Cavendo Raises $42 million from New Venture Fund [April Fools!]

On behalf of Cavendo we are pleased to announce today that we have closed our Series A round of funding for $42 million from the newly announced YPermutator fund. Modeled off the highly successful YCombinator seed fund, YPermutator bills itself as an “old kind of venture firm” designed to turn startup funding on its head. Instead of funding unproven and often comical startup ideas, the new fund injects typically ten-times capital necessary in a firm to give it the longest runway possible. “Our strategy is to give our portfolio companies enough money so they can live off the interest and maybe one day build a viable product,” stated YPermutator Founder Michael Woods.

What does Cavendo intend to do with the proceeds? “Our first objective is to buy a building with enough square-footage for us to use in ten years. In this economy we have to think ahead. Also, with real estate prices at all time lows we may even buy a small city block,” stated Cavendo President & CEO Jonathan Arehart.

Look for future announcements on our blog and media room for information on our week-long celebration party.

UPDATE on April 2:

Indeed this was posted on April 1 and yes, this was in fact our attempt to join the ranks of memorable office April Fool’s Jokes. Yes, we did not in fact close a $42 million round of financing (we are privately financed and very happy with our current situation) and we have no plans on buying an office building anytime soon.

Back to business as usual!