Cribspot has landed some more seed capital, enabling the Michigan-based startup to start taking its software platform national.
The downtown Ann Arbor-based company (it also has an office in downtown Detroit) recently landed a $50,000 investment from the Michigan Pre-Seed Fund 2.0, a fund capitalized by the Michigan Economic Development Corp to invest in early stage tech startups. That investment brings Cribspots total seed capital raise to $680,000, which includes investments from Ann Arbor-based Huron River Ventures and a number of angel investors.
"It (early stage investments from local funds like the Michigan Pre-Seed Fund 2.0) is extremely important," says Jason Okrasinski, CEO of Cribspot
. "The access to state funding, grants, and debt is one big advantage and differentiator from San Francisco."
Cribspot and its team of seven people is creating a centralized online portal for college students looking for off-campus housing. The co-founders, mostly University of Michigan students, were inspired to start the company after struggling with their own searches for off-campus housing that usually entailed Craiglist ads and looking for landlord signs in the sides of buildings.
Cribspot is a product of the Bizdom
accelerator program in downtown Detroit. It also won $100,000 when it took second place at last year's Accelerate Michigan Innovation Competition
. Shortly after that win Cribspot started to spread its presence across the U.S.
"We currently have a presence at 175 campuses," Okrasinski says
Source: Jason Okrasinski, CEO of Cribspot
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.