Monday, April 10, 2006

b5 looks for VC

b5 Media is looking for venture capital according to Jeremy Wright. alarm:clock's reportage of the story characterises b5 as a "Canadian blog network", despite the company having two Aussies (EDIT: oops, it's three, as Jeremy points out below) and only one Canadian as principals.

Does looking for VC and/or getting it mean that b5 is going to become Canadian or American, merely because North America is where the money is likely to come from? As Syntagma points out in quoting Greg Gianforte: "Raising VC money determines your exit strategy". Is a foreign future in store for any Australian Web company which gets foreign VC?

5 Comments:

Anonymous Jeremy Wright said...

Paul,

Thanks for the comment. As an FYI, there are 3 Australians (Darren, Duncan and Shai) and 1 Canadian. We are currently a US corporation already, so it wouldn't be foreign funding for an Australian company.

10:31 pm, April 10, 2006  
Blogger Paul Montgomery said...

So do you consider yourself an Australian company? Or doesn't that matter in the global village?

11:44 pm, April 10, 2006  
Anonymous Jeremy Wright said...

Great question. I, personally, consider us a global company. However, it is exciting to me to see Australian entrepreneurs getting involved in fantastic new opportunities. Sure, b5media is only a small part of that, but it's still exciting to me.

Plus, we have a number of Australian bloggers, so that while we may not be an Australian company officially, it's certainly a resounding influence :)

12:13 am, April 11, 2006  
Anonymous Rob Irwin said...

It's not a dumb idea. A lot of the folk who splash around VC money /are/ stupid enough to take something more seriously if it's presented as a North American concern.

5:51 pm, April 11, 2006  
Anonymous Duncan said...

Paul,
we have always been, from day 1, a US LLC, however in someways its a US LLC that's majority owned in Australia. As per some of the other comments, we see ourselves more as a Global Company, and we have bloggers in 4 continents. As Rob said, we knew from day 1 that an American corporate structure would see us present better...if you like in terms of not only funding, but our partnerships as well. A lot of the firms we do deals with are really only interested in dealing with a US entity (and I'm talking everything here, advertising, content, management..etc..).

1:34 pm, April 13, 2006  

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