VIENNA, Va.--(BUSINESS WIRE)--March 28, 2006--FlatBurger Inc., a company that supports software developers working in hybrid software environments, announced today it has secured an investment of $1.75 million.
Reston-based Amplifier Venture Partners, LP and Durham-based Intersouth Partners co-led the $1.75 million seed investment. The round, which will be used to complete product development, is the company's first outside financing. Don Rainey of Intersouth Partners and Jonathan Aberman of Amplifier Venture Partners will join the company's Board of Directors.
FlatBurger supports software developers working primarily with open source software by providing them with a "business infrastructure" to complement the development tools they employ in the Microsoft(R) Visual Studio environment. FlatBurger will provide an economic platform for those developers to bring their applications to market through development guidance; development standards; quality assurance and testing; software licensing support; and distribution, marketing and ecommerce services,
The company will focus its efforts initially on serving the needs of the rapidly growing DotNetNuke(R) (DNN) community of software developers. DotNetNuke(R) is an Open Source Framework ideal for creating professional Web applications and is based upon Microsoft(R) ASP.NET technologies.
"We are very pleased that FlatBurger chose to partner with us at its launch," said Jonathan Aberman, Managing Director of Amplifier. "Our fund's model is to work with experienced entrepreneurs who want hands-on, strategic assistance. Many of the most interesting serial entrepreneurs can finance their next business themselves, so you have to bring something useful and valuable for them to welcome you into their team."
"FlatBurger is solving a critical need in a large and growing market," said Don Rainey of Intersouth Partners. "The founders, truly seasoned entrepreneurs, impressed us with their knowledge and industry relationships, as well as their aggressive plans to help this market grow for the benefit of many different market participants. We're excited to be part of the value proposition they introduce to the development community."
FlatBurger is led by co-founder and CEO Bill Phelan, a seasoned software executive with expertise in online markets and Internet businesses. Prior to starting FlatBurger, Mr. Phelan drove the creation of FTD.com and successfully grew and exited several other businesses, including OneMade, Inc., a developer of online auction tools, which was acquired by America Online(R) (AOL) in May 2003. Phelan's FlatBurger co-founder is Bob Smith, who is also a Venture Advisor in Amplifier Venture Partners. Mr. Smith was the founder of AOL's Digital Cities, and has worked with a wide range of emerging companies as an investor and advisor, including ezGov, The Map Network, OneMade, Inc., PromiseMark and Provista.
"This financing will support our rapid growth as we set out to define an exciting new market," said Bill Phelan, CEO of FlatBurger. "We are pleased to have experienced and enthusiastic investors partner with us as we set out to make software development and distribution in the DNN market efficient, manageable and profitable for a rapidly growing community of developers and buyers around the world who are exploring new ways to build their businesses while taking advantage of the benefits of open source software. We are also pleased with the depth of their financial resources and ability to continue supporting our capital needs as we grow."
About FlatBurger, Inc.
FlatBurger supports software developers working primarily with open source software by providing them with a "business infrastructure" to complement the development tools they employ in the Microsoft(R) Visual Studio environment. The company name reflects a belief in the "flattening" of a world that has no borders, enabling economic opportunity to be accessible to any market participant regardless of their physical presence.
FlatBurger has offices in northern Virginia and Troy, New York. For more information, please visit www.flatburger.com.
About Amplifier Venture Partners, LP
Amplifier Venture Partners, LP provides seed and early stage venture capital funding to three to four businesses per year. Through its relationships with established larger venture capital funds represented on its Board of Advisors, as well as its strategic relationships with leading universities and other community leaders, Amplifier is actively looking for seed and early stage companies in areas such as Web 2.0, Internet content, management and enablement, hosted business applications, identity management, network security and open source software. Amplifier Venture Partners has been in existence since mid-2005. FlatBurger is its second investment. Further information regarding Amplifier can be found at www.amplifierventures.com.
About Intersouth Partners
Located in Durham, North Carolina and Reston, Virginia, Intersouth Partners is one of the largest and most experienced early stage venture funds in the Southeast, having invested in more than 75 private companies. Founded in 1985, Intersouth Partners manages more than $500 million in six venture capital limited partnerships, focused on the technology and life sciences sectors. Visit www.intersouth.com for more information.
