Briefly: edo Interactive files for $8MM private placement

By Milt Capps Last Updated 9:05 a.m. June 13, 2009

Briefly:  edo Interactive files for $8MM private placement | edo Interactive, John Chadwick, Claritas Capital, Clayton Associates, General Atlantic, Braden Kelly, Mark McDonald, Jonathan Dyke, Ed Braswell, Link2Gov, Voyent Partners, Jim Kever

CEO Ed Braswell

In October, when edo Interactive announced completion of a $5 million A-round, CEO Ed Braswell said at the time he thought the funding would be sufficient to fund the company's formal launch in January 2009.

Maybe not. The formal launch was not unveiled until May 20, and on Wednesday Green Hills-based edo Interactive filed notice with the Securities and Exchange Commission for a private placement round that might be worth $8 million.

A raise of that magnitude would bring total investment to at least $14 million. Nashville-based Claritas Capital and Clayton Associates have been among the company's investors.

edo recently announced it is rolling-out its prepaid gift- and debit-card products and its marketing platform, first in Tennessee and then broadening to the Southeast; and, that it will push its new facecard Prepaid MasterCard®, later this summer. The company's website says its "edō Marketing Platform is a 'new-to-world' (patent pending) behavioral targeting and advertising platform that provides a powerful alternative from traditional media for marketers."

Although edo Interactive invested in a substantial presence last year during Bonneroo, an edo Interactive staff member answering the company's phone told VNC this afternoon the company is not promoting its products in the festival, this year.

In its SEC filing, edo lists as "related persons," in addition to Braswell: Jonathan Dyke, the company's chief operating officer; Mark McDonald, a director and former chairman of Link2Gov, which Braswell once ran; John Chadwick, a director and officer of Claritas Capital; Jim Kever, a director and a principle in Voyent Partners; and, Braden Kelly, a director and a former partner in PE player General Atlantic.

edo's SEC filing indicates the types of securities offered would include equity and-or options, warrants or other instruments. Update 2:38 p.m.: Braswell and Chadwick declined to comment on the offering today, indicating they preferred to do so after the round is completed.  ♦