Tech Coast Angels Invests Again in Mercato and Discover Echo
Summary
Groceries on the Go Mercato is a software-as-a-service e-commerce platform for independent grocers that moved from New York City to San Diego early this year. “It’s great having a San Diego investor that operates at the level of a top venture capitalist offering smart money to fuel our growth,” Mercato CEO Bobby Brannigan said in a statement distributed by TCA-SD. ACE Fund 19 invested $2.2 million in 16 companies including local startups GoSite, Lennd and Lynx Bio (in addition to DTx Pharma and Atlazo). Ashok Kamal, TCA-SD’s executive director, added, “Keep in mind that ACE is an annual fund model — raising and deploying fresh capital to early stage companies each year. Therefore, a $4 million annual fund is like having another $40M early-stage VC in San Diego, and those don’t grow on truffula trees.” The allusion is to the tree at the center of “The Lorax,” by Dr. Seuss.