SLAAM VENTURES MAKES INAUGURAL INVESTMENT
SV I to Relocate to Savannah
Savannah, Georgia – January 22, 2013 – SLAAM Ventures, an angel investment fund established in October 2012 and headquartered in Savannah, today announced that it has funded its first investment in Internet technology startup SV I LLC (“SVI”). SVI is a development entity initially focusing on providing sales and inventory solutions to certain web-based affinity groups.
“What we really like about this, our first investment, is that SVI represents a win for both SLAAM and for Savannah,“ commented SLAAM co-funder, John O. Morisano. “Not only have we made an exciting seed investment in what we believe is a game changing technology, we also attracted a technology savvy entrepreneur, Michael Mason SVI founder and CTO, to Savannah. Mike was compelled by Savannah because of the combination of our funding activities and all that this city has to offer. We are proud of these efforts and expect great things from SVI,” further commented Morisano.
Mason, a long-time programmer and entrepreneur started the prototype for SVI’s initial product in Kalamazoo, Michigan. “I was getting ready to begin looking for funding and through some folks I knew in Savannah, I found my way to John and Amy,” Mason said referring to SLAAM co-founder Amy Factor. “I think we all knew right away that this was a good fit. When I demoed my prototype, they immediately saw the potential. The next thing I knew, we were talking funding. It was certainly not the typical way these things go.”
Mason has set up shop at ThincSavannah, a co-location facility located in Savannah’s Historic District, and will continue his development efforts on a suite of sales logistic tools that are aimed at revolutionizing a segment of the marketplace that accounts for billions of dollars in revenues.
“With SLAAM bringing SVI to Savannah,” Trip Tollison, Interim President and CEO of Savannah Economic Development Authority added, “and locating them right in the middle of downtown, we believe that this is a very important step in continuing to coalesce Savannah’s creative and tech communities. SVI is going to need support and infrastructure and I know Savannah has the talent to meet those needs. This is great news for Savannah.”
SVI’s plans include a beta launch this coming summer and a live product deployed in the third quarter.
Morisano concluded by saying, “This is the first deal and it feels great to get it done. But we are actively looking at several other Savannah-centric deals and partnering with the local community so stay tuned because there is more exciting news to come.”
ABOUT SLAAM VENTURES – SLAAM’s mission is to assist Savannah-based entrepreneurs accelerate the development of their ideas and products through a combination of investment capital and practical business advice. SLAAM is headquartered in Savannah with an office in New York City.
CONTACT: John O. Morisano