Five Renowned Utah Entrepreneurs To Fuel 25-50 New Companies With
-Rick Alden, Alan Hall, Josh James, Todd Pedersen and Greg Warnock Launch
Plus550 To Provide Seed Capital in Utah-
SILICON SLOPES, Utah, March 28, 2013
SILICON SLOPES, Utah, March 28, 2013 /PRNewswire/ -- These individuals have
achieved outstanding entrepreneurial success, and are now funding and
mentoring companies in an unusual way. In a move to create an immediate "jump
start" for companies that require angel funding, five renowned Utah
entrepreneurs Rick Alden, Alan Hall, Josh James, Todd Pedersen and Greg
Warnock have come together to launch a creative new funding entity: Plus550.
Plus550's mission is to help young companies past what can be the challenging
angel stage funding and lending environment. By providing these funds through
a streamlined program, these highly successful entrepreneurs are working to
give companies they fund a faster route to success, which will also help to
accelerate the local Utah economy and speed the creation of additional jobs.
The Plus550 Group provides a high-speed and high-energy method for issuing
equity investments to fitting candidates in amounts that may range from
approximately $25,000 to $100,000. Companies seeking additional capital can
also benefit from the "50" co-investors aligned with Plus550. Candidates will
provide pre-approval information to the group through a new website,
www.plus550.com. Funded companies to date include: Chargeback Guardian,
CloudVu, ContactPoint, DropShip Commerce, Marketecture, Right Intel and Salt
Stack. Most financings closed within several days of the company submitting
their profile and received a check during their first meeting, often with a
simple one-page agreement.
Despite the hint of "giving back", the founders of Plus550 expect to drive
fair returns by deploying capital in an efficient and normal way. By employing
typical deal terms and best venture practices, the group looks to align the
interests of investors and entrepreneurs to position companies for the
greatest likelihood of long-term success. Plus550 is in a position to
experiment and innovate around the financing process because unlike a typical
venture fund, the Plus550 Co-founders are investing only their own funds and
are accountable only to their own goals of fair returns, normal terms,
unprecedented execution and agility.
"The early-stage investment arena is ready for optimization if not
disruption," said Josh James, Plus550 Co-Founder. "We want to equip the
entrepreneurs we select with speed and agility—not to stall their progress
with a painful and cumbersome financing process." Another Co-Founder, Greg
Warnock, added, "While all forms of funding will continue to be vital, we hope
to bring a fresh sense of credibility, normalcy and speed to the start-up
financing realm that has been challenging over the past several years."
Plus550 will host several events throughout the year that will allow portfolio
companies and interested participants in the angel community to network and
learn from each other. Events will have a fun and casual atmosphere that will
appeal to the entire entrepreneurial landscape.
The Five Co-Founders and Partners of Plus550 are as follows:
Rick Aldenis the founder of Skullcandy, Inc., and Co-Founder of Stance Socks.
Skullcandy began trading on the NASDAQ in July 2011.
Alan Hall-Alan is a founder and managing director of Mercato Partners. He is
alsothe founder, former CEO and chairman of MarketStar Corporation, a global
outsourced sales and marketing company. Heis also the founder and chairman
of Grow Utah Ventures, a not-for-profit entity with a mission of stimulating
economic development through entrepreneurship.
Josh James -founder and CEO of Domo, a software-as-a-service (SaaS) in the
business intelligence market. He co-founded and served as CEO of Omniture, a
web analytics company he took public in 2006,and later sold the company to
Adobe in 2009 for USD $1.8 billion.
Todd Pedersen -Todd founded APX Marketing in 1992.Under his direction, APX
Alarm (now Vivint) has become one of the largest residential alarm companies
in the United States.Vivint was acquired by the Blackstone Group in late 2012
for a total deal worth "north of $2 billion."
Greg Warnock – Greg is afounder and managing director of Mercato Partners.
He was alsowas a co-founder of vSpring Capital. He has aPh.D. in
Entrepreneurship and Venture Finance at the University of Utah's David Eccles
School of Business.
Plus550 is an investment group with a mission to help launch entrepreneurial
companies by uplifting and even disrupting the traditional methods of finding
early-stage funds. Started in late 2012 by Rick Alden, Alan Hall, Josh James,
Todd Pederson and Greg Warnock, all renowned Utah entrepreneurs, Plus550 has
funded several Utah companies and will continue to invigorate Utah's
entrepreneurial community by providing some 25-50 early stage companies with
streamlined financing annually for the near term. For more information, visit
Snapp Conner PR
801 994-9625 Cheryl@snappconner.com
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