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Docstoc Comes Through On That Financing

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I criticized Los Angeles based startup Docstoc in a post last month for pre-announcing a financing that hadn’t actually closed yet.

At the time of that post, where I suggested that they may be counting their chickens before they hatched, they said:

We are about to close another substantial round of financing from at least one, if not all, of the following investors 1) one of the co-founders of myspace 2) the angel investors in http://www.baidu.com and the head of mp3.com that lead the company to its 400M acquisition – at least one of these players will lead our next round, and all three parties may participate. Financing is expected to close by the end of the month.

Well, their gamble paid off. They raised a first round of financing from Scott Walchek (investor in Baidu), Brett Brewer (co-founder of MySpace parent Intermix Media) and Robin Richards, the former president of MP3.com. They won’t disclose the size of the financing to me, but they certainly closed on the investors they said they would.

The startup itself remains unlaunched for now, but I’ve seen a demo and its got potential. Like Scribd, Docstoc is a sort of YouTube for documents – users can upload just about any document type (MS Word, Excel, PowerPoint, Adobe Illustrator, and PDF) and display via a Flash interface on any website. But there are key differences, too. Our first post on the company is here.

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