Mehta and friends launch $1.6M mobile fund

Ronny Kerr · October 1, 2010 · Short URL:

Eniac Ventures targets mobile sector with seed stage investment firm


Eniac Ventures, a seed stage investment firm focused solely on mobile startups, launched Friday a $1.6 million fund.

Named after ENIAC, the first electronic computer, Eniac Ventures firmly believes mobile to be the next dominant computing platform, naturally evolving out of the personal and Internet computing that has ruled since the 1980s. Obviously, Eniac is far from the only one to think so. In fact, the site prominently gives credit to Google CEO Eric Schmidt for declaring, “The biggest growth areas are clearly within the mobile space.”

The New York-based fund was founded by four mobile-minded entrepreneurs and investors: Hadley Harris, Vice President of Consumer Business at Vlingo; Nihal Mehta, CEO and co-founder of buzzd; Vic Singh, co-founder of NearVerse; and Tim Young, founder of the Arch Rock Foundation.

Mehta might be the biggest name among the four, as he was an early investor in AdMob, the mobile ad marketplace that Google snatched up last year for $750 million.

Eniac investments, which will range in size from $25,000 to $100,000, should reach between 30 and 50 startups over the next few years. Half of the $1.6 million fund will be reserved for follow-up rounds.

“We want to be able to double-down on Series A rounds on companies that we think are worth it,” says Mehta.

Eniac-funded startups will be happy to hear that the four founders will also provide their best business development advice and help them make connections with relevant partners.

Eniac Ventures has already injected seed investments in six startups, including Localytics (real-time analytics for mobile apps), MightyMeeting (PowerPoint presentation mobile sharing), NearVerse (proximity-based social network), and Philo (social network for TV).

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Ronny Kerr

I'm the chief copywriter, editor, and content strategist at FinancialForce, the largest Salesforce partner.

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NearVerse is the brainchild of Boris Bogatin, a telecom executive who spent the better part of the 2000 decade at Skyterra, developing a nationwide 4G wireless operation with leading telecom, media, and television companies. Boris was previously with Cidera, a streaming media CDN that aimed to significantly improve the speeds and quality of rich media Internet experiences. By combining his expertise in developing highly spectrum-efficient technologies and disruptive means to optimize network architectures, Boris developed NearVerse to accelerate the mobile Internet. His co-founder, Vic Singh, jokingly proclaims he left the dark side as a venture capitalist with RRE Ventures to help Boris start the company. After making several investments in the mobile space and closely following the emergence of smartphone era and mobile Internet demand, Vic saw a unique opportunity to help start a company that could fundamentally disrupt the ecosystem and create value for all its players.



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