Groupable, a site aimed at connecting social groups with potential sponsors, has closed a $300,000 seed investment round. The Funders Group led the round, with The Venture Capital division of Insurial Americas, joining as well.
Currently in Beta mode, Groupable’s appeal is for grass-roots entities (groups) looking for corporate sponsorships. On its site, Groupable sells itself to corporations by explaining, “Rather than helping you cast a wider net to catch a couple more fish, we can guide you to a smaller pond - a pond where every fish is a prime potential customer.”
Groups can sign up for Groupable’s services free of charge. Their profiles contain everything from sponsorship options, group details, photo galleries, to group location and current sponsors.
Potential sponsors can register free of charge as well. They are provided with tools to find the right group to sponsor. One of Groupable’s main tools is what it calls the Groupability Index (see left) , a proprietary algorithm, which provides demographic and psychographic information based on the categories and activity the group supports.
Payments made from sponsors to groups are processed via credit card. Visa, Mastercard and Discover are current forms of accepted payment on Groupable.
Groupable is still in its initial stages. Based out of New York, the company was founded in 2008 and has about 1,121 groups signed up so far, with 76,000 group members. It plans to use this seed investment to further develop the company’s online marketplace platform, focusing on improved tools for groups to market themselves to potential sponsors.