Online group management site GroupSpaces has secured $1.3m from Index Ventures’ seed fund and leading Silicon Valley angels.
The company started by ex-Oxford University students David Langer and Andy Young in 2007 won the backing of a consortium that includes Dave McClure, Chris Sacca, Simon Levene, Meagan Marks, Ariel Poler and Quincy Smith of CODE Advisors. Index Ventures’ partner Mike Volpi has joined the board as part of the deal.
GroupSpaces’ latest round follows a six-figure seed funding round from Oxford Early Investments (OEI), which the pair raised in 2008 after convincing the angel network of the need for a web tool to organise groups, clubs and societies.
The site, which has half a million memberships registered across sports clubs, charities, university societies, national associations and other groups, operates a freemium model, generating additional revenues from targeted advertising and commissions for transactions processed via the site.
It is free to use for groups with less than 250 members and charges £5 a month for any above that number. Features of the site include enabling group leaders to take payment, import from Excel and then maintain member records, and communicate efficiently via email.
GroupSpaces’ platform is now used to manage 500,000 memberships of graduates attending the UK’s top universities. The company has also made the most of its Oxford roots, supplying its service to Said Business School as well as all the student clubs, including Oxford Entrepreneurs, the society in which Langer and Young were particularly prominent while at the university.
GroupSpaces founder, David Langer, said “We’re delighted we were able to attract such high profile investors to this funding round and we look forward to leveraging their expertise in helping us to move forward with our growth strategy and expansion into new geographies, attracting top talent to our team and rapidly rolling out our product roadmap.”