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New York Social Media Startup Acquires $4 Million in Latest Round of Investment
Published on Nov 30, 2010
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Calling upon its reputation as one of the most talked-about new startups in New York City, Hashable has raised $4 million in investments in a venture round led by Union Square Ventures.
Originally intended to be a Yahoo Finance competitor called Track.com, CEO Michael Yavonditte, upon realizing the limited potential of the financial network, restructured the company entirely and began focusing on its social media potential.
"Hashable helps you document real-world connections with friends and professional contacts by using hashtags to describe interactions," Jennifer Van Grove, a contributor for Mashable, writes. "Hashable tracks actions, connections, salutations, props and any other type of hashtag you can dream up."
Through cross-utilization of Twitter handles or email addresses, Hashable can "introduce" new friends or followers and track their correspondence - a novelty to which the marketing potential is apparent but yet to be seen.
Now, only a few months after its beta launch, the company runs a valuation between $25 million and $30 million. As New York City is hashing out its resume of new tech ventures and web startups such as Hashable and Foursquare, many entrepreneurs starting a company are looking to the newly emerged "Silicon Alley" as a viable business destination.