Copyright © 2014, The Oklahoma Publishing Company
i2E Inc. recently closed on a $1.75 million Series A equity investment in Oklahoma City-based WeGoLook LLC.
The investment was led by i2E with $325,000 being invested from both the Oklahoma Seed Capital Fund and the OKAngel Sidecar Fund, each of which are investment funds managed by i2E. The Seedstep Angels, a group of individual angel investors also managed by i2E, invested an additional $400,000.
In addition, company founders invested $600,000 with another $100,000 being invested by other Oklahoma investors.
Founded in 2010, WeGoLook provides verification for buyers of online products such as automobiles and heavy equipment, accident site inspection and document delivery services through a nationwide network of more than 15,000 field agents known as “Lookers.”
“The majority of this investment is going to be used for technology development, which includes our mobile application, as well,” said Mat Smith, who co-founded WeGoLook with his wife, Robin Smith, Karl Baldischwiler and Mark Caywood. “When we started this company we were primarily a Web-based service, and now we’re a mobile technology company.”
Through its new mobile application, WeGoLook’s field agents are able to use a tablet or smart phone to take photos of property or an asset as they are inspecting it and upload the images immediately, along with reports for clients instead of waiting to return to an office.
The SeedStep Angels were founded by i2E in 2009 and is now the state’s largest angel investment groups with more than 40 members and chapters in Oklahoma City, Tulsa, Ardmore and Muskogee.
The Oklahoma Seed Capital Fund is a state-appropriated investment fund through the Oklahoma Center for the Advancement of Science and Technology.
The OKAngel Sidecar Fund is one of three Accelerate Oklahoma! investment vehicles created in 2011 by i2E through a partnership with the Oklahoma Department of Commerce and the U.S. Treasury State Small Business Credit Initiative. The OKAngel Sidecar Fund specifically targets opportunities to invest alongside Oklahoma angel investors.