One of the companies graduating Thursday from Ohio State University’s 10x business accelerator program already had a good head of steam when it entered in February, and just got another turbo boost.
Online bankruptcy claims trading engineOne Exchange Street Inc. has closed on a $300,000 investment from theTechColumbus Pre-Seed Fund, which brings it just shy of $1 million in funding after entering the program with backing from friends and family. It was one of 10 teams pitching to potential investors at the program’s culminating showcase day Thursday, but had received a commitment on the financing in March.
Founded by CEO Todd Zoha and CFO Sean O’Riordan, the company will move to the TechColumbus incubator. Victor Thorne, who directs the Ohio TechAngels venture capital fund managed by the technology nonprofit, joins its board of directors.
It’s been spring gardening time for the Pre-Seed Fund, which in March invested in an online event promoter and an industry trends forecasting company.
TechColumbus invests from a $2 million Third Frontier grant and picks companies with “high likelihood” of hitting $30 million annual revenue within seven years. Paid out in stages as the company hits milestones, the investment converts into an equity stake when the startup attracts the next round of outside funding.
When I visited the 10x offices for a recent story in Columbus Business First on upcomingchanges to the program, O’Riordan told me that a year ago he and Zoha were working on a big bankruptcy case at Chicago-based AlixPartners, a consulting firm for restructuring, and watching the troubles creditors had trying to trade their claims.
And then, the golden moment for all entrepreneurs: They thought, there ought to be a better way to do this, and we can build it. They quit their jobs three months ago to work on the idea.
Source: Biz Journal : http://www.bizjournals.com/columbus/blog/2012/04/one-exchange-street-hits-1m-with.html