Social login and sharing provider LoginRadius has received $1.3 million in financing. The investors include Accelerate Fund, an angel co-investment fund managed by Canadian venture capital firm AVAC, Yaletown Venture Partners, Real Ventures, BDC Venture Capital and a number of angel investors. Proceeds of the deal will be used to facilitate the company’s growth and product innovation, which is aimed at transforming the way users connect to the web and mobile applications, LoginRadius said. A recent graduate of startup accelerator FounderFuel, the Edmonton, Alberta-based company said it is currently powering social login and sharing on 100,000 websites in 180 countries with a monthly reach of 15 million users.
Loginradius secures $1.3m to enable seamless social login for the masses
The Social Login solution powers 100K websites worldwide and supports 15M monthly users
EDMONTON and CALGARY, February 12, 2014 — LoginRadius, the social login and sharing provider, announced today it has secured $1.3 million in financing from a syndicate of investors including the Accelerate Fund, Yaletown Venture Partners, Real Ventures, BDC Capital and several Angel investors.
A recent graduate of FounderFuel, the Montreal-based startup accelerator, the company also announced it is currently powering social login and sharing on 100,000 websites in 180 countries with monthly reach of 15 million users.
“LoginRadius’ goal is to help businesses engage and understand their users by simplifying how users connect to the web” said Rakesh Soni, Co-founder & CEO of LoginRadius. “This financing gives us additional resources for rapid growth and product innovation so that we can continue to transform the way users connect to the web and mobile applications.”
LoginRadius has combined the world’s 30 major social networks including Facebook, Google Plus, Twitter, LinkedIn, etc. into a dashboard-driven and maintenance-free social login and sharing platform. It simplifies the social login implementation for experienced and less experienced developers alike saving over 95% of implementation and maintenance cost for the businesses.
“What we’re doing with LoginRadius not only makes it easier for businesses to integrate their websites and mobile apps with social media, but also lets them effortlessly scale up as their user base grows” said Deepak Gupta, Co-founder and CTO of LoginRadius. “Our easy-to-use plug and play solutions free developers from having to worry about developing and maintaining all social integrations, so that they can focus their attention on more critical things such as their core product.”
“We saw a clear funnel of interested prospects quickly converting to customers once they fully understood the simplicity of the system and the ancillary benefits of adopting the LoginRadius solution” said Martin Vetter, Senior Investment Manager, AVAC Ltd. “The LoginRadius team has done an excellent job of building a great social login and sharing platform and providing the market with a very efficient financial model. This is The Accelerate Fund’s sixth investment since inception, and we’re pleased to add LoginRadius to our portfolio.”
LoginRadius also announced the opening of their offices in Sunnyvale, California.
About LoginRadius Inc.: www.loginradius.com
LoginRadius is a Software as a Service (SaaS) offering social login and sharing to web and mobile applications. We deliver our service through LoginRadius’ Unified Social API that combines APIs of 30 major social platforms such as Facebook, Google Plus, and Twitter. Our customers not only deploy social login and sharing capabilities, but also gather a wide range of user profile and social data. We also provide comprehensive social analytics to help our customers make informed decisions. We are partners with industry leaders Amazon, Mozilla, Google and Microsoft; and are working together towards a common goal of simplifying how users connect to the web. LoginRadius is also named as Canada’s Top 25 Technology Startups. LoginRadius has 25 employees, was founded in 2011 and is based in Edmonton, Canada.
About The Accelerate Fund: www.acceleratefund.ca
The Accelerate Fund is an angel co-investment fund that invests in promising Alberta technology companies. Investments are consistent with common venture capital investing practices, utilizing an array of equity and debt instruments. AVAC Ltd., who manages the Fund, performs due diligence, makes investment decisions, and provides ongoing support to portfolio companies on behalf of the Fund. In support of the funded companies, The Accelerate Fund Industry Committee (an advisory network managed by the A100) was designed to provide additional “hands-on” resources to the portfolio companies. Alberta Enterprise Corporation is The Accelerate Fund’s Limited Partner.
About Yaletown Venture Partners: www.yaletown.com
Yaletown Venture Partners is headquartered in Vancouver with offices in Calgary and Seattle. Yaletown is backed by leading institutional investors and a network of successful technology entrepreneurs, executives, and angel investors. Yaletown leverages an extensive on-the-ground network to seek out the most promising early stage Cleantech and IT companies. Founded in 2002, Yaletown is led by a team that brings together industry relationships and more than 120 years collective experience building and financing technology companies.
About Real Ventures: www.realventures.com
Real Ventures is Canada’s largest and most active seed venture fund investing in ambitious entrepreneurs that are creating the Internet experiences of the future or embracing the power of the Internet to disrupt existing industries or business models.
About BDC Capital: www.bdc.ca
With more than $1 billion under management and more than 25 years of industry experience, BDC Venture Capital is an investor of choice focusing on IT, health, and energy/clean technology companies, as well as venture funds, with high growth potential. From seed through expansion to exit, our mandate is to help build outstanding Canadian companies, while working to create a sound financial ecosystem for Canadian technology ventures.
Note: Certain statements in this press release are forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or industry results, to be materially different from any future results, performance or achievements expressed by such forward-looking statements.
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