Veteran Startup Execs Launch Wasabi Ventures, A New Kind Of Venture Investor

New company lets startups get all-you-can-eat access to a comprehensive group of experienced advisors without burning cash.

PALO ALTO, CA July 10, 2004 -- Wasabi Ventures, today announced the launch of the company and its initial investments. The company offers startups a comprehensive group of experienced advisors that cover every aspect of growing a business, from sales and marketing to organizational design and creativity, along with industry-specific expertise in areas like biotech, wireless, and offshoring. The Wasabi Ventures approach lets an early-stage startup ramp up quickly by getting help from high-level executives it wouldn’t otherwise be able to attract or afford.

“Early stage startups seldom begin with a complete team,” Managing Partner Chris Yeh said. “Wasabi Ventures can fill those experience gaps with our partners, all of whom are practicing executives. We provide high-value, high-leverage advice and introductions to help with every aspect of an emerging business.”

Wasabi Ventures also announced its first investments: Believe Wireless, a full-service wireless ISP based in Baltimore, Maryland; Velocity Services Inc., the leader in affinity-based ISP services, based in Los Angeles, California; and Phantom Technologies, based in St. Paul, Minnesota, which licenses its patented audio enhancement technology to leading consumer electronics manufacturers.

“Wasabi Ventures has been a terrific addition to an outstanding advisory board that already includes such luminaries as Steve Wozniak and Reed Hundt,” said Jay Penske, the founder and CEO of Velocity Services Inc. “They bring great knowledge of Internet business models, and have made several key introductions to potential customers and partners, including CEO-to-CEO introductions.”

Wasabi Ventures is actively seeking new investment opportunities.

About Wasabi Ventures
Wasabi Ventures invests the human capital of its partnership group in early-stage technology ventures. The company offers startups a comprehensive group of experienced advisors that cover every aspect of growing a business, from sales and marketing to organizational design and creativity, along with industry-specific expertise in areas like biotech, wireless, and offshoring. The Wasabi Ventures approach lets an early-stage startup ramp up quickly by getting help from high-level executives it wouldn’t otherwise be able to attract or afford. Wasabi Venture’s partners have started over 20 venture-backed companies in industries as diverse as healthcare, biotech, and high tech, and have been able to achieve liquidity events for more than 50% of those companies.


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