TheFunded – Social (VC?) Networking that works

There has been a lot of coverage in the news about the new controversial site TheFunded.com, so like any good natured up-and-coming e-commerce entrepreneur I decided to check it out. The results of me merely checking out the site have been astounding.

Here’s a timeline/overview:

Saturday - I recieved email from “The Founding Member” (ambiguously referred to as “Ted”) inviting me to join. I went through the site reading the reviews of the few VC/Angels groups that we have talked to and gained lot of insight. I saw there was a section to write “Letters” to VC’s… so I decided to try it out. I posted: How Do I Get Out Of The Catch 22 Of The Vc Process? and the next thing I know its on the homepage, and over 15 people have commented and offered feedback on my dilemma. Awesome right? It gets better.

Monday - “Ted” emails me alluding that he enjoyed the post and would like to help – I’m curious how he’s going to help since no one knows who “Ted” is (part of the reason for the publicity of the site). Soon thereafter this post shows up: Interesting Post, Feedback, and Response, and my iPhone lights up emails from VC’s, Angels, and sympathetic entrepreneurs (even one Investment Bank in LA).

Wait did you read that last article? – If you didn’t, this is my favorite part:

“The “Catch 22″ post has also been picked up by mainstream media, such as this reference in the blogs for Entrepreneur magazine”

Entrepreneur Magazine! Sure enough Tim Berry picked up the story and wrote about it, not once, but twice on the blog. He also did a piece on his personal blog.

I’m sure the whole ordeal is not over yet… but just in case you wanted some numbers to back up how much response that 1 little post got, here’s what it has landed us so far.

Before this weekend we had:

• 1 interested Angel Group (TechCoastAngels)
• A lawyer who was interested in possibly introducing us to a couple VC firms in San Diego.

And now, as of Thursday we have:

• 2 successful entrepreneurs (with 4+ startups, and at least 1 successful acquisition under their belts) willing to meet and possible make introductions to a few VC firms.
• 1 Investment Bank in LA interested in hearing our pitch at a lunch meeting, and if it’s not a hit with them, they would be willing to make introductions to other big VC firms in LA.
• 1 VC interested in at least having a phone conversation about the our idea.
• 1 Angels group interested in having us present.
• At least 2 other entrepreneurs in similar situations wanting to talk and swap ideas.