Australian-run angel fund Kayweb Angels has added two new investments to its growing portfolio, one of which is an Australian start-up, while the other was founded by an 11-year-old.
Based in New York, Kayweb Angels is led by Australian chief executive Haig Kayserian. It was formed in 2011 in response to the lack of engineering talent in New York’s tech scene.
Kayweb Angels provides development services and mentoring to web and mobile start-ups – which intend to launch in the United States – in exchange for co-founder equity.
The company has added two new investments to its portfolio, after agreeing to terms with Australian start-up busEasy and US start-up PicturPass. The terms of the deals are undisclosed.
Founded by Brisbanite Tony Fairweather and Melburnian Tony Antoniou, busEasy says it will bring a “unique web offering” to the consumer transportation industry.
PicturPass, meanwhile, is a social game application. Amazingly, it was conceived and presented by an 11-year-old girl from New Jersey.
The two start-ups were selected from a pool of more than 150 submissions, from which just 20 were invited to pitch in person.
Fairweather and Antoniou jumped at the chance to pitch to Kayserian directly while he was in Sydney recently.
“We were interested in partnering with Kayweb Angels not only because of their offering as angel developers and technical co-founders, but also because they would be valuable mentors when we look to launch our application in the United States,” Fairweather said in a statement.
According to Kayserian, the busEasy application was interesting because “we saw its significant overseas potential”.
“When another board member and myself met Tony and Tony for their pitch, we were certain we would invest,” Kayserian says.
“They were entrepreneurs with real potential, and they were the right entrepreneurs to champion this product.”
PicturPass and busEasy take the Kayweb Angels portfolio to eight companies in total, including Burringo, Cafrino, Do It In Person, Minute List It, WhoIsGreen.com and You Need My Guy.
Kayserian says Kayweb Angels is “very excited” about both investments.
“The pool of applicants… were high in quality. Those who came in to pitch were brilliantly prepared, and busEasy and PicturPass stood out and commanded investment,” he says.
According to Kayserian, Kayweb Angels’ filtering process is “very scientific.”
“Not only did these start-ups score highly within the Kayweb Angels selection method, their presenters also proved themselves as the right entrepreneurs to guide these companies to success,” he says.
Meanwhile, Kayweb Angels general manager John Buckman said in a statement the company is “looking forward to working with more quality entrepreneurs, as we do every single day”.
