‘Seastead’ Blue Seed receives seed funding
View(s):An IT start-up community based on a ship within commuting distance of, but just outside the maritime border of, US-based technology venture capital hub Silicon Valley has just received seed funding.
First reported locally by the Business Times in September 2, 2012, this project, Blue Seed, is a ‘seastead’ which was garnering a high degree of interest from Indian IT start-ups in particular because no Work Visa would be needed for them to work in proximity to IT start-up hub Silicon Valley.
According to a media statement by Blue Seed; “The project’s backers include Floodgate Fund, Correlation Ventures, and Xu Xiaoping and Wang Qiang of ZhenFund… Based In Palo Alto, California, Floodgate Fund is led by visionary investor Mike Maples Jr, an early investor in Twitter, digg, and Chegg. Based in Palo Alto and San Diego, California, Correlation Ventures raised US$ 165 million in 2012 with its revolutionary analytics-based startup evaluation approach. High-profile Chinese venture capital firm ZhenFund raised US$ 30 million for its most recent fund, launched in conjunction with Silicon Valley heavyweight Sequoia Capital”.
Further, the company’s media statement also revealed that it had “formalised partnerships with over 70 organisations, including Start-Up Chile, Startup Weekend, Fenwick and West, RocketSpace, the Unreasonable Institute, Entrepreneurial Poland, and Nanyang Technological University”.
(JH)
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