Meetup Receives Investment from eBay
14 maart 2006
Meetup.com, the fast-growing local community site that brings groups together offline, today announced an investment from investors eBay, Omidyar Network, Draper Fisher Jurvetson, Esther Dyson, Allen & Company, and Senator Bill Bradley. Collectively, the investors received just over a 10% equity interest in the company on a fully-diluted basis from this investment.
Over 2.5 million people have registered with Meetup.com to find or start local community groups -- also known as Meetups -- about thousands of shared interests, causes, and health conditions in towns worldwide. Meetup gained national attention during the 2004 US presidential campaign as a grassroots organizing tool used by supporters of all the candidates, including supporters of President George W. Bush, John Kerry, and Howard Dean.
Since the 2004 presidential election, Meetup.com quietly continued to grow, in the number of people going to Meetups-- and as a viable business. From Moms to Dog Owners, NASCAR Fans to Knitters, more-and-more people everyday are creating and becoming part of local Meetups in their towns. All Meetups pay Meetup.com a monthly fee of up to $19 per month for listings and services to help them grow a sustainable Meetup. The company's sales have more than doubled in the past six months.
"The people are going to make the world a friendlier place with their Meetups," said Scott Heiferman, Meetup CEO and Co-Founder. "Imagine if you could go to a Meetup in your town about whatever you get interested in. The Meetup community is making it happen, and these amazing investors will help."
"Meetup.com and eBay share a focus on using the Internet to connect people and create communities," said Garrett Price, vice president of New Ventures, eBay. "In fact, we are now seeing groups of eBay users in local areas using Meetup.com to arrange get-togethers."
"Meetup was one of the key inspirations in creating Omidyar Network, a mission-based investment group committed to individual self-empowerment," said Pierre Omidyar, Meetup board member, Omidyar Network CEO, and founder/Chairman of eBay. "My belief that business can be a tool for social good is validated by eBay and Meetup's ability to connect people over shared interests through a for-profit model."
"Meetup is one of the rare company examples that manage to grow a solid business while also providing a wonderful public service. DFJ is proud to be a part of what Meetup is doing," said Andreas Stavropoulos, Meetup board member and Managing Director of Draper Fisher Jurvetson.
"Meetup brings to life the potential of the Internet to create real community," said Meetup board member and former United States Senator, Bill Bradley.
"Meetup is still unique in this market, with its 'united we stand' approach of getting individuals together, online and off," said Esther Dyson, Meetup board member, renowned technology industry court jester and investor (Flickr, Del.icio.us, others.). "I'm happy to help add fuel to the fire!"
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