EVOAPP Recipe a Failure – Company Shuttering Its Doors

With a marquee list of local investors, an even larger-than-life executive team, and a lead position in an emerging hot space, EVOAPP was poised to reach great heights. But, that was all of 6 months ago and over the past few weeks, they have notified their key investors, shuttered their product website, leased their space to ReverbNation, and today released all of their employees. The timeline of EVOAPP reads like a recipe for success: • Founded in June of 2009 by 20-somethings (Joe Davy & Alexey Melnichenko), from the NC School of Science & Math and UNC-Chapel Hill. • Raised $500k of angel funding in October of 2010 from Ryan Allis (iContact founder), Tom McMurray (former Sequoia partner) and Christy Shaffer (former CEO of Inspire Pharmaceuticals) to name a few. • Hired Marco Fregenal as COO and sales champion in late 2010 as their first experienced hire. • Turned around 3 months later and raised another $1.5M from most of the same investors with key additions including Lee Buck, Steve Nelson, Tom Darden, Henry Kaestner and Kimberly Jenkins. • Added longtime venture capitalist and executive-for-hire, Kip Frey to join as CEO & President in September of 2011. • Named NCTA’s

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