Texas Startup CommonEdits Raises $600k With Help From CodeLaunch and SeedSumo
Taking a startup from idea to fruition isn’t an easy task. Somewhere between 70-90% of startups fail, based on who you ask. That’s a reality though. The startup business is tough. Once you’ve made it out of the gate, it doesn’t get easier, it get’s harder. For instance, just this week CubSpot and Proseeds both announced they were shutting down after just a year.
Product and idea development are the first obstacle. Raising funds is the second. Proving sustainability is the third. Without the second your destined to fail. Luckily for CommonEdits their founder, idea and platform helped them secure a $600,000 investment from Austin based VC firm MVII8 (mseven8.com). But they could not have gotten there with the help of two other prominent Texas startup ecosystem partners; CodeLaunch and SeedSumo.
CodeLaunch aims to discover and curate pre-seed stage startups through an annual competition, pitch day and tradeshow. SeedSumo is a cohort based startup accelerator with a demo pitch event as well.
CrossroadsToday reports that CommonEdits founder Matthew Lewis started the company in 2015. They help facilitate creation, publishing and distribution of new music from independent artists. What I want to listen to is the stuff that grows organically around me, the stuff that will help me grow as a person. Not this processed McMusic that we’re currently listening to.” Lewis said.
Lewis was able to attract the attention of CodeAuthority/CodeLaunch Founder Jason Taylor. At first Taylor didn’t think it was the right time for CommonEdits to do the actual CodeLaunch program but that didn’t stop them from investing. “We jumped at the opportunity to invest in CommonEdits outside of the CodeLaunch competition cycle because the concept, the space, and Lewis were that intriguing.” Taylor said.
As time went on Lewis participated in the 2016 SXSW Music Hackathon. It was there that he met engineer C.J. Carr and added him on as a co-founder. With Carr firmly in place and Taylor’s early belief in the concept, CodeAuthority doubled down on CommonEdits and helped create their MVP (minimum viable product). That was able to secure them a spot in Seed Sumo which led to their $600,000 investment.
While here at nibletz.com, the voice of startups everywhere else, we love a good funding story, the real underlying story here is about how when startup ecosystem partners work together it works for startups. This my friends is the driving force behind “The Rise Of The Rest”, a rising tide lifts all of the boats.