Paul Budnitz takes his iPhone out of his pocket and places it on the small, round table in his new office on Pine Street in Burlington. “There it is,” he says. “That’s what we’re building. To me this is totally transparent. We’re making an app store.”
What is that mission? Lee Bouyea, managing director of FreshTracks Capital in Shelburne, which made an initial $435,00 investment in Ello, says Budnitz made it clear when pitching FreshTracks. “Paul came to us over a year ago and said, ‘I want to build an ad-free social network,’ and he’s never wavered from that vision, and we bought into that vision when we funded this back in January,” Bouyea says. “The press has intensified that issue, but from our standpoint we never strayed from that initial mission.”
To read the complete Free Press article, click here: Ello raises $5.5MM.