Chaac makes first moves at Princeton

Locent, a California-based Software-as-a-Service (SaaS) provider, has become the first portfolio firm of Princeton University-focused seed fund Chaac Ventures.

Founded by Princeton 2010 alumnus Matt Joseph, the startup is developing technology which will allow retailers to sell their products using SMS technology. The size of the investment made by Chaac was not disclosed.

Chaac has been formed to purely invest in company founded by Princeton alumni. An overall investment strategy nor the size of Chaac’s backing has been made public. The fund is currently reviewing business plans by invitation, and will unveil wider plans later this year.

Founder Luke Armour, a 2013 Princeton graduate, said: “When I was at Princeton, we would often discuss ideas for companies and ventures we wanted to start, but it wasn’t clear where or how to get funding. Our vision at Chaac is not only to invest in Princeton’s top alumni entrepreneurs, but also to create a long-lasting platform that will enable students to build companies around the ideas they’re cultivating in their dorm rooms. We believe we can facilitate this platform and create excellent returns at the same time.”

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