At Broadwick we announced last week at the SEVC conference that we'll be seeking additional venture funding later on this year. We're seriously considering raising additional funds from our current investor partner NC IDEA, who has been absolutely tremendous to us, and are also considering adding a second investor partner into the mix.

After the SEVC presentation, investors seem to be beating down our door. This week I chatted with:

• Eddie from OCA Ventures (Chicago)


• Adam from New World Ventures (Chicago)


• Gene from Valhalla (Vienna, VA)


• Mike from WWC Capital (Reston, VA)


• Michael from Frontier Capital (Charlotte)


• Dahlia from Edison Ventures (New Jersey)


• Cyrus from Kayne Anderson (Los Angeles)


• JP from Summit Parnters (Boston)


• Daniel from JMI Equity (Baltimore)


• Jon from Antares Capital (Miami)


• Phil, Jim, and Noah from Investor Growth Capital (Menlo Park)

It's great to be able to compare and contrast the different firms and be able to start to build some investor relationships in addition to our existing relationships in North Carolina with NC IDEA, Southern Cap, Aurora, Wakefield, and Intersouth. The main differences in the firms I spoke with this week were how much firms like to invest initially (ranged from $1 million to $10 million on the above list), how much the firms like to invest over the lifetime of an investment (ranged from $2 million to $25 million on the above list), and whether they considered themselves as early stage venture investors or growth stage investors looking to provide expansion capital. The other critical aspect we are looking at in whether the firm has domain expertise in the software, SaaS, online communications, or web 2.0 spaces. At this point we're building relationships and getting to know many different firms, and will go forward more seriously with the process starting in 4-6 weeks looking at a end of Q2 round-close timeframe. We're currently seeking a round of $4 million, but that may change as we explore the options available to us and the quality of the firms in the mix.