Foundry Backs New Social Network, Ello

The latest investment from Boulder-based Foundry Ventures is a new, social networking site called Ello, the venture firm announced today. The investment was worth $5.5M. The funding also included Techstars' Bullet Time Ventures and FreshTracks capital. The invitation-only social network is led by Paul Budnitz. Foundry said the "new and disruptive" social network will not be reliant on third party advertising or selling user data. Budnitz had been based in Boulder, but has since moved to Vermont. More information »