What you need to know - 02/17/11

Borders files for Chapter 11 bankruptcy protection; Twitter video for Promoted Product leaked

Technology trends and news by Ronny Kerr
February 17, 2011
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After months of flagging sales and a dismal holiday shopping season, Borders has filed for Chapter 11 bankruptcy protection.

Fon, a provider of WiFi hotspots, secured €10 million ($13.5 million) in new funding led by Atomico, the venture capital firm founded by Niklas Zennström, co-founder of Skype. Coral Group and other existing Fon investors also contributed to the round.


Lendio, aiming to match loan-seeking businesses with banks and other lending sources, raised $6 million led by Highway 12 Ventures and GSA Venture Partners.

Music Mastermind, a company that wants to lower the barriers to music creation, has secured $3.1 million in equity funding, according to an SEC filing.

TuneUp Media, the publisher of TuneUp, a plug-in for iTunes, closed a $2 million Series C funding round provided by previous investor IDG Ventures.


Somebody leaked a 40-minute video recording of a Twitter-hosted webinar in which a representative from the company walks potential advertising clients through all the many facets of Promoted Tweets and Accounts.

Today's entrepreneur is David Austin, founder and CEO of SoShopping.


Vitrue, a social media management software provider, closed a $17 million Series C financing round led by Scale Venture Partners and Advent Venture Partners. Existing investors General Catalyst Partners, Comcast Interactive, and Dace Ventures will continue to participate.


WeedMaps launched a daily deals program for medical marijuana, which will offer discounts of 25-60% off for end users from local dispensaries., a UK-based service that issues small, short-term loans online, raised £73 million, or $117 million, in an equity round led by Oak Investment Partners, with participation from Meritech Capital Partners and Wellcome Trust.


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