BlueChilli has won funding for two of its portfolio companies – TokenOne and Geepers, early-stage startups with no revenue. Both secured over $650,000 in angel funding from Australian and international investors, the self-dubbed venture technology incubator said.
“The angel funding was closed within just six weeks which represents strong investor confidence in the founders and our business development process,” said BlueChilli CEO Sebastien Eckersley- Maslin.
TokenOne is a stab at a problem that affects us all: multiple passwords with ease-of-use issues and familiar and growing security problems. The startup is developing technology to replace passwords completely, allowing users to manage their transactions using a mobile and a single PIN.
Geepers, as you might guess, is a GPS-based startup that seeks, ambitiously, to create a “geo-physical address protocol in the digital world,” or a constant physical address that never changes, much like our e-mail or Facebook account. If its technology works you could, conceivably, have pizza delivered wherever you are without quite needing to update your address.
Establishing a universal physical address
The company is developing a mobile-enabled web application that provides a unique universal shortcode for physical geographic locations. The startup plans a freemium model, offering paid users including businesses superior features such as sub-locations and the ability to associate current physical locations with keywords.
Geepers is led by founder and CEO David Whitfield, a serial entrepreneur with a track record in innovation. His current venture, enLighten Australia (and more recently, Enlighten International) builds lighting and intelligent building systems.
Both startups plans to use the new funding to expand the team, accelerate product development beyond MVP and prepare them for international expansion and follow-on Series A investment, BlueChilli said. Also, the existing management teams will retain control of operations while the new investors will provide mentorship and help with strategic partnerships.
BlueChilli plans to invest in 100 startups by 2016. It has currently made 30 investments in early-stage and high-growth online businesses. Eight of the startups have collectively raised $3.8 million so far.