First Growth Venture Network Graduates
Successful Inaugural Vintage

Nine Companies Receive Funding, One Acquired
Application Process for Fall 2010 Semester Now Open

New York City, NY, June 9, 2010 – First Growth Venture Network, a mentoring program for promising technology companies, graduated its first class this month and announced that nine members of its premiere class, or "Inaugural Vintage" of 15 start-ups, have received angel investor, venture capital or National Science Foundation funding and one member company was acquired since the program’s launch in September 2009.

The companies who received funding include 20x200, Capsearch, ChallengePost, GoodCrush, Legolas, OrderGroove, Producteev, and Zeev Exchange. In addition, another company, CB Insights, received a grant from the National Science Foundation (with assistance and referral by its First Growth mentor). Meanwhile, Zeev Exchange, an open virtual currency provider, was subsequently acquired by InComm, the leader in sales and marketing of prepaid products and innovator of transaction processing. While the terms of the Zeev Exchange sale were not disclosed, the angels and management all made money on their equity.

"The insights provided by the VCs and entrepreneurs about both my business and the fundraising process were invaluable," said Brandon Kessler, CEO of ChallengePost, a marketplace for challenges. "I'm still amazed by the caliber of the people in the room and the amount of time they spent with us month after month."

Other companies participating in First Growth’s inaugural season were AdHatchery, MeeGenius!, Open Runway (formerly Sole Envie), StyleHop and Zodah.

The application process for the next vintage of First Growth opened at the end of May. Interested companies may apply through the website at any time, and referrals from the tech community are welcome. Initial class members who have just graduated from the program were chosen from among dozens of technology-focused companies, and winning entries ranged from facilitating digital media communications to promotional marketing, and from fine art sales to connecting government affairs professionals with legislators.

First Growth is helping create the conditions in which those companies will grow into best of breed companies. The "Founding Vintners" include leading venture-related entities Bain Capital Ventures, Battery Ventures, Charles River Ventures, First Round Capital, Flybridge Capital Partners, Highland Capital Partners, North Bridge Venture Capital, OpenView Venture Partners, Valhalla Partners and Venrock; angel investors Grape ArborVC and AngelVineVC; the Tech Group at law firm Lowenstein Sandler; and the tech investment banking firm GCA Savvian.

For more information on the program and the Inaugural Vintage, please visit www.firstgrowthvn.com

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