Fancred Secures $3 Million Funding Round to Continue Growing its Smartphone App Which Offers Fans a New Way to Capture Favorite Sports Moments
With a mission of building the world’s largest sports community, Fancred strengthens the emotional connection between fans and teams
BOSTON, August 21, 2014-- Fancred, an app that lets users capture their favorite sports moments and connect and interact with a community of fellow fans, announced today a $3 million financing round led by existing shareholders, Atlas Ventures and Militello Capital, as well as first time participant Breakaway Innovation Group. The funding, which follows an initial seed investment of $1.5 million, will support continued product development and user improvements, team growth and strategic partnerships.
“As sports fans, we attend games, watch them on TV, buy team apparel, take pictures and save memorabilia, so we built Fancred to give users a place to capture and share their sports lives and favorite moments,” said Fancred’s CEO, Hossein Kash Razzaghi. “We see a real opportunity to offer fans and teams a new way to interact and connect, and these funds will help our team continue to refine and grow our product on iOS as well as expand to other platforms including Android, which users can expect to see later this year.”
Fancred, an alumni of the prestigious Boston Techstars accelerator, has evolved since launching in August of 2012, following constant market research and user feedback. While still offering a community where sports fans can share their thoughts and opinions with like-minded users, Fancred has grown into a place where they can also capture all of the things they do or see about their favorite sports teams. The app offers fans a digital scrapbook to collect memories, moments or events and share them with other fans and teams within the community. What’s more, Fancred is the perfect companion on game day, as it creates a virtual stadium and unites fans of the same teams as if they were watching the event together.
“With Fancred, we see a provocative opportunity to invest in a company that is truly responsive to where digital communities are headed,” said Bill Militello, CEO of Militello Capital. Dennis Baldwin, CEO of Breakaway Innovation Group adds, “their passion and commitment to building a digital home for sports and fan communities fit perfectly into our investment thesis for helping strong teams build enthusiast brands.”
In an effort to build the world’s largest sports community, Fancred will continue focusing on strategic partnerships with professional and collegiate sports teams who are given the unique opportunity to communicate and interact with fans. The Boston Red Sox, Mississippi State University and Liverpool Football Club are amongst the first to join the Fancred community by creating official team profiles that feature behind-the-scenes photos as well as breaking news and team information.
Founded in 2012, Fancred’s mission is to build the world’s largest sports community by offering users a digital scrapbook to capture their favorite sports moments and connect with other fans and teams. Coming soon to Android, Fancred is currently available on iOS and Fancred.com
For more information about Fancred, visit www.fancred.com and www.facebook.com/fancred or follow @fancred on Twitter.
Venture Capital Database