The Swedish Kickstarter Sweetheart, Memoto, announces it has picked up €2.21 ($3 million) in investment from True Ventures, and is rebranding the company.
“We start out on this new journey under a new brand,” says CEO Martin Källström on the Memoto website. “Memoto as a name has been very dear to us, but after being adamantly notified that it conflicts with similar trademarks in the market we have no choice but to change name. This has made us ask ourselves who we really are and what we stand for. The new name we have selected is Narrative.”
It’s really a bummer for the company because they built nice brand identity from their Kickstarter campaign. As Martin Källström explains on the Memoto website, Motorola owns the “MOTO” trademark, and has sent the company a cease-and-desist letter (real cool of you, Motorola). Perhaps that €2.21 million round is best spent on growing the company, rather than buying boats for Google lawyers. Narrative is a clear enough name, and it gets the message across. Hopefully Amazon.com doesn’t own the trademark.
With this funding round and rebranding, everything seems to be falling into place. Your preordered Narrative Clips should start shipping November 1st. The $279 device takes pictures every 30 seconds and saves GPS data, allowing you to view, browse, and save your life experiences online.