Lifecrowd Announces $5Mil in Initial Funding, Helping Bridge Online/Offline Worlds
Lifecrowd, which was the first company to launch last month out of newly formed MukerLab in Los Angeles today announced that they have secured $5mil in initial funding. The company aims to help users discover new and interesting things to do in their area offline through an online marketplace of events, activities, lessons and even volunteering opportunities.
Lifecrowd was initially debuted as a hand-picked company chosen by Venture Beat to launch at their DEMO Fall 2011 event. At that time the company was still figuring out how to match up against rival Meetup, and was also only operating in the Los Angeles area.
There is a finite limit to how much time people can spend online and I think we are reaching that limit.As of today the company has nailed down a strategy that differs greatly from Meetup and also operates in 3 other cities in addition to Los Angeles including San Diego, Orange County and San Francisco. As opposed to meetup, Lifecrowd emphasizes quality over quantity, and actively curates the listings to ensure only the best are shown. It also aims to make the affairs intimate, between 8-10 members, and activities don't just revolve around business; most of the listings are actually social, covering topics like sushi making, rock climbing and wine tasting. The site lists ten other cities where services are due to launch, and this initial $5mil in funding should ensure that happens.
The bulk of the funding came from Chicago based Lightbank, who will also hold a board of directors seat. Others include Bullpen Capital (seed investors in Zynga), Baroda Ventures (seed investors in Fab.com) and Prism VentureWorks.Continued on the next page