Social network, CitySocialising, has secured funding of £1m to invest in the expansion and development of the business, it has been announced.
Launched in 2007 by Sanchita Saha, CitySocialising is a subscription-based social network for city dwellers, looking to meet people with similar interests and hobbies.
Saha said: “Winning the backing of such prolific tech entrepreneurs such as Michael and Brent is as incredible for us as the investment itself. We’re very much looking forward to leveraging their collective knowledge and experience in the social and consumer internet space, to help shape and execute our product and growth strategy, to build on the success that we’ve achieved to date.”
The networking company, which has now expanded to 20 key cities across the UK and has more than 100,000 members, plans to use the Series A investment for product and mobile development and for the recruitment of key executives to help drive expansion.
The investment round was led by PROfounders Capital, a European venture capital fund ‘for entrepreneurs powered by entrepreneurs’, and is backed by successful technology entrepreneurs such as: co-founder of lastminute.com, Brent Hoberman, and founder of Bebo, Michael Birch.
Birch, who sold Bebo to AOL for $850m in 2008, commented: “It's exciting to see CitySocialising operating in a unique way within the Online2Offline space by successfully combining online social networking with genuine relationship-building in the real world around events. They've made great progress so far in organically developing a loyal and mobilised community and I'm looking forward to working closely with them to innovate further and realise the full potential of this space.”
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