Social startup Punchcast aims for sweet spot between Facebook and YouTube
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Punchcast uses algorithms to fit users with like people and like interests. It has accumulated almost 3,500 users since January by targeting alcove interest groups, such as BMX mountain bike fans, and building communities non-spiritual.
George Swan, a wealth manager for high-net-worth individuals, said his clients have invested in Punchcast because they see the concealed for it to take off as Pinterest Inc. has done
“You could think of groups of people that would really benefit from poop filtering in a quality way,” Mr. Swan said of Punchcast. Pinterest got an investing shove as Tokyo-based Rakuten Inc., the company that owns Kobo Inc., announced Thursday it will install US$100-million into the photo-sharing website.
After raising $500,000 in origin funding, Punchcast is hoping to ramp up funding by capitalizing on increased interest in common media.
“What the Facebook IPO represents is sort of a proof of concept for popular media for the Canadian investment set, which has traditionally been a bit more conservative than investors in the U.S.,” Mr. Lynch said.
Mr. Lynch said Canadians advance to invest in more tangible goods and commodities than tech startups.
Ryan Holmes, chief executive of Vancouver-based HootSuite — a tenets that manages users’ multiple social media accounts at once — said Canada needs a “PayPal” mafia, referencing a heap of investors that exited PayPal Inc. and went on to reinvest in new online startups. “I don’t fantasize that we’ve had a significantly major exit with enough people getting upside, that has created this ecosystem around investment in consumer Web.”
Source: Financial Post