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#waywire Press Release 6/30

#waywire Press Release 6/30

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Published by Josh Constine

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Published by: Josh Constine on Jun 30, 2012
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06/30/2012

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First Round Capital and Innovation Endeavors Lead Seed Funding Round inNew Social Artery #waywire
NEW YORK, NY, JULY 2, 2012
-- #waywire, a social artery for video news, inspiration and leadingvoices, today announced it has closed a seed capital round led by First Round Capital and Eric
Schmidt’s Innovation Endeavors, along with Troy Carter and a group of angel investors.
#waywire is focused on providing a network that will serve to fundamentally alter the tone andcontent of public dialogue around some
of society’s most pressing issues. The network willprovide original, syndicated and community created video content, allowing today’s digital
generation to develop informed opinions on topics and then engage in positive debates anddiscussions.
“As soon
as I was exposed to the #waywire concept, I knew there was something truly different
here,” said Howard Morgan, Managing Partner of First Round Capital. “Most people agree that
there is a real problem with the tone of our public dialogue. #waywire will work to change thatby building a network that latches onto the attitudes of the digital generation and deliver rich
content that helps to educate and inform as well as provide a forum to express opinions.”
 The company was co-founded and is led by Chief Executive Officer, Nathan Richardson alongwith Sarah Ross another #waywire co-founder. Richardson brings an extensive track record of building and leading successful online properties including prior positions as president of GiltCity, CEO of ContextNext Media, head of Dow Jones online and General Manager of Yahoo!Finance. Ross comes to #waywire with digital experience from Katalyst Media, TechCrunch andYahoo! Inc. Howard Morgan, of First Round Capital, will join the #waywire Board of Directors.
“There ar
e networks to connect friends, and there are simple ways to share news articles orstories, but there is a definite opening in the social spectrum for a network where people can goand learn about issues that truly matter to them and engage with peers and experts on a wide
range of topics,” said Richardson. “This existing gap contributes to the divisions that impact our
national dialogue. We think #waywire can help address this problem by providing millions of people
 –
especially the young, digitally savvy generation
 –
a network for video news, inspiration
and leading voices.”
 
Also among #waywire’s co
-founders is Cory Booker, Mayor of Newark, N.J. The idea behind
#waywire came from Mayor Booker and grew from his desire to shift America’s public
conversation away from divisiveness toward a debate focused on achieving solutions. TheMayor plans to contribute original content to the #waywire network where he will discuss
America’s most significant challenges with a variety of thought leaders from diverse
backgrounds. Mayor Booker will not be part of day-to-day management of #waywire and willhave no editorial involvement in the network. His ownership stake will be maintained in a trustwhile he remains in public office.
“When I experienced the possibilities of 
social media and video, I saw the beginnings of ananswer to a problem that is facing America. I believe #waywire can be a network for peopleeverywhere to move away from partisan grandstanding toward a productive national debateabout solutions to the pro
blemswe are all facing,” said Mayor Booker. “It is also extremely
important to me that we not only begin to convene an online dialogue with as many people as

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