Toshl in Silicon Valley: partying into 500 Startups

BY Vukašin Stojkov ON June 7

Slovenian Toshl, a mobile app for expense tracking had gotten into 500 Startups last month.

With the help of Toshl you can track you can manage your expenses on your mobile phone using either the free or the Pro version which costs 20$ per year.

Within the 500 Startups investment, as broken by Netokracija, the Toshl team will move into the premises of this Mountain View accelerator. 500 Startups, led by the well known VC Dave McClure, has previously invested in another regional startup – Farmeron.

On the subject of how this investment came about and what are Toshl’s plans for future we had a talk with the company’s CEO Matic Bitenc.

There are a number of expense tracking apps, how is Toshl’s approach unique?

We try really hard to make it simple to use and try to make it humorous and entertaining for the users. The app syncs with toshl.com and can also sync with apps made for all devices.

Mobile startups usually focus on the iPhone, but you went with all the platforms right from the start. How did you decide on such a demanding strategi?

We have people who are able to develop for various platforms in our tema, so it would have been a shame not to use that. Sometimes things get complicated due to coordination but in the future we will work more on simplifying the development process. This strategy brings both good and sometimes surprising results – you might be surprised that we have almost the same number of users on Symbian as we do on Android.

How did the 500 Startups investment come about?

So 500 Startups don’t have an online application or some traditional application process. The only way for you to get to them is through their network – you need to know people they have the confidence in and who would in turn recommend you.

With Miha, Toshl co-founder, I came to San Francisco in december, and at a party we met an investor who liked the application very much. She recommended us to Dave McClure.

After that we had meetings with Christine Tsai, a partner in the fund, and also other colleagues from SF recommended us… And in the end they called us and told us they wanted to invest in us and that we should move to Mountain View. This was a great surprise for us at the moment.

What do you expect from this investment and from your presence in the Valley?

Various business opportunities, user base growth, new experiences and the widening of our networks in the investment and tech scenes in the Silicon Valley. All of these give us a lot of chances for the future.

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