Austin-based Microventures, the crowdfunding-meets-venture-capital startup founded by Bill Clark, has made another investment, this time in San Francisco-based social commerce firm Ribbon. Ribbon announced a $1.6M funding for its service, a social commerce platform which lets users sell products and accept payments from the web, Facebook, and other social sites. The funding came from Draper Associates, Siemer Ventures, Emil Michael (Klout), Naguid Sawiris, Winston Ibrahim (Hydros), and MicroVentures.
Clark's MicroVentures has been looking to connect angel investors with startups through a crowdfunding site--but, unlike other crowdfunding sites, it provides due diligence for the startups, helps to seek out investors, and has gone to the trouble of SIPC and FINRA registration. The firm's CEO, is Tim Sullivan, who was previously President at Sharespost.More information »