Eniac Ventures is launching a $1.6 million seed investment fund today, which will invest in companies in the mobile software and services space. The fund has already made seed investments in a number of startups including Localytics, MightyMeeting, NearVerse, and Philo.
Eniac, which was founded by Hadley Harris, Nihal Mehta, Vic Singh and Tim Young, is focused solely on making small seed stage investments in mobile startups. We are told the average size of the investment is around $25,000 to $100,000. Mehta, the founder of Buzzd, orginally sold his first company ipsh! to Omnicom in 2005 and was an angel investor in AdMob (which was sold to Google for $750 million last year).
Interestingly, Eniac gets its name from the first computer which was developed at the University of Pennsylvania’s School of Engineering, where the four partners met as undergrad engineering students back in the 90’s.
Beyond just providing capital, Eniac plans to mentor the startups they invest in by making introductions to partners (carriers, handset manufacturers, app stores, content providers), providing business development and marketing advice, and help with raising additional funding.