Web Collaboration Start up Finds Funding via Social Network LinkedIn

By Geoff Spick (@Goffee71) Jan 26, 2010 Comments

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Up and coming Irish company Goshido, found a smart way to raise funding to prep for the forthcoming launch of its focused project collaboration tool.

The Irish Get the Gold

Even if your start-up company has a good product, you still need capital to fund the launch and development. Limerick-based Goshido went about raising that funding in a novel — although we imagine soon-to-be-repeated-by-others — method. They turned to a selected list of Enterprise 2.0 investors who are present on LinkedIn, offering 10 small slots of investment for a total of 20% equity for around US$ 230,000.

For those 10 slots they received 200 responses and soon picked the most appropriate investors, turning around in a week a fund-raising exercise that can take some months or years.

Obviously, having an impressive looking product must have helped. Goshido is still in private beta, so its hard to say, but the company has already garnered innovation and seedcorn awards in Ireland.

Providing Project Guidance

The product is initially aimed at software development, media and games developers, whose projects have long and complex development processes, that need to be clearly spelled out for all those working on the project.

Goshido Project Guidance

With the aim of creating best practices that can be repeated and measured, Goshido should help companies fine-tune their working practices to get on top of deadlines and stay ahead of them.

Once coClarity, the company behind Goshido, has mastered project management for these industries, it will turn its focus on others.

When launched, it will be available as a cloud or server-based product and aims to fill the gap between web-based list-type products and existing heavy-enterprise tools.