MascotSecret LLC announced a first close of $510,000 on its equity financing. The company placed 85% of its expected $600,000 offering with two investors. This is the first known offering initiated by the company on the US private placement market. The company is an alum of Bizdom, a start-up accelerator and is backed by K5 Launch the incubator of K5 Ventures, a seed and early stage investment fund. MascotSecret is the recipient of a $25,000 grant from the Lorain County Community Foundation Innovation Fund. The company has no revenues.
The company develops a mobile application (app) that allows fans seating in the nosebleed to upgrade for a small fee to good empty seats during a game, a concert or a show. The goal of the app is to boost revenue for venues and artists and to keep fan engaged. The app is currently in beta testing stage with the Cleveland Cavaliers.
MascotSecret, headquartered in Cleveland OH, was founded in August 2012 by Yen-Yao “Donna” Lee and Jennifer Jeng.