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Heatwave Breezes to $5.1M - cbl
By citybizlist staff
AUSTIN, TX. -- Heatwave Interactive Inc. has raised $5.1 million of an offered $10 million in convertible promissory notes and convertible preferred stock, according to an amended SEC filing.
As reported by citybizlist, Heatwave raised $2.5 million earlier this year from Silver Spring, Md.-based Syncom Venture Partners. The company also brought in $4.5 million in 2008.
Heatwave Interactive, founded in 2007, is a media company that works with clients seeking to expand media venues for existing games, film, music, and television. It recently acquired the rights to Gods & Heroes, a large online multiplayer game.
Named in the filing are CEO Anthony Castoro, Chief Strategy Officer Donn Clendenon, board member Ann Kronen, and directors and investors Milford Thomas and Stanley Smith from Syncom Venture Partners.
Castoro is best known for his work in the video gaming industry, having worked at U.K.-based Codemasters, EA's Online Studio in Redwood Shores, Calif., as well as Austin, Texas.-based Origin Systems. Kronen is a longtime gaming industry executive who worked for Disney, Atari and Phillips Interactive before starting her own firm in 1996.
Founded in 1977, Syncom Venture Partners focuses on early to mid-stage investments in underserved segments of the media and communications industry. The firm has been involved in such African-American and Hispanic-owned media and communications companies as BET, Radio One, Z Spanish Radio, TV One, Si-TV and Iridium Satellite. It also manages private equity capital on behalf of some of the nation's largest corporations and public pension funds.
New York-based Pickwick Capital Partners LLC received $4,000 for brokering the transaction.
SEC filing: http://tinyurl.com/274zqpx
Bios:
Anthony Castoro
Co-founder and CEO, Heatwave Interactive
Anthony Castoro co-founded Heatwave Interactive with business partner Donn Clendenon in 2007. He initially served as Heatwave's Chairman, President and Chief Creative Officer until November 2009, when he moved into the role of CEO. As Chairman and CEO, Anthony oversees all aspects of Heatwave's operations, aligning the visions of the creative and development teams with the business and marketing teams to uphold Heatwave's high standards for quality and marketability.
Before founding Heatwave, Anthony established himself through a long history in game development, beginning with founding his first company, Integrated Visions, in 1993 while studying Molecular Biology at the University of Texas. Anthony went on to work in nearly every aspect of game development, from game testing to design and production, before finding his niche in online games. He's led teams at some of the biggest players in the videogames industry, most recently as director of massively multiplayer online (MMO) games at Codemasters, where he lead a team that built the services and operations for multiple MMOs, including Dungeons & Dragons Onlineand Lord of the Rings Online: Shadows of Angmar. While at Codemasters, he also worked extensively in the Asian market as a producer on RF Online and Arch Lords.
Before Codemasters, Anthony worked as a producer at Electronic Arts, where he oversaw production of PC game Ultima Online, which went on to become one of the most popular online games in the Japanese market. From there he moved into a role as producer in EA's online studio, where he partnered with top development teams to deliver online game experiences for next-generation home consoles, including Battlefield 2. Prior to that he held the role of Lead Systems Designer at Sony Online Entertainment, where he managed the systems design team and oversaw game development.
Anthony has been featured as a speaker at some of the top events in the videogame industry. His past speaking engagements include the MMO roundtable at the Game Developers Conference (GDC) in 1999 and 2000, the Austin Game Conference in 2001, the Breaking Into the Industry Conference and Resume Workshop in 2004 and the Institute for the Future's Future Conference in 2004. Sought internationally for his insight and expertise, in 2006 Anthony was invited by iPark to speak to Korean developers in Seoul, South Korea at the EU ICT Challenge about breaking into the European market. He also spoke at the Austin GDC in 2007 and the San Francisco Music Tech Fest in December of 2009. Most recently, Anthony spoke at GDC 2010 as part of the I Want Music in My Apps panel.
Donn Clendenon
Co-founder and CSO
Donn Clendenon is the co-founder and chief strategy officer (CSO) for Heatwave Interactive, an interactive IP studio and online publisher creating innovative cross-media properties. Donn brings an incredible business and entrepreneurial acumen to Heatwave, where he is instrumental in vetting new intellectual properties, determining their embedded marketing and cross-media value, and ensuring quality across all of Heatwave's IPs.
