Punchbowl Software Raises $2.1M Series A Financing
General Business - MA.
Company behind MyPunchbowl.com announces venture funding of $2.1 million led by Contour Venture Partners with participation from Intel Capital and eCoast Angels
FRAMINGHAM, Mass., Sept. 16 /PRNewswire/ -- Punchbowl Software Inc. announced today that it has completed a $2.1 million Series A financing, led by Contour Venture Partners with participation from current investors Intel Capital and eCoast Angels. The new funding will be used to pursue strategic opportunities and grow the Punchbowl Software development team.
The Series A funding arrives at a key moment for the fast-growing company behind MyPunchbowl, a critically acclaimed event-planning website. MyPunchbowl serves up all of the key ingredients to effortlessly plan unforgettable celebrations. The site includes unique features for picking a date for the event, sending save-the-dates, finding supplies, communicating with guests, sending online invitations, and sharing photos and videos after the event has passed.
"We've seen explosive growth since our first round of funding last year," said Matt Douglas, CEO, Punchbowl Software. "This new funding will enable us to grow our team and pursue numerous market opportunities."
MyPunchbowl's step-by-step, workflow-based interface makes it popular for key life milestone events such as baby showers, bridal showers, milestone birthdays, and retirement events. The site's traffic has grown more than 20 percent each month over the past year. With helpful tools, great advice, and unique features, MyPunchbowl helps hosts and guests get from the planning to the celebration without the stress.
"We see great opportunity for MyPunchbowl to continue to grow its leadership position in the party and event planning market," said Bob Greene, co-managing partner, Contour Venture Partners. "Its viral and word of mouth growth impressed us and attracted us to invest with this outstanding management team."
Since the launch of MyPunchbowl, the site has added unique features for event planning and party invitations. The "Pick a Date" feature helps drive group consensus and automates date selection for the host. The "Checklist" section offers an innovative way to organize party planning and a simple way to ask friends to bring something to the party. Users of the site can expect to see ground-breaking new features on MyPunchbowl within the coming months.
"The MyPunchbowl website is a great example of how new technology can bring value to consumers," said Lucy McQuilken, investment manager, Intel Capital. "Intel Capital is pleased to re-invest in Punchbowl Software."
About Punchbowl Software:
Punchbowl Software is the company behind the critically acclaimed event-planning website MyPunchbowl.com. The company was founded by software and user interface experts Matt Douglas and Sean Conta, who have prior management experience at Adobe Systems and Bose Corporation. MyPunchbowl is a sophisticated website for end-to-end event and party planning. With innovative features and a simple user interface, MyPunchbowl helps anyone host an event with style and ease. The company is located in Framingham, Massachusetts. To learn more, visit http://www.mypunchbowl.com/.
About Contour Venture Partners:
Contour Venture Partners is a New York based early stage venture capital firm focused on working with companies that provide leading edge technology enhanced products and services in the financial services, internet, digital media, and business services sectors. The principals at Contour have a long and successful investment and operational track record, having directly supported over 40 companies since the late 1980s. For more information, visit http://www.contourventures.com/.
About Intel Capital:
Intel Capital, Intel's global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing, and cleantech. Since 1991, Intel Capital has invested more than US$7.5 billion in approximately 1,000 companies in 45 countries. In that timeframe, 168 portfolio companies have gone public on various exchanges around the world and 212 were acquired or participated in a merger. In 2007, Intel Capital invested about US$639 million in 166 deals with approximately 37 percent of funds invested outside the United States. For more information on Intel Capital and its differentiated advantages, visithttp://www.intelcapital.com/.
Contacts:
Matt Douglas
+1-650-814-3393
or
Stephanie Fader
+1-508-270-3848
both of Punchbowl Software
Web sites:
http://www.mypunchbowl.com/
http://www.contourventures.com/
http://www.intelcapital.com/
Source: Punchbowl Software
