YouNoodle Gains $1.1M in New Funding Round.

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YouNoodle Gains $1.1M in New Funding Round.

It’s been recently announced that YouNoodle has managed to secure over $1.1 million in its new financing round, TechCrunch reported. New backers had participated in this funding round. These would include the VegasTechFund of Tony Hsieh and Lars-Henrik- Friis Molin of Sweden. And a previous investor also join in this round, The Amicus Group of Korea.

Before and After.

The San Francisco-based company was first launched back in 2009 amid great controversy. During that time, YouNoodle had mentioned it was developing a tool that would be able to predict the succession rate of a startup. Currently though, YouNoodle is not continuing their previous business in predictions but has developed into a platform that offers entrepreneurs a place to locate startup contests and where those who organize these competitions would be able to handle the entire process. It has also managed to turn into a website where well established companies can gain access to some of the most promising startups to appear.

Expansion.

The company has been trying to expand its foundation of their operation from merely being a gateway for startup competitions. While it will continue to be a platform for these contests, Torsten Kolin Chief Executive Officer of YouNoodle, had informed TechCrunch that they would strive to come up with a data business on top of its operation. He went on to say, that there are business opportunity to connect startup with giant corporation that may be interested in working along with them or purchasing them.

Kolind said, “For us, the pivot we have gone through and are still going through is from looking at ourselves as a technology company powering competitions to an engine for powering what we call the global startup revolution. We can do that more as a data-focused company.”

Some example of the kind of data that YouNoodle can learn from the startups participating in the competitions is that the average age for entrepreneurs are 29 years old. Female entrepreneurs make up 28% of the entrepreneurs while firms that are main study on biotech, healthcare and science tend to fare batter then those aimed towards social media and internet application. Lastly, firms that have a working prototype have done way better compared to those who where merely an idea.

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