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When John Wu looked to raise up to $10 million for his San Diego startup that helps parents manage screen time and keep their kids safe online, he didn’t go the traditional venture capital route.
Instead, he opted for a less common fundraising vehicle called a Regulation A an equity offering mechanism that sprang out of the Obama administration’s JOBS Act to give everyday investors the opportunity to put money into startups.
“We have tens of thousands of customers who love our product, so this is a good way to leverage that to do a raise,” said Wu, co-founder and chief executive of Gryphon Online Safety. “And another benefit is you are building your brand. You’re able to reach a wider community with the right game plan.”
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There’s a new startup accelerator in San Diego that’s been operating quietly through the pandemic, launched by a tech executive who recently achieved the entrepreneurial dream: a billion-dollar exit.
The new accelerator, called LogicBoost Labs, was founded by software executive Jonathan Cogley, the founder and longtime CEO of a Washington D.C. cybersecurity company called Thycotic.
When he started Thycotic, it was just a consulting firm back in 1996. Cogley opened a tiny office above a sushi restaurant in D.C., taping a paper sign to the door with the word “Thycotic” scribbled on it.
That startup evolved from a consulting shop to a cybersecurity company that was an early player in password management for enterprise customers. Thycotic just sold to TPG Capital for $1.4 billion in March.
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