Divvyshot originally received $10,000 in seed funding as a Y-Combinator startup. What hasn't yet been disclosed was that the team raised an angel round several months ago from Chen, HOTorNOT creator Jim Young and ex-Googler Gabor Cselle. The terms of the funding are as yet unknown, and will likely remain so for the time being.
Divvyshot is the third company to raise money through AngelList, a Venture Hacks group dedicated to connecting aspiring startups with interested investors. Divvyshot is the first AngelList startup to exit; although the original product will be shut down within six weeks, the tech and talent behind the startup was a valuable investment for Chen and a sound purchase for Facebook. As we noted last week, Divvyshot's technology will likely be used by Facebook to auto-tag event photos.
The first AngelList project to receive funding was a Y-Combinator stealth startup; the second was Postling, a social media monitoring product of Philadelphia-based accelerator DreamIt Ventures.
"Startups spend a lot of time trying to get intros to the right investors," said Venture Hacks founder Babak Nivi. "Even the startups who end up raising money from Ron Conway, Fred Wilson and Sequoia. We're psyched the investors on AngelList are making it easy for investment-grade startups to get meetings and raise money."