As recently as this past spring, Simon Yu was your quintessential tech startup founder. He was a few years past his graduation from University of Washington, hustling for funds among venture capitalists and angels, skipping meals, and running a side hustle to pay the bills — in his case, a Korean fusion food truck and catering business in Seattle, Bomba Fusion.
This month, Yu and his start-up company — formerly named CakeCodes, recently rebranded as StormX — are a hot commodity. Venture capitalists that turned him down in the past are reaching out, he says, asking for a chance to invest. Early presale backers committed $16.5 million this summer, he says, and he expects an additional $20 million or so will be raised during November.