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NY-based Groupable has announced a new angel round of funding in the amount of $300,000. The Funders Group, LLC led the round, with The Venture Capital division of Insurial Americas, Inc. joining the round. Groupable notes that the funding will be used to further develop the company’s online marketplace platform.
Groupable provides a marketplace bringing together online/offline groups and sponsors. The company describes their service as, “We are an online marketplace connecting groups of all types to corporate and local sponsors.” The concept is interesting because so many groups and recurring meetups are always looking for a helping hand from a sponsor for food, venue, etc.
To learn more about Groupable, checkout our initial review. My only concern with Groupable is the ability to get a large enough supply of sponsors into the network. Today’s announcement of their angel round of funding should help gain more groups and sponsors.
Groupable is a NY-based startup that provides a marketplace bringing together online/offline groups and sponsors. The company describes their service as, "We are an online marketplace connecting groups of all types to corporate and local sponsors." The concept is interesting because so many groups and recurring meetups are always looking for a helping hand from a sponsor for food, venue, etc.
I like their success stories section – it’s always a smart idea to show off your startup’s customers – helps other potential customers to increase their trust in your startup. It looks like they have about 90 groups in their database currently.
The challenge for Groupable will be getting enough supply of sponsors into their network. But at the same time, they need to get enough groups in to meet a sponsor’s requirements. I would make sure that they have a notification system setup for sponsors so that any new groups who signup that meet the sponsor’s requirements send off a notification to the sponsor. On the groups side, Groupable staff needs to hit up every single group in the U.S. and get them to register if they are seeking sponsorship.
Eventually the company plans to charge sponsors but for now the service is free for both groups and sponsors.