Adelman says that although the District is often "much maligned" in terms of funding available for startups, "there is still plenty of money to be found." ReelGenie's primary investor is Cal Simmons, a local angel and the D.C. chair of the investment firm
Tiger 21. Other investors include CNF Investments, the Maryland Venture Fund and professors from the Wharton School.
ReelGenie is planning a fall launch and will use the seed money to further develop its products for the public launch. Some funds are also slated for marketing and business development.
"Our go-to-market strategy is driven by the partnerships we're pursuing," Adelman says. When asked to comment further, Adelman declined, saying the company is not yet ready to make those partnerships public.
Now that the seed round has been fully funded, Adelman says he is most looking forward to "getting back to developing the product and getting ready for launch. This is a big opportunity," he says, "and we're ready to attack it."
ReelGenie is based in Silver Spring, Md., at the Silver Spring Innovations Center. Adelman calls it "a really cool part of the Montgomery County incubator network."
"It's flexible office space that fits our needs perfectly," Adelman explains. "It's the right size, the right price, and we've got a supportive group of entrepreneurs around us."