Sponto, maker of a mobile party discovery application for college students, has scored $200,000 in initial equity financing from Amplifier Ventures. As part of the investment, Sponto has joined the investment firm’s Business Accelerator Program.
Sponto uses the GPS capabilities built into modern smartphones to help students discover, publicize and meet up at parties, concerts and other gatherings, in real-time.
The service is currently in beta and open only to students at the University of Maryland with an UMD.edu email address.
The funding will be used to complete the first commercial release of the Sponto event-sharing platform in the second quarter of 2011, to expand to new schools, and to grow its team.
Sponto is a mobile, location-based, social networking platform that allows college students to publish and dynamically detect parties and other events in real time. The service is currently in beta at the University of Maryland in College Park and is available on Android and Blackberry smartphones.
Amplifier Venture Partners, LP is a seed and early stage venture capital fund that principally targets investments in technology companies in the Washington, DC region. We are positioned to be the first institutional investor in promising technology companies and to provide highly focused, hands on assistance for entrepreneurs looking to team up with experienced business operators and managers to grow world class companies. Our multidisciplinary investment team members have played active roles in the formation, development and exit of...