Group management website GroupSpaces has secured $1.3 million (£850,000) of investment from venture capital firm Index Ventures and angel investors.
Group management website GroupSpaces has secured $1.3 million (£850,000) of investment from venture capital firm Index Ventures and angel investors.
The investment is the first from the Index Seed Fund, which was set up to invest in early-stage ventures.
Mike Volpi, board member and partner at Index Ventures, says: ‘GroupSpaces is a terrific start to the Index Seed Fund. We are very impressed with this entrepreneurial team and see great potential for GroupSpaces as a one-stop-shop for groups worldwide.’
GroupSpaces was founded in 2007 by then Oxford University students David Langer and Andy Young to provide a simple way of managing student clubs and societies. The site, which secured its initial funding in 2008 through business angel network Oxford Early Investments, has since branched out to include charities, sports clubs and local groups.
Although free to use for smaller clubs, the site charges £5 per month to groups with more than 250 members, and the company generates revenue from a combination of premium accounts, targeted advertising and transaction commissions for payments made through the site.
