TeamSnap Inc., a Boulder, Colorado-based mobile and web service for managing ongoing team sports and other activities, has closed a US$2.75 million round of financing. Torstar Corp., a Canadian media company that owns The Toronto Star newspaper, led the deal. Other investors included venture capital firms Toba Capital, Hbam LLC (run by Harris Barton Co-Invest Fund), Trinity Ventures, and eonBusiness.
TeamSnap, a mobile and web service for managing ongoing activities, has closed a $2.75 million round of funding, exceeding its original funding target of $1.5 million. Two million parents, participants, and coaches use TeamSnap’s online web application, native mobile apps, text messages and interactive email messages to manage recreational and competitive sports teams, social groups, and other organizations.
“TeamSnap has experienced high triple digit growth for the last two years and yet this market is largely untapped,” said Dave DuPont, CEO. “Sports in particular are huge. In the U.S. alone, nearly 27 million children between the ages of 6 and 17 participate in at least one youth sport every year. Millions more participate in other leisure and community activities ranging from Boys Scouts to marching bands to dance groups. The addition of high quality investors and capital allows us to accelerate our penetration of the market.”
Torstar, a leading Canadian media company, with a major presence in newspapers, publishing and digital media, led the funding round.
“We were attracted to Torstar because we believe their digital media expertise and geographic reach can help accelerate customer adoption in Canada where we are already seeing good growth,” said DuPont.
“We have been investing for some time in digital businesses that reach customers in new ways — TeamSnap was a natural fit for us,” said Chris Goodridge, president of Torstar Digital. “We like businesses with high customer engagement and businesses that are leveraging the growing trend toward mobile devices. In addition, the connection to communities that TeamSnap enjoys is a natural fit for Torstar’s media assets, including The Toronto Star and Metroland Media Group.”
Other new investors included Toba Capital and Hbam LLC run by Harris Barton Co-Invest Fund. Toba Capital is a venture capital firm that focuses on software and Internet companies. Harris Barton played for the San Francisco 49’ers and since retiring from professional football has focused on investing, particularly in start-up businesses. Existing investors, including Trinity Ventures, eonBusiness and others, also participated.
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