Wednesday, April 22, 2009
Texas Incubator Lures Away LA Startup
Capital Factory, a business incubation program based in Austin, Texas, has lured away a Los Angeles startup, Homstie, which operates an online marketplace which helps people find places to store their stuff. The person-to-person marketplace was started by a number of UCLA undergraduates. According to Capital Factory, the firm was one of five companies to receive $20,000 in funding and an additional $20,000 in services; as a result of the funding, the startup is moving to Austin. Capital Factory is one of a number of seed-stage incubation programs--which also include Y Combinator and TechStars--which look to combine small, seed-level investments with advice.