GroupSpaces secures $1.3M funding from Index Ventures and Silicon Valley angel investors

We are very pleased to announce a new $1.3 million round of funding for GroupSpaces this week.

Mike Volpi (left), celebrating with the GroupSpaces team

We raised this investment to enable us to expand our engineering team and build many more features into our product to meet all the needs of our diverse and growing user-base of sports clubs, university societies, local interest groups and associations. We will also be using the money to expand our marketing teams in the UK and US, enabling us to bring GroupSpaces to a much wider audience.

The investment round was led by European Venture Capital firm Index Ventures, who has previously invested in Skype, Last.fm, MySQL and Betfair, amongst many other successful technology companies. We are glad to work with Index as they have a fantastic track record in helping early-stage Internet companies develop into global leaders. Index Ventures Partner, Mike Volpi (former Chief Strategy Officer for Cisco and above on the left, with the GroupSpaces team), joins us as a Director and you can read about why he led the investment in GroupSpaces on the Index Ventures blog.

We were also fortunate enough to involve several Angel Investors in the investment round from both the UK and Silicon Valley:

• Dave McClure (former Director of Marketing at PayPal)
• Chris Sacca (former Head of Special Initiatives at Google)
• Simon Levene (former MD of Corporate Development at Yahoo!)
• Meagan Marks (who formerly worked on Groups and Pages at Facebook)
• Quincy Smith (former CEO of CBS Interactive and currently Partner at Investment Bank CODE Advisors)

Our existing investors Stephen Bullock and Simon and Michael Blakey from Avonmore Developments also participated in the round.

Each of these investors also brings a uniquely valuable set of experiences and advice in addition to their investment. Our aim with GroupSpaces is to develop the world’s leading platform for managing and promoting real-world groups online and we are very much looking forward to working with our new investors to achieve this.

This investment round paves the way for a very exciting future for GroupSpaces and we look forward to sharing it with you.

You can read our press release about this announcement and see some of the press coverage we received on TechCrunch, The Daily Telegraph, The New York Times and The Next Web.