PROfounders Capital
CitySocialising

CitySocialising raises £1m in Series A round led by PROfounders Capital

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CitySocialising, the subscription-based social network that lets members find local and likeminded people to socialise with in the real world, has secured £1m in a Series A round led by PROfounders Capital, the European VC fund backed by the likes of Brent Hoberman and Michael Birch.

PROfounders’ previous investments include Made.com, TweetDeck and Keynoir, while CitySocialising’s original early-stage funding in March 2009 was provided by the London Business Angels network. The new investment will be used for product development and expansion, including mobile, along with recruitment of “key Executives” including Marketing and Business Development Director and Product Manager.

In comparison to the plethora of social networks that target mostly online activity, CitySocialising is focusing on what it calls “Online2Offline” socialising around interests and events locally as a way to meet new people. Founded in January 2007 by ex-BBC producer Sanchita Saha and with R&D funding from The Prince’s Trust, the London-based startup now reaches 50 cities across the UK. The social network claims over 100,000 users and delivers more than 600 group ‘socials’ every month across the country organised and hosted by users and by local Community Managers, the latter of which very much drive local expansion.

Interestingly, CitySocialising says that its user base consists mostly of “city newcomers and re-locators” who want to explore their new surroundings and build a social network from scratch, along with “city locals and settlers” seeking to expand their social circle beyond the usual suspects.

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