Fracture, a Gainesville, FL-based “maker” startup that has developed a proprietary UV-based digital photo-to-glass manufacturing process, today announced that it has secured an additional investment of $500,000 from Florida’s premier angel investment fund, Tamiami Angel Fund (TAFI). This new investment follows an initial $410,000 from TAFI in May 2012, which came on the heels of a September 2011 convertible debt investment of $530,000 of up to $1 million from the Florida Opportunity Fund.
Fracture was founded in 2009 by two University of Florida graduates who aspire to set free the millions of neglected digital images that reside on consumers’ hard drives, mobile phones, social channels and in the cloud. In addition to its on-demand photo-to-glass printing process, Fracture’s engineers have simplified distribution and packaging to allow consumers to easily open and instantly display their memories via vivid and enduring glass-mounted images in their homes and offices.
“We are grateful for the support the Tamiami Angel Fund has given to our burgeoning company,” said Abhi Lokesh, co-founder and CEO of Fracture. “It’s clear they share our vision and appreciate the growth potential of the printed photo display market – a multi-billion dollar market that InfoTrends predicts will grow 40% by 2017.”
Customer orders at Fracture have tripled from 2010-2012, while revenue increased 211% from Q1 2012 to Q1 2013. The company employs some 11 professionals in its state-of-the-art 5300-sq.-ft. manufacturing, packaging and sales facility near the heart of downtown Gainesville, FL. In its May 2013 issue, Fast Company named Florida as the country’s “most innovative” state with the second highest rate for “new business production.”
Downloadable images linked here: http://fracture.totemapp.com/company
Headquartered in Gainesville, FL, Fracture (www.fractureme.com) was founded in 2009 by University of Florida graduates Abhi Lokesh and Alex Theodore. The idea came to them in 2008, the summer before their senior years, while in Swaziland where they were pursuing non-profit agricultural work on a $10,000 grant. They recognized that the practice of printing and framing images had pretty much remained the same for hundreds of years.
Theodore, with a degree in chemical engineering, took a personal interest in photography at the age of 12. He drew up plans for the proprietary manufacturing and packaging processes that would form the basis of the company’s operations. Lokesh was actively involved with the university’s Center for Entrepreneurship and Innovation, eventually becoming the president of the student ambassadors in his senior year. He also conducted materials science/engineering research that contributed to the Mars Phoenix Lander mission.
Today, Fracture employs 11 full-time professionals, and operates from a 5300-sq.-ft. facility near downtown Gainesville. Its proprietary processes allow customers to easily turn their digital images into mountable, memorable and indelible pieces of art. The company expects to turn its first profit in Q4 2013.
About The Tamiami Angel Fund
Based in Naples, FL, The Tamiami Angel Fund is a for-profit, member-owned and member-managed limited liability company, organized to provide members an opportunity for active involvement in a diversified investment process through a portfolio of emerging growth companies. The Fund’s strategy is to leverage an investment committee approach and a mentorship philosophy, through which Angels, as successful executives and entrepreneurs, can be involved in business investing, value creation, and benefit from shared ideas and resources.