Congratulations to the folks at LogoWorks who have received $9.3 million in venture funding from Benchmark Capital (one of the very best VC firms I know of) and Shasta Ventures–both based in Silicon Valley.
(If you want a ton of insights into Benchmark, read eBoys, an amazing insider view of the \”six tall men who backed eBay and other billion-dollar startups.\” It\’s a great read.)
LogoWorks has one of the best internet business models I have ever
seen. (A large pool of freelance designers work when they want to;
clients request logo design; multiple logo designs are submitted; the
client chooses the one they like best; winning designer gets paid most,
but all get paid something; over time, poor designers get weeded out.
This is all nicely automated.) They are doing some very clever marketing,
have been hiring great people, are profitable, and have the ability to
take their business model into many different vertical markets, beyond
just logo design.
It\’s very exciting to have another Utah company with such tremendous growth prospects.