Stealth startup of the week: Doxo lands $5M for mystery project |
Register here for our next TechFlash Live networking event, March 23, featuring an expert panel discussing the future of online advertising.
Three former Qpass executives have scored $5.25 million in a series A financing round for a stealthy startup company called Doxo. Executives at the Seattle company aren't saying too much about the product direction or the venture round at this point, though David Feinleib of Mohr Davidow Ventures is listed as a director.
Co-founder and Chief Executive Officer Steven Shivers -- a former executive at Qpass and Infospace -- confirmed the funding amount. And he noted that the round included two venture capital firms, one from the Bay Area (presumed to be Mohr Davidow) and one from the Seattle area.
"We are being a bit cryptic, deliberately," said Shivers, who co-founded Doxo last year with ex-Qpass employees Mark Goris and Roger Parks. "At this point, we are very heads down on building."
Shivers anticipates being able to share more details about the product some time next year. In the meantime, don't look to the company's Web site for much information.
In a vaguely written description, the company notes:
"Doxo is developing an innovative solution to an age-old problem - a simple and efficient system that addresses a multi-billion dollar business problem and a market opportunity with global impact. And on top of all that, it's good for the planet."
Feinleib is pretty well known around Seattle. He previously co-founded Seattle area startups Likewise and Consera, both of which were backed by Ignition Partners where he once served as an Entrepreneur-in-Residence.
Feinleib also co-founded the wireless software company onDevice, and before that worked in various marketing roles at Microsoft.
Given those connections, one might think that Ignition is the mysterious Seattle area venture investor. But Shivers didn't want to share details on the investment synidicate, though he did say he was glad to have the round closed.
"We are very pleased that we have raised money in a tough market," he said.
Doxo had planned to present at the Venture Northwest investment conference in Portland last month. But it pulled out because of the success it was having on the fundraising circuit and due to another conflict.
I am still curious what Doxo -- formerly known as Zobox -- is building. The team certainly has experience in the wireless sector, since Qpass operated in the mobile payment arena before its $275 million sale to Amdocs in 2006.
But the description from the Doxo Web site doesn't necessarily indicate that it is cooking something up in that space.
Stay tuned.
John Cook is co-founder and executive editor of TechFlash. He has been covering the technology beat for nearly a decade, writing about startups, entrepreneurs and venture capital, most recently serving as a reporter/blogger at the Seattle Post-Intelligencer.
READ FULL BIOGRAPHYSeattle University Software Engineering
Chinwe Okeke (MSE’08) pursued her graduate degree while working as a developer and technical analyst for the Boeing Company. She picked the SU-MSE program for small class sizes and real world learning opportunities offered through the academic service-learning and capstone projects.
The MSE program at Seattle University is geared for working professionals with classes offered in the evenings. The program builds upon the computing experience of its students and offers courses in a variety of technical and management areas of software engineering, with an emphasis on teamwork and a disciplined approach to problem solving.
Marchex is one of Seattle’s largest ad technology companies with 300+ employees providing call and click based performance marketing products, and managing over $100m in ad budget for tens of thousands of advertisers. Our customers range from local businesses to the Fortune 500.
Our talented and creative product engineering group is hiring.
If you are an innovative software design engineer interested in solving difficult problems at scale, across a wide array of technologies from Lucene to Hadoop to Asterisk and SIP then we’d love to hear from you!
Apply now.
Technology Tax Planning – Did You Take The Deduction?
Technology companies require professional advisors who can assist in all aspects of the business. The BDO Technology Practice provides a full range of services tailored to help address the changing needs of domestic and international companies. In addition to core audit and tax services, BDO professionals can assist technology companies with:
· Revenue recognition
· Business combination accounting
· R&D tax credits
· Compensation and benefits
· Business valuations
Backed by 38 national offices and an international network in 110 countries, we have the domestic and global footprint to serve growing technology companies. Contact sphilpott@bdo.com (audit partner), mreeves@bdo.com (audit partner), psmith@bdo.com (tax partner), tzambito@bdovaluation.us.com (valuation), tfiscus@bdo.com, Director, 206.624.2020