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Dec04

"Opportunity Funded" business acquired by Google!

Posted on Dec 04, 2013 by

Meka Robotics, founded by Aaron Edsinger and Jeff Weber, is a San Francisco-based robotics company. Opportunity Fund invested in the business in 2010, providing $60,000 in working capital. This past August, they paid off their remaining balance on the loan. Today, we learned why: Google acquired Meka Robotics, as reported in The New York Times! 

meka robotics

 

aaron edsinger meka robotics ana poe paco collars"It isn't every day you do a loan to a robot company," notes Opportunity Fund Underwriter Tim Hatfield. "So, yeah, I remember working with Aaron and Jeff. They're really cool guys."

 

Indeed, Meka Robotics is not Opportunity Fund's typical borrower. With loans ranging from $2,500 - $100,000, our average loan is about $10,000. So this was six time bigger than typical loans. But it's why we're here: To offer a hand-up at the right time. Eighty three percent (83%) of "Opportunity Funded" businesses are minority-owned, and the owners' average household income is just $25,000. 

 

"Someone once described what we do as 'VC in the hood'," said CEO Eric Weaver. "We aren't looking for businesses that will go on to necessarily make millions; they usually provide a good income for the owner, their families, and their employees. And business ownership can be a better option than low-wage employment. Entrepreneurship remains one of the proven pathways to economic mobility in California."

 

Today is a pretty exciting day at the Meka Robotics headquarters. And we're pretty thrilled here at Opportunity Fund, too. Congrats, you guys!

 

 

 

Comments (1)

  1. Julian Carroll:
    Dec 29, 2013 at 03:57 PM

    Fantastic result. Its always great to see a truly small business get a leg up via financing and then turnaround and do something amazing with that funding. This is a great validation of the work of Opportunity Fund and look forward to hearing many more stories like this one.


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