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News & Press: Colorado Technology Industry

TeamSnap Raises $700,000 in First-Round Funding

Wednesday, June 9, 2010   (0 Comments)
Posted by: Su Hawk
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From the Denver Business Journal
Wednesday, June 9, 2010
By Renee McGaw

TeamSnap has closed on $700,000 in first-round funding, the company and its leading venture capital investor said late Tuesday.

Centennial-based, early-stage VC firm eonBusiness led the funding round, which included several other angel investors, officials said.

"EonBusiness has been following TeamSnap’s impressive progress for the past six months, and expects continued strong growth fueled by the current funding round,” Dave Carlson, eonBusiness CEO and managing director, said in a statement.

Boulder-based TeamSnap provides a web-based service to manage sports teams and other groups. Since launching its commercial application just over a year ago, TeamSnap has more than doubled its subscriber base and experienced revenue growth of more than 400 percent, officials said. The company has customers in more than 90 countries.

"It has been an exciting first year for TeamSnap, Inc. and we are delighted to close our first funding round,” TeamSnap CEO Dave DuPont said in a statement. "Our customers love our service and customer referrals have been the primary impetus for our growth. With the current funding round, the assistance of our new investors, and several new strategic partnerships, we believe we can dramatically increase the already strong organic growth we are experiencing.”

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