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Oxford Start-up GroupSpaces raises Six Figure Funding to revolutionise Group Management Systems


OXFORD, UK – 25 February 2008. GroupSpaces, an Oxford-based Internet company that provides online tools to enable groups, societies and clubs to manage their communications and data, today announced that it has raised a six figure round of investment from a consortium of investors.

The round included London-based Avonmore Developments, and an investor introduced by Oxford Early Investments, the business angel investment network that helps innovative early stage companies to raise funding.

Founded by two Oxford University students in 2006, GroupSpaces is revolutionising the ways in which ‘real world’ groups such as sports clubs, university societies, charities and other organisations manage themselves in an increasingly online world.

These groups share a common set of needs that include communication channels, membership and database management, website provision and event organisation and promotion. However, there is no existing solution to meet all of their needs so they are forced to use a combination of disconnected tools from multiple providers.

CTO of GroupSpaces, Andrew Young, explained the unique solution provided by the Company: “GroupSpaces has created a web-based service that solves all the problems of group managers with a combination of powerful, easy-to-use tools and an integrated portal. The online toolset is designed to fit in with groups' existing conventions, helping to establish efficient, robust procedures and facilitating collaboration between group members, managers and the wider world.”

A successful pilot of the GroupSpaces service was run during 2006-07 with over 300 societies at Oxford University. The quality and frequency of use of the service, which saw between 4,000 and 5,000 unique visits to the website per month, enabled the Company to secure advertising contracts with over 40 blue-chip clients including IBM, BP, McKinsey & Company, Bain