Disqus
You may be thinking that with competitors like Foursquare, Gowalla and even Facebook (with its Facebook Places), the market is too crowded for location-based check-in services. You would be wrong or at least that’s what folks from European early stage venture firm Balderton Capital are thinking as they led a new round in SCVNGR’s funding. In total, the company has raised $15 million in a Series C round, which also saw original investors Highland Capital Partners and Google Ventures participating.
As part of the deal, Balderton Capital partner Barry Maloney is joining SCVNGR’s board to help the team build a foundation for international expansion. In addition, SCVNGR will also use the money to build mobile clients for additional platforms and ramp up R&D efforts around game mechanics.
Unlike most of its competitors, SCVNGR has a solid business model in place with “revenue through the roof,” according to the CEO and founder Seth Priebatsch. The company has upward of 1,000 paying partners and they’ve recently closed its biggest deal to date.
SCVNGR expects to reach 1 million members early this year.
[Via: mashable]
About The Author
Dusan Belic
Dusan has been using smartphones since their introduction and is now following the latest trends in the industry. The "convergence" is what he's most excited about, and writing about it is the next logical thing to do. He thinks that using a smartphone is what everyone who cares about their time should do. In addition to his interests in mobile phones, Dusan also loves to experiment with the latest web and mobile 2.0 services. The idea of accessing and managing your information from any device no matter where you are simply amazes him. Whether it's an online to-do list, note taking service or a video sharing social network, he's there to try it out. He admits though, he's still searching for the ultimate web-based organizational tool, which "sings" perfectly with the mobile PIM application. Dusan used to run SymbianWatch.com which later became part of IntoMobile. He lives in Serbia, South-East Europe, from where he edits the site on a daily basis.
