MappedIn on Winning the VeloCity Venture Fund
Earlier this term, MappedIn won $25,000, incorporation of their business, and office space as one of four winners of the VeloCity Venture Fund. Malls using MappedIn’s innovative technology will reap the benefits of MappedIn Kiosks that provide customers with a store directory, alerts on in-store promotions, and storefront-to-storefront directions. At home, mall visitors will have access to this same information on virtually any smartphone or similar device. MappedIn is the future of indoor shopping. Watch CEO Hongwei Liu’s 90-second pitch on BNN.
Here’s what MappedIn had to say about their win on their blog:
October 5, 2011 marked a paramount day in the life of MappedIn. Born only a few short months ago under the careful eye of VeloCity, the company has since been hungrily consuming all of our available time and effort. And money. As any startup founder can sympathize, MappedIn has been our baby, our obsession.
You’ve watched us grow and learn as a startup, and believed in us the whole way. Never was this more evident than October 5 at the VeloCity Venture Fund finals, where we were presented with an incredible $25,000 in seed funding from Velocity itself. This is warmly received – thank you so much – and, for several reasons, could not have come at a better time for MappedIn.
This gesture of confidence really goes a long way to motivating us and improving morale. It was hard to believe in ourselves as having a valid idea before this – it has changed the atmosphere considerably. What was once just an idea clouded with indecision has become an optimistic, directional business (somewhat less clouded with indecision!)
Another huge benefit of this funding is that it allows us to really focus on our product and sales at this crucial time in MappedIn’s life. We simply can’t afford to be spending time hunting down investments at this point, and the VeloCity Venture Fund will tide us over until we reach a more comfortable position. Most of it will be put towards the kiosks for our first major customer, Conestoga Mall, for whom we launch in just a few short weeks.
The VeloCity Venture Fund is an amazing event and symbolizes more than just a startup competition for money. It represents a major uprising in the Waterloo startup community. It fosters a higher cohesiveness and collaboration between startups and their founders in the area. It is only going to get more and more attention, and every blog post and newspaper article helps Waterloo take steps closer to becoming a truly fertile hub for entrepreneurship.
We extend our greatest thanks to VeloCity Venture Fund and all those involved with it. We’ll do you proud – just watch us.