Silicon Valley’s Expa announced this week that they have raised an additional $100 million of financing from investors to design and develop new companies.
Self-described as a “startup studio” and created by Uber co-founder and Canadian Garrett Camp.
Expa originally raised $50 million in funding in 2014 from some big names, including Virgin founder Sir Richard Branson, HP CEO Meg Whitman, and 4-Hour Workweek author Tim Ferriss.
Last month Canadian entrepreneur Milun Tesovic announced that he had joined Expa as a Partner and would be opening a Canadian office in Vancouver. Tesovic co-founded Vancouver’s Metrolyrics along with the late Alan Juristovski and it was acquired by CBS Interactive Music Group in 2011.
During the past 2 years Expa has helped create 15 new companies, including Spot.com, Operator.com, Mix.com, and Reserve.com.
With this second round of financing, the Expa Studio will continue following their primary model, in which an Expa Partner or experienced CEO develops and launches an idea from scratch.
One of those ideas is a new partnership with David Chang of the Momofuku empire. Chang is launching a food-delivery service this spring in New York City called Ando (Expa partner Hooman Radfar is Ando’s cofounder).
“It’s called Ando, but it’s another Momofuku restaurant. I view this as no different than Nishi,” Chang told Fast Company, referring to the high-end spot he recently opened in New York. Ando customers will order via a mobile app, and UberRush will handle the actual delivery.
Expa has also announced the launch of Expa Labs for founders who have promising startup ideas.
Expa Labs will be very focused, accepting up to 6 companies in their first session and providing US $500K of seed funding plus 6 months of office space in San Francisco or New York. Expa will be actively helping Labs companies leverage the Expa platform to avoid common pitfalls in early-stage ventures and actively remove roadblocks along the way. Applications for Expa Labs are now open.
Look for Tesovic to expand Expa’s presence in Canada where they are currently hiring for stealth projects in Vancouver.