Mancx closes seed financingNovember 24, 2010
Mancx & More AB has closed their first external round of seed financing. The deal was inked on November 20 and contributed 2,1 million SEK (300 000 dollars) to the company. From it’s inception a year and a half ago, Mancx has been financed by the founders Mattias Guilotte and Henrik Dillman who remain majority shareholders. The company now has five employees with offices in Stockholm, Sweden.
Congratulations. What’s the impact of this seed money, Henrik Dillman, CEO of Mancx & More?
“We are excited. Now we have secured a quick launch for the next generation knowledge market and it feels great. Getting more owners and additional funding also helps us attract more bright minds. We look forward to launching Mancx.com in the first quarter of 2011.”
Was it difficult to raise the money before the service has been tested in the marketplace?
“Not really. Concepts such as Q&A services and crowd sourcing attract attention. It may be difficult to asses a specific idea, but this is an area that investors are wiling to invest in. It’s a challenging process, however. We’ve had to sharpen our arguments in order to explain this new business concept.”
How are you selling Mancx to investors? What is the elevator pitch?
“Mancx will be a driving force in the market economy 2.0. It will be the single most important knowledge market for commercial use.”
Any famous investors?
“We don’t want to discuss names at this point. But we have received a great deal of interest from out future user base, entrepreneurs and sales executives. They describe Mancx as a ‘must have’ tool for finding leads and closing deals. It will be right up there in the browser tab, next to Salesforce.com.”
How long will the seed money last?
“The launch will take place during the first quarter of 2011. The financing will last at least until the summer.”
What is the plan after that?
“By then we might have enough revenues to become self financed. If not, we have the connections needed to raise more funds. We are already in contact with some Bay Area investors and if the need arises we are confident that our case can attract more funding.”
Why will Mancx & More succeed in charging for the exchange of information and knowledge, when services such as Google Answers have failed?
“Mancx is a new phenomenon. Others haven’t failed at this. Google Answers used a panel of experts. We rely on crowd sourcing and the effective use of professional networks such as Linkedin.”