In the months preceding the company's ultimate demise, the company had raised a bridge round in the form of a convertible note.
The company spent most of the year shopping itself around for investors, with the aim of raising a bridge round by December 2015 as executives were "very nervous as they were running out of money," one source told TechCrunch.
Kirkpatrick said he'd only intended to raise a $500,000 bridge round, but ended up raising more money based on the interest that the product has received from sales organizations, content marketers, and large enterprises.
In 1995, the State Legislature allocated $86 million to modernize tracks and raise a few bridges to enable the double-stack trains to pass underneath, but the funds have never been appropriated.
The Snapchat team has raised a small bridge funding in addition to the $485,000 seed round we previously reported from Lightspeed Ventures.
Similar to startups that often raise a small seed round or bridge loan to support initial growth, a cash infusion through an easy revenue stream like ad revenue can foot the bill to build smart-city infrastructure.
It has raised a $1 million "bridge round" from angel investors (including Sharad Sharma, former CEO of YahooIndia; Venkat Raju; Pramod Bhasin, former chairman, Nasscom and CEO of Genpact; Raman Roy, CEO of Quattro; and Linda Bernardi, CEO StraTerra Partners) and plans to raise a larger $10 million round later this year.
Pickard tells us that, since then, the startup raised a small, $800K bridge round, allowing previous investors to re-up.
The police and fire departments are called and they are standing around thinking of getting a crane to raise the bridge when a twelve-year old boy rides up on his bicycle.
