The company opened its first Harlem location in 2020, and will now expand to Atlanta, Tulsa, and LARead more...
Two mobile geo-location startups, Foursquare and Geodelic, raise big money
Last week's roundup was clearly dominated by one sector growing by leaps and bounds: social gaming. The news on that front has not slowed down, as evidenced by Disney's just-announced acquisition of iPhone app developer Tapulous, but this week's two big funding winners work in a slightly different area: geo-location.
Foursquare, one of the most popular mobile location-based apps, raised $20 million with a $95 million pre-money valuation in a Series B round led by Andreessen Horowitz, with participation from existing investors Union Square Ventures and O’Reilly AlphaTech Ventures. (Go here to take a closer look at the deal terms.) Last spring, both Facebook and Yahoo had approached Foursquare with the prospects of a buyout, but now it's clear that the company wants to continue developing their own product with their own money and motivations.
The New York-based geo-location startup says it has 1.8 million registered users, with 15,000 new ones added each day.
And Geodelic, another location-aware mobile app developer, raised $7 million in a Series B round led by MK Capital, with participation from previous backers Clearstone Venture Partners and Shasta Ventures. The Santa Monica, CA-based company has now raised over $10 million. Geodelic, available for Android and iPhone, lets users read reviews, make reservations, and get directions to businesses they discover through the app.
Here are a bunch of other notable technology fundraisers from the past week:
Advertising startup Chango completed a $1.4 million Series A financing round with contributions from new investors Metamorphic Ventures and Geoff Judge. The Toronto-based platform targets display ads based on a person's search history.
GroupSpaces, a management platform for real-world groups and communities, raised a $1.3 million round led by Index Ventures and angel investors including Dave McClure, Chris Sacca, Simon Levene, Meagan Marks, Ariel Poler and Quincy Smith of CODE Advisors. The London-based company's online platform, perfect for clubs, hobby groups, and virtually any kind of association, is getting set to take off internationally.
Kontagent, a viral analytics platform for social network application developers, raised over $4 million in a funding round by Altos Ventures and Maverick Capital, with participation from Larry Braitman, co-founder of FlyCast and Adify. Since its founding in 2007, the San Francisco-based company has raised a total of $6 million. Kontagent is actively hiring to expand its engineering, sales and marketing teams in San Francisco and Toronto.
ModCloth, an indie and vintage clothing online retailer, raised a $19.8 million Series B round led by Accel Partners, with participation from existing investors Floodgate and First Round Capital. The Pittsburgh, Pennsylvania-based company, which specializes in vintage-inspired clothing from indie designers, has been profitable since 2009.
Reevoo, an online database for customer reviews, raised a Series B round of funding (amount undisclosed) from existing investors Eden Ventures, Banexi Ventures, and angel Andrew Phillipps. The London-based startup boasts over 1 million customer reviews displayed over 60 million times a month. Reevoo is looking to add social features to its service as it starts expanding across Europe.
Seeing Interactive, builder of Web-based software to help local newspapers earn more advertising dollars, raised a $1 million seed round from Baseline Ventures, Lerer Ventures, FriendFeed co-founder Paul Buchheit, Alex Moore, and Delicious founder Joshua Schachter. The Y combinator startup launched last March and provides three products--AdForge, Xarket, and Seeing Cars--to help local newspapers integrate their money-making methods with the Web.
SmallRivers, developer of a Web app called Paper.li that turns your Twitter stream into a daily newspaper, raised more cash (amount undisclosed) for the first time since securing $1 million in seed funding in 2008. The Switzerland-based startups's Paper.li, which alpha launched last April, creates personalized virtual newspapers based on any Twitter user, list, or tag.
Vopium, a mobile VoIP provider, raised $16.5 million from Raghuvinder Kataria, one of the earliest investors in Bharti Airtel, itself one of the largest telecom companies in the world. The Denmark-based Skype rival is currently focusing on delivering cheap and low-rate international mobile calls with its free mobile app that works on over 900 different handsets.
Support VatorNews by Donating
Read more from our "Trends and news" series
The company will use the funding to develop its self-authoring platformRead more...
The company can detect respiratory and mental health conditions with less than a minute of soundRead more...