Tandem Raises $100M Third Fund To Again Extra Cellular Startups
Cellular startup accelerator Tandem is saying that it has closed a 3rd fund totaling $one hundred million — an enormous step up from its second, $22 million fund.
Tandem has beforehand backed startups like Bash Gaming (acquired by GSN), misplaced-merchandise tracker Tile, and PalyHaven (now generally known as Upsight). It invests $200,000 initially and in addition brings startups to its Burlingame, Calif. workplaces for a six-month mentoring program.
Co-founder Doug Renert advised me that the brand new, greater fund will permit Tandem to spend money on extra startups, to seek out startups from around the globe, and to take a position extra money after the preliminary funding. (Tandem says it could actually make investments $10 million or extra in a startup.)
I truly wrote concerning the third fund method again in July 2013, however Renert stated the fundraising course of took about so long as he’d anticipated, as a result of didn’t actually begin in earnest till final yr — till then, Tandem was nonetheless was nonetheless utilizing cash from the earlier fund.
Renert added that Tandem’s focus has expanded to incorporate the Web of Issues, i.e., Web-related hardware. Actually, the brand new workplace features a hardware lab. (The photograph on the prime of this submit exhibits Renert and his co-founder Sunil Bhargava within the lab.) He stated he’s notably enthusiastic about startups that aren’t simply promoting a gadget however supply a service as nicely, and startups concentrating on “boring industries that folks have truly forgotten about” — he pointed to corporations within the present group that focus on swimming swimming pools and residential safety.
“We truly like these companies in staid industries which are ripe for disruption,” Renert stated.
I discussed the present batch of startups, and it’s certainly a bigger group — six startups complete (the usual for Tandem was beforehand three startups, although it was already rising). Right here’s the complete listing, with descriptions offered by the accelerator:
- Ctrl.me — residence monitoring drones, from Los Angeles
- Doublie — cellular content material creation and messaging, from Stanford College
- Mellow — a sensible cooking gadget, from Portugal
- PHin — a sensible swimming pool sensor and repair, from the SF Bay Space
- Sensies — sensible diapers, from Washington D.C.
- Vouch — cellular matchmaking, from Israel
The deadline apply for Tandem’s subsequent group of startups is January 19. Right here’s the appliance.
Featured Picture: Tandem