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Scoutmob raising up to $10M; turns to AngelList

01/27/2014

Atlanta deal site Scoutmob is raising up to $10 million. And it's turned to buzzy online investor network AngelList for some of it.

San Francisco-based AngelList — part Kickstarter and part LinkedIn — connects high net-worth (or accredited) investors with startups seeking equity or debt financing.

AngelList, founded by Naval Ravikant and Babak Nivi, has attracted the Silicon Valley’s angel investing elite including Yahoo CEO Marissa Meyer; Digg founder Kevin Rose; and tech journalist-turned-venture-capitalist MG Siegler.

Last year, 500 startups raised $125 million through the site, including transactions ultimately closed offline, according to Bloomberg BusinessWeek.

Startups use online profiles, that include financial and previous funding information, to pitch hundreds of accredited investors. AngelList also provide templates for creating term sheets that can reduce the legal fees and a recruiting portal.

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