Two MN Start-ups Get Combined $25M in Financing
Two local start-up companies, Minneapolis-based 8thBridge, Inc., and St. Paul-based Cima NanoTech, each separately announced that they recently received financing.
8thBridge-which creates social commerce channels by integrating social networking, advertising, and e-commerce-received $10 million, and Cima NanoTech-which specializes in the production of nanoparticle-related printed electronic materials-received $15 million.
Cima NanoTech said that it received the funding from a “leading global alternative asset management company,” but would not disclose the name of the company due to the investor's corporate policy. Cima NanoTech said it will use the money to launch its Sante coatings “across numerous applications.”
8thBridge's financing was led by Palo Alto, California-based Trident Capital. The company's lead investor, Eden Prairie-based Split Rock Partners, also participated in the round of financing. 8thBridge secured $5 million in venture capital funding from Split Rock in January 2010.
The company, which was founded in 2008, created a commerce-enabled advertising network that allows customers to shop with a retailer anywhere on the Web, and not just on a single e-commerce site.
The just-secured financing will be used to enhance 8thBridge's technology platform, called 8thBridge StoreCast, which powers millions of online shopping experiences, including a quick-checkout feature that is used inside Facebook's news feeds and fan pages and inside banner ads on various Web sites.
8thBridge, which changed its named in January from Alvenda, won the Minnesota Cup in 2009.