CAMBRIDGE, MA – April 1, 2011 - Today, paper-haters everywhere celebrated as OfficeDrop raised $1 million in funding from White Owl Capital. Leaving analysts and pundits stunned, OfficeDrop declined a $6 billion offer from Google and opted to “keep it real” by taking the $1 million and running.
Google offered to pay OfficeDrop $6 billion in $1 and $5 bills, which wasn’t OK with CEO Prasad Thammineni.
“As tempting as it might seem to ‘make it rain’ with $1s and $5s all over Cambridge, that much paper goes against everything we stand for as a company,” said Thammineni.
OfficeDrop will use the $1 million to scan in paper money that they receive from their customers through their mail-in scanning service. Customers will simply mail cash to OfficeDrop’s headquarters, and the company will convert the cash to “OfficeDrop bucks” which can be redeemed in the cloud.
“Call it an IOU for the cloud-based business,” said Thammineni. “Every cent’s accounted for. They’re as good as cash.”
April Fool’s. But we really did raise $1 million from White Owl. For the real story, check out this release on our website.
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