An interesting startup called MIDART Communications recently closed on $270k of a $750k round, according to an SEC disclosure.
Based in the Twin Cities and founded in 2009, MIDART is an acronym for Mobile, Internet, Digital, Authentication, Retransmission and Timing.
“The company’s unique multi platform approach for distribution includes not only television but also station websites and viewer’s mobile devices,” the website vaguely describes. Low on specifics and high on promises — the venture isn’t shy about its ambitions:
“MIDART was formed to acquire and operate television stations that are under-valued or over-leveraged and create duopolies and triopolies when possible. The company targets stations in medium to large designated market areas in the United States, ultimately reaching 10% of the U.S. market, creating economies of scale.”
What makes this startup even more intriguing is the cast of names, which includes the likes of: meteorologist and serial weather tech entrepreneur Paul Douglas, MentorMate Founder and CEO Bjorn Stansvik and Digital River vet Todd Frostad.
An inquiry into the mechanics of MIDART has been sent and this post will be updated accordingly…