"Dog ate my previous funding round" could be Calacanis's excuse
Jason Calacanis is seeking to raise an additional $20 million in funding for his startup Mahalo. Investors are being asked to value the human-powered search company at $175 million. This, less than six months after raising an initial $20 million at a valuation of around $100 million, which was to last the startup for five years. At the time, that valuation seemed based more on Calacanis's Brooklyn bluster than anything else. But this additional fundraising is even more of a headscratcher.
Is Mahalo really worth 75 percent more than it was in June? Calacanis thinks so. But why does Mahalo even need more funding? Is Mahalo burning cash? Is Veronica Belmont asking for a Mahalo Daily wardrobe allowance? (If so, you go, girl!) Did the bulldogs eat Calacanis's previous round of funding? Either Calacanis has acquisitions on his mind, or the funtrepreneur just wants an ever-larger paper valuation he can Twitter about. You decide.