Donn spent the first four years of his professional career as an investment banker and senior equity trader. He then followed his desire to get into the high tech and videogaming world, taking a senior position with Multiplayer Games Network (MPG-NET), where he worked to secure contracts with various major gaming vendors and telecommunications providers and raised $2 million in venture funding. After negotiating the acquisition of MPG-NET, Donn founded World Gaming Corporation (WGC) where he developed a business model similar to private labeling which serviced more than 1.2 million customers, generating in excess of $2 million in revenue per month. WGC grew rapidly and was acquired by Women.com in 1999, becoming a core component of that website's business and driving 80% of its revenue.
In late 1999, Donn founded I-Sun Networks, a college social networking database similar to the early stages of Facebook. The company was quickly acquired after only one year in operation. Donn went back to his roots in the interactive entertainment industry, teaming up with Anthony Castoro, a veteran game producer who was vetting potential game designs for Codemasters. The two men found common ground regarding the gaming space as they both felt strongly that the way games are built and financed needed serious change. In 2007, after signing a deal with MTV to consult on their virtual worlds, Donn and Anthony finally had the means to start their dream project, Heatwave Interactive.
In 1992, Donn graduated from Temple University in Philadelphia with four degrees: a BBA in Finance and Real Estate, a BA in Architecture and a BS in both Psychology and Computer Science.
Ann Kronen
Member board of directors
Heatwave Interactive
(Privately Held; Computer Games industry)
July 2008 - Present (2 years 1 month)
Trustee
The Westside Children's Center
(Computer Games industry)
- Present (10 years )
Consultant
Kronen & Co.
1996 - Present (14 years )
Atari, Inc.; Vice President Product Development
Disney Educational Publishing
1994- 1996 (2 years )
President, Home entertainment Division
Philips Interactive Media, Inc
1991 - 1994 (3 years )
Publisher, Entertainment & Educational Products
Broderbund Software
1984 - 1991 (7 years )
Education
Vassar College
1975 - 1979
Milford A. Thomas
Partner, Syncom Venture Partners
Mr. Thomas is a Partner with Syncom Venture Partners, where he has served in a variety of investment roles for over 14 years. During his tenure with Syncom Venture Partners, Mr. Thomas has participated in the investment and development of companies across a wide range of segments of the Media and Communications Industry. He currently serves on the board of directors of a number of Syncom portfolio companies including Heatwave Interactive, Maya Entertainment, Thought Equity Motion, and Voyages. Mr. Thomas served as a member of the board of directors for the National Association of Investment Companies.
Prior to joining Syncom, Mr. Thomas served as an Investment Analyst for the Southern California Edison Retirement Plan. While he was at Southern California Edison, Mr. Thomas was primarily responsible for directing the investment of a $150 million private equity portfolio and a $500 million international equity allocation. Prior to joining Southern California Edison, Mr. Thomas completed Wells Fargo Bank's Loan Officer Development Program and was a Credit Analyst in the Los Angeles Regional Commercial Banking Office of Wells Fargo.
Mr. Thomas received a B.B.A. in Accounting from Loma Linda University, and an M.B.A. from Pennsylvania State University.
Stanley T. Smith
Principal, Syncom Venture Partners
Stan is a Principal with Syncom Venture Partners. He has a passion for helping guide entrepreneurs on the journey from great idea to meaningful company. He draws upon his diverse experiences from various digital and traditional media positions to help entrepreneurs find their "True North." Stan currently serves on the board of a number of Syncom portfolio companies including Alikelist, Heatwave Interactive, Outspark, and Proclivity Systems.
Prior to joining Syncom, Stan served as a Director of Corporate Development for Yahoo!'s Search Marketing Group where he was responsible for co-leading the strategic Corporate Development efforts for Yahoo!'s Advertiser and Publisher marketplaces. He also served as a Director of Mergers and Acquisitions for Overture Inc.
Prior to Yahoo! and Overture, Stan worked for Vivendi Universal in several roles including Director of Strategic Business Development for Universal Music Group's eLabs and Manager of Corporate Development for Universal Corporate. During his tenure at Vivendi Universal, Stan worked across multiple businesses including Film, Television (Production and Cable), Music, Theme Parks, Interactive Gaming and Concerts develop, evaluating and executing strategic options that increased shareholder value.
Stan started his professional career working in investment banking for Paine Webber and Merrill Lynch after graduating from Dartmouth College with a BA in History.
Also at citybizlist, see:
Austin Gamer Heatwave Scores a Cool $2.5M - cbl
Syncom Venture Partners Announces New Investment Professionals
Posted July 21, 2010