Smart glasses software developer OnTheGo Platforms ups and closes its financing round


onthegoOnTheGo Platforms successfully upped and closed its mezzanine financing round which started to sell in June 2013. At the time the offering was capped at $250,000 and one investor had subscribed to $25,000. It was announced today that the offering increased by 186% to $717,000 and that it had been fully subscribed. Eleven additional investors participated to the non-brokered private placement. This latest financing brings to $1.65 million the estimated amount raised by the company. Random Research had previously reported the $929,000 equity financing in September when it had been disclosed. According to the press release, the lead investor in the financing round is Foundry Group, an early stage firm, which invested $362,000. The rest was ponied up by angels via a syndicate organized by AngelList. The angel platform has been offering accredited investors to invest alongside other tenured and well connected Angels via the creation of syndicates. It is general practice in the private equity industry for general partners (GP) to invite preferred limited partners (LP) to co-invest in certain transactions. However, this is the first time Random Research is encountering such a transaction binding an early stage institutional investor with accredited investors that are not LPs.

The company develops and markets a software platform to build or bring applications (app) to smart glasses (See vimeo). The company is currently showcasing Gost Runner an application by OnTheGo Platforms. The app is an interactive training tool for runners and endurance athletes, it challenges athletes with real-time analytics and performance ghosts. The Ghost Runner app is powered by OnTheGo Platforms and is housed within a pair of lightweight sports glasses.

Ryan Fink (Chief Executive Officer) leads the Vancouver WA based company which was registered in 2012. Revenues were not disclosed.
The executive team includes Scott Milam, Tyler Phillipi (CMO), Gary Peck and Ty Frackiewicz.

Offering recap:
Status: Final close
Company: OnTheGo Platforms
Industry: Other Technology
Amount offered: $717,000
Amount placed: $717,000
First Sale: 06/20/13

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