Named after, the world’s first electronic computer, Eniac Ventures, a seed stage investment firm(a firm which invest in seed start-ups) focused solely on mobile startups, launched on Friday a $1.6 million fund.
What makes this news having some India connection is the people behind Eniac Ventures. 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. Got India connection?
Nihal Mehta is a key figure among the four, as he was an early investor in AdMob, the mobile ad marketplace that Google bought up last year for $750 million (an Google is pushing Admob as its mobile ad network)
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 current fund will be reserved for follow-up rounds.
Eniac Venture, will invest in the range of $25,000 to $100,000 per start-up and already had 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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