To begin shaping the future of file-sharing, Fasetto first needed to attract startup funding
The idea for Fasetto didn’t originate in Wisconsin, but the file sharing company’s success certainly did.
Fasetto, an industry-leading cloud storage solution, was the brainchild of CEO Coy Christmas. Developing education software, he discovered the need for a place to store communications among students, teachers, parents and administrators. So, he set out to build what was needed, a self-contained local network called Gravy OS.
Living in Florida, he decided a move to his wife’s Wisconsin hometown would be optimal for launching his startup and getting the resources he needed.
"We've raised a little more than $30 million for our company. The first $8 million we raised was from Wisconsin."
WEDC helps connect Fasetto with angel and venture fund investors
Born out of a Kickstarter campaign, Fasetto still needed help getting off the ground beyond that initial funding. When it came time to attract additional capital, they reached out to the Wisconsin Economic Development Corporation (WEDC).
With an extensive history of helping Wisconsin’s entrepreneurs and startups, WEDC pointed Fasetto in the direction of its Qualified New Business Venture (QNBV) Program. This resource helps startups by providing a 25 percent Wisconsin income tax credit on the amount angel and venture fund investors invest in certified companies.
The investments incented by this program provide the capital necessary for emerging growth companies to develop new products and technologies, move products to market and provide high-quality jobs in Wisconsin. It was crucial for Fasetto to find the capital necessary to take off, and QNBV attracted what it needed.
“If you're looking to start a company in Wisconsin versus Silicon Valley you can do it, and you can do it for a lot less.”
Fasetto becomes a force in the technology sector
Since its launch, Fasetto has raised $8 million from Wisconsin investors it connected with through QNBV. This has allowed the company to launch in-house hardware and software solutions like Link, a solid state drive that can be worn as a bracelet or clip, and Forum, an all-in-one presentation-sharing device specifically tailored to conducting meetings. Fasetto intends to launch its developer kit for the Gravy OS in mid-to-late 2019.