A couple of Ann Arbor-based startups have taken the lion's share of seed funding from the initial round of the Innovation Fund Macomb Community College, Powered by JPMorgan Chase & Co.
MyFab5 and TurtleCell received the top awards, $100,000 each, from the Innovation Fund. The $100,000 investments are focused on helping push those startups toward large-scale funding.
"We're laying the foundation to accelerate our growth," says Omeid Seirafi-Pour, co-founder & CEO of MyFab5
MyFab5's platform works through Instagram, allowing its users to take pictures of their meals at restaurants and then rank their experience. The 2-year-old company got its start allowing users to rank their top five businesses in certain genres in local areas, but transitioned to a photo-based version when it noticed its users liked using it with Instagram.
MyFab5 averages more than 300,000 users each month. That is more than double its user rate from last fall. It crossed the 1 million user mark earlier this year, and now employs a staff of four and three interns.
The platform also streamlines social media marketing for restaurants, providing a dashboard that enables creation of custom marketing plans, analyzing audience, generating leads, creating and publishing social media posts, tracking and engaging fans, and creating analytics reports.
makes a smartphone case with retractable headphones so users can avoid tangled, broken or lost headphones.
The Innovation Fund made five investments overall in startups based in Metro Detroit. The total investment package from the came to $275,000. The $2.7 million fund focuses on stimulating economic development and job growth among promising Metro Detroit entrepreneurs and next-stage businesses with high-growth potential. Investments range from $25,000 to $100,000.
Source: Omeid Seirafi-Pour, co-founder & CEO of MyFab5
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.