M25 Group raises $10M for unorthodox venture capital approach
A typical investment fund may back just 20 companies at once, but the new M25 Group is looking for safety in numbers. The fund announced this week that it raised $10 million from about 30 investors. It will use those funds to make up to 70 seed-stage micro-investments in Midwest startups over the next three years. By spreading investments out over a large swath of companies, the fund is hoping to mimic index funds on the stock market. [Crain’s Chicago Business]
Aperture Group hires former Orbitz customer loyalty vice president as CMO
Sarah Butterfass is joining Aperture Group as chief marketing officer, the company announced this week. The former vice president of customer loyalty at Orbitz will be responsible for leading marketing efforts for Aperture Group, along with subsidiaries OptionsHouse and optionMONSTER Media. The company also brought on Lance Braunstein as chief information officer, part of more than 100 new hires during the past year. [Press release]
Shark Tank alum Packback shifts from books to social media
The internet may not have completely replaced textbooks, but it’s changed how students use them. Digital textbook rental service Packback, which won Mark Cuban’s investment on Shark Tank last year, is now diving deep into its Packback Questions platform, which allows students to pose questions about class to teachers and fellow students. The subscription service is now the main revenue source for the company, with digital rentals serving as a secondary revenue source. [Crain’s Chicago Business]
New York’s Yext opens Chicago office
Location data startup Yext has opened an office in Chicago’s West Loop, the company announced this week. The new office has 15 employees and is focused on better supporting Midwestern clients. It’s hiring for sales and account management positions. The company already has offices in Dallas, Virginia and London in addition to the pictured New York City office and employs more than 500 people worldwide. [Chicago Inno]
Bucketfeet parts with Nordstrom and Bloomingdale’s after wholesale experiment
Footwear retailer Bucketfeet is exiting from the wholesale business for the time being, ending its relationship with Nordstrom and Bloomingdale’s to focus on the original consumer business. The year-long pipeline for traditional retail chains didn’t match up with Bucketfeet’s workflows, which can often get products to the public in under 40 days through both online and company-owned storefronts. [Crain’s Business Journal]
