The Point, a Chicago-based group action network for solving problems, has raised $4.8 million from New Enterprise Associates.
The Point ( www.thepoint.com ), a group action network for solving problems which require a critical mass of participation to succeed, announced it has received $4.8 million from leading venture capital firm New Enterprise Associates (NEA). Peter Barris, managing general partner of NEA, will join The Point Board of Directors. This investment will enable The Point to further expand its business development, marketing and communications efforts while growing membership and participation.
The Point is a web based group action network based on the tipping point principal. The Point provides its community with a way to organize fundraisers, rallies, boycotts — any type of event or activity that needs a set number of participants in order to succeed. Participants act only once a pre-set tipping point has been reached. The Point can be used for any situation where people want safety in numbers, from planning a party to boycotting a corporation.
“NEA has a great track record of helping early stage companies with powerful ideas to grow and prosper,” said Andrew Mason, founder and CEO of The Point. “We're gratified that they saw this in us, and look forward to working together.”
“The powerful concept driving The Point is a natural step forward in the evolution of social networking,” said Peter Barris, managing general partner, NEA. “As group dynamics evolve in response to a highly interactive online environment, these social networks can actually mobilize individuals to take specific actions. NEA believes that The Point's talented management team is well positioned to succeed in this increasingly relevant space.”
The Point's launch late last year marked a new milestone in the way people can come together to make things happen. The company is actively growing its user base, while simultaneously developing partnerships with leading activist and charitable organizations and online influencers who recognize the power of The Point to advance their missions.
New Enterprise Associates (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has followed the same core principles: supporting its entrepreneurs, providing an excellent return to its limited partners, and practicing its profession with the highest standards and respect. NEA focuses on investments at all stages of a company's development, from seed stage through IPO. With approximately $8.5 billion in committed capital, NEA's experienced management team has invested in over 550 companies, of which more than 160 have gone public and more than 230 have been acquired. NEA has U.S. offices in Chevy Chase, Maryland; Menlo Park, California; and Baltimore, Maryland. In addition, New Enterprise Associates (India) Pvt. Ltd. has an office in Bangalore, India and New Enterprise Associates (Beijing) Ltd. has offices in Beijing and Shanghai, China.
For additional information, visit www.nea.com .
ABOUT THE POINT
Established in 2007 in Chicago and empowered by tipping point methodology, The Point is an online community that helps individuals organize efficient group action, leveraging the power of the Web to solve problems and be a catalyst for change. Learn more at http://www.thepoint.com .