Brickhouse to finance, support tech startups

PROVIDENCE – Brickhouse Holdings LLC plans to review proposals from technology startups in the fourth quarter of the year and finance its first companies in January, according to newly appointed Managing Director David Paolo.
Brickhouse, which has $10 million from private equity donors, hopes to give start-ups between $250,000 and $1 million, Paolo said.
In addition to the money, the technology startups will be given office space in a Brickhouse “incubating pod.” All of the startups funded by Brickhouse will work in the same pod and share a common chief financial officer, marketing and IT departments and reception space, Paolo said.
Brickhouse plans to select around two companies to finance in the first quarter of 2011 and eventually house around five startups in the pod. As companies grow and attract other sources of investment, they will leave the pod and make room for new startups.
Paolo was appointed managing director July 18 by Paul Hummel, Brickhouse’s co-founder and main investor. Paolo is also president and CEO of GoGo Cast Inc., which provides in-store television advertisements tailored to consumers.
The Brickhouse pod may be located in GoGo Cast’s Cranston headquarters, Paolo said, but the decision is not yet final.