I had mentioned on my Twitter account earlier this week that I had a big announcement planned for today. We are pleased to announce the launch of a new startup and an app called GreyScale as well as the associated angel finacing. The idea for GreyScale came to us when we saw the launch of Color – the photo sharing app that only works when you are with your friends. We recognized three undeniable truths: 1. most of us don’t look that great in color, 2. we are alone most of the time and 3. most of us want to keep our photos private. GreyScale is Color for the rest of us. With GreyScale you don’t need to find a friend to take revealing color photos of one another, instead just pull out your iPhone or Android phone and start capturing greyscale photos and videos in your own personal album with 100% privacy guaranteed.
Of course we didn’t just come up with this idea in a vacuum, instead we talked to some of the best and brightest minds in the Bay Area, Boulder and Dallas to make sure we were on the right track. As a direct result of those conversations we have put together an all-star cast of angel investors including Jeff Clavier, Mark Cuban, Dave McClure, David Cohen, Jay Adelson and Aaron Patzer.
The first GreyScale pitch was to Jeff Clavier who has invested in startups like Truveo (acquired by AOL), MyBlogLog (acquired by Yahoo), Tapulous (acquired by Disney) and Milo (acquired by ebay). I think he liked what he heard because his response was, “Let me have the banking coordinates.” I knew I was on to something. The next investor I reached out to was Mark Cuban who had two words for me, “I’m in”. I was getting a little cocky at this point, but despite that the next few pitches went equally as well. When I pitched the idea to Dave McClure who has invested in over 100 startups including Twilio and SlideShare he immediately indicated he was in. I had similar experiences with other investors like David Cohen of TechStars, Jay Adelson formerly of Digg and Aaron Patzer CEO of Mint.com. Once we had a rockstar cast of angel investors we knew we had to move forward.
We figured it would only cost us $10-20 to build GreyScale, but there was so much investor demand we had to increase the round size to $41 and even afterward we had to turn some investors away.