major cutbacks in the majors. Isn’t life grand? Best of luck to you all.

  4. This is great news. So here’s what I’m seeing. A LOT of activity in the small companies and major cutbacks in the majors. Isn’t life grand? Best of luck to you all.

  5. Heh… I bet you got whoever had this time in the “how long until David gets fed up and leaves Microsoft?” pool pretty excited for a minute there.

  6. Heh… I bet you got whoever had this time in the “how long until David gets fed up and leaves Microsoft?” pool pretty excited for a minute there.

  7. Congrats. Well deserved financing for a great Atlantic Canadian startup. Can you share terms of the financing with us. I am interested in doing a follow-on on April 1, 2009… since all startup companies will require a 2nd round of financing. ;)

    Keep up the good work.

    Saeed
    http://www.linkedin.com/in/eldarahali

  8. Congrats. Well deserved financing for a great Atlantic Canadian startup. Can you share terms of the financing with us. I am interested in doing a follow-on on April 1, 2009… since all startup companies will require a 2nd round of financing. ;)

    Keep up the good work.

    Saeed
    http://www.linkedin.com/in/eldarahali

  9. Wow, congrats! Glad that David no longer has to play the role of hollow corporate shill ;-)

  10. Wow, congrats! Glad that David no longer has to play the role of hollow corporate shill ;-)

  11. Great work guys!
    Way to prove this is a great place to launch & grow a company :)

  12. Great work guys!
    Way to prove this is a great place to launch & grow a company :)

  13. As the writer of SUN’s most read/commented blog post who was left in the dark about this deal, I will leverage your new fame to step on your heads as I pass you on the ladder of fame. That Oprah couch looks comfy!

    Publishers wishing to buy the rights to my upcoming behind-the-scenes-no-pulled-punches book about the real SUN please contact me at [email protected]llpate.org. It’s time the world knows the real story about the Jevon that stalks the night writing the wrong addresses on people’s garbage cans, and the Jonas that feeds on other, smaller robots. I’ve said too much!

  14. As the writer of SUN’s most read/commented blog post who was left in the dark about this deal, I will leverage your new fame to step on your heads as I pass you on the ladder of fame. That Oprah couch looks comfy!

    Publishers wishing to buy the rights to my upcoming behind-the-scenes-no-pulled-punches book about the real SUN please contact me at [email protected]. It’s time the world knows the real story about the Jevon that stalks the night writing the wrong addresses on people’s garbage cans, and the Jonas that feeds on other, smaller robots. I’ve said too much!

  15. note the post date Will – they cheated, you had it right.

    shame on SUN.

  16. note the post date Will – they cheated, you had it right.

    shame on SUN.

  17. Well I’m glad for you guys, but have to say I’m pissed I got outbid on the valuation for the deal. I thought my term sheet was extremely fair, but I guess you just had to go for the big bucks.

    Win some, loose some I guess. Next time come to me before your valuation reaches high $30 million pre-money and we can talk :)

  18. Well I’m glad for you guys, but have to say I’m pissed I got outbid on the valuation for the deal. I thought my term sheet was extremely fair, but I guess you just had to go for the big bucks.

    Win some, loose some I guess. Next time come to me before your valuation reaches high $30 million pre-money and we can talk :)

  19. Jevon, Jonas and David – HUGE congrats, guys. You’ve each done a lot to bring energy and attention to the tech community in Canada already and I’m sure it’s just the tip of the iceberg for you. Keep the fire blazing, amigos.

    – M

  20. Jevon, Jonas and David – HUGE congrats, guys. You’ve each done a lot to bring energy and attention to the tech community in Canada already and I’m sure it’s just the tip of the iceberg for you. Keep the fire blazing, amigos.

    – M

  21. This is a great deal for three guys that deserve it and, more importantly, this is a great deal for the Canadian start up community.

    May your independant voice and focus on the good, the bad and the ugly grow with this.

  22. This is a great deal for three guys that deserve it and, more importantly, this is a great deal for the Canadian start up community.

    May your independant voice and focus on the good, the bad and the ugly grow with this.

  23. Also, I guess with all that cash in the bank now, it means that you will all be picking up your own bar tabs from now on.

    – M

  24. Also, I guess with all that cash in the bank now, it means that you will all be picking up your own bar tabs from now on.

    – M

  25. Ha, nice, you got me. And I’m not even mad that you guys broke the rules by posting before April 1. After all, that’s what smart start-ups do, they break the rules.

  26. Ha, nice, you got me. And I’m not even mad that you guys broke the rules by posting before April 1. After all, that’s what smart start-ups do, they break the rules.

  27. Well I’m glad someone got me today. Thankfully no Rick Rolls… Should have known is was too good to be true… David, when’s my next lunch on Micro$oft :P

  28. Well I’m glad someone got me today. Thankfully no Rick Rolls… Should have known is was too good to be true… David, when’s my next lunch on Micro$oft :P

  29. Ah! Got me too… although the fact you didn’t list your funders was a bit of a tip off… What really threw me was that David Crow/Microsoft was willing to put his name on it… :) Oh — and the fact that it wasn’t yet April Fools day!!!

  30. Ah! Got me too… although the fact you didn’t list your funders was a bit of a tip off… What really threw me was that David Crow/Microsoft was willing to put his name on it… :) Oh — and the fact that it wasn’t yet April Fools day!!!

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