2018 in review: Dave Chitester, Seedfunders
Launched in the latter months of 2017, Seedfunders provides funding and mentoring to pre-revenue tech concepts and startups. CEO Dave Chitester made the investing platform’s objectives clear from the start: “Pre-revenue scalable technology with a clean cap table,” he told the Catalyst in February. “And that means from the clean cap table, we’d like to be the first professional money in.”
Most recently, Seedfunders made a $350,000 investment in AVidea Group Inc. and its gunfire detection technology, which will debut at the the Consumer Electronics Show in Las Vegas in January.
St. Pete Catalyst: What were your company’s biggest accomplishments in 2018?
Chitester: We proved our business model. Earlier this year we invested $150,000 in a company when no other professional investment entity would invest because they were pre-revenue. Nine months later they are closing on an investment of more than $1 million. This is the reason I started SeedFunders.
St. Pete Catalyst: What was a challenge the company faced in 2018, and what did you learn from it?
Chitester: We wasted some time and expense reviewing companies that did not fit our investment thesis. Accordingly, now we only analyze companies that meet our criteria.
St. Pete Catalyst: What are your goals for the company in 2019?
Chitester: We would like to add a few more partners to the 15 we have right now, to expand our knowledge base and depth of experience. This will also increase our basis for funding additional companies throughout the year.
St. Pete Catalyst: What business insight (advice or a tip) can you share with readers?
Chitester: Everything in business is about networking. You need to be seen, communicate, and develop relationships to move forward and meet your goals and objectives.
St. Pete Catalyst: Something a little different: What was your favorite book in 2018?
Chitester: Shoe Dog, by Nike founder Phil Knight.
Note: St. Pete Catalyst publisher Joe Hamilton is a partner in Seedfunders.
