TeamSnap Secures $7.5 million financing round led by Foundry Group
Company/Press Releases/TeamSnap Secures $7.5 million financing round led by Foundry Group
BOULDER, COLO (Feb 4, 2014) – TeamSnap, the service that helps you manage your sports teams and activities, today announced a $7.5 million Series B investment led by new investor Foundry Group. Existing investors Torstar, Trinity Ventures, Toba Capital and Harris Barton also participated. Foundry Group's Jason Mendelson will join TeamSnap's board.
"The fast pace of our organic growth shows that people really want to manage and simplify how they manage their sports teams, activities and interests," said David DuPont, CEO, TeamSnap. "Having this new investment and Foundry Group on board as a partner allows us to accelerate our growth and keep innovating our product in exciting ways."
In the last 2.5 years of TeamSnap's short history, the number of customers has skyrocketed from 1 million to 5 million worldwide. More than 60 percent of these customers are using the company's top-rated mobile app to schedule games, see player availability, track important statistics, make mobile payments and more.
"TeamSnap is modernizing team management. When you match a compelling service such as this with a rapidly growing mobile market, the potential for success is very high," said Jason Mendelson, managing director, Foundry Group. "TeamSnap is the clear leader in the market, and we look forward to working with Dave and the team." TeamSnap's app is available on the iTunes App Store or Google Play.
TeamSnap is an award-winning service used by 5 million+ people around the world to manage their sports teams, activities, groups and organizations. For more information, please visit www.TeamSnap.com.
About Foundry Group
Foundry Group is a venture capital firm focused on investing in early-stage information technology, Internet, and software startups. In addition to providing the necessary venture capital to get a company up and running, Foundry Group is committed to leveraging their experience in starting and growing companies, expertise in the technology industry, and network of relationships to help great entrepreneurs turn great ideas into great companies. Foundry Group is based in Boulder, Colorado, and invests in companies located across the United States. For more information, visit www.foundrygroup.com.
Raksha Varma, Raksha@RakstarMediaGroup.com