ChallengePost said it secured $4.1 million in a Series A round of venture funding led by Opus Capital. The round was joined by Betaworks, Richmond Park Partners and a number of angel investors, including Esther Dyson, Joshua Schachter, Irwin Jacobs, and Jason Calacanis.
ChallengePost Secures $4.1 Million Series A Round of Venture Funding from Opus Capital for Platform Expansion
Funds To Be Used to Expand Team, Power Original Challenges, and Develop New Tools to Spur Meaningful Innovation
ChallengePost, a public platform that enables competitive problem-solving, today announced that it has secured $4.1 million in a Series A round of venture funding led by Opus Capital. Participants in this round of funding also included Betaworks, Richmond Park Partners, and a number of angel investors, including Esther Dyson, Joshua Schachter, Irwin Jacobs, Jason Calacanis, and more.
The Series A funding follows a seed round of $775,000 in 2008 to 2009 by several of the same investors, bringing the company’s total financing to $4,875,000. The funds will be used to acquire new talent and to develop tools for expanding community involvement in problem sourcing and solving.
“ChallengePost has successfully built a platform where individuals, nonprofits, businesses, and government agencies can challenge the public to solve problems and innovate,” said Brandon Kessler, CEO and Founder of ChallengePost. “We’re honored to have Opus Capital and other world-class investors on board as we become the premier site for identifying and solving problems people are passionate about.”
Founded in 2009, ChallengePost has powered more than 200 challenges to date for government agencies, corporations, nonprofits, and individuals, including the City of New York, First Lady Michelle Obama, the World Bank, Samsung, Elsevier, the MTA, Thomson Reuters, Lollapalooza, and more. ChallengePost created and powers the governmentwide competition platform for all federal agencies, Challenge.gov. The ChallengePost platform has showcased nearly 4000 user-submitted solutions, and challengers have offered more than $40 million in prize money to ChallengePost’s diverse community of talented problem-solvers.
“ChallengePost is helping prominent government agencies and multinational organizations solve problems,” said Opus Capital Partner Bob Borchers. “Through ChallengePost, people and organizations have an opportunity to create massive change by working on what matters most to them. We’re thrilled to fund ChallengePost and take part in meaningful and innovative problem-solving.”
The investment in ChallengePost reflects Opus Capital’s focus on early-stage innovation agents and high-integrity entrepreneurs. To learn more about ChallengePost, visit ChallengePost.com.
ChallengePost is a platform that enables government agencies, corporations, nonprofits, and individuals to challenge the public to solve problems. Challenge sponsors receive innovative solutions and increased awareness around important initiatives. Members of the public receive recognition and rewards. ChallengePost is headquartered in New York City.
For more information, visit http://www.challengepost.com/.
About Opus Capital
Opus Capital is an early-stage venture capital firm with more than $1 billion of committed capital under management, investing in committed, high-integrity entrepreneurs building market-leading technology companies.
The team has strong operational expertise and has partnered with entrepreneurs to create successful outcomes for more than 80 companies (including 50 IPOs) in the U.S. and in Israel, including Adaptec, AirGate PCS, BlueNile, Brocade, Ciena, DoubleClick, Electronics for Imaging, FedEx, Genesys, Harmonic, Informatica, Kidaro, and Vantive. Opus Capital is headquartered on Sand Hill Road in Menlo Park, California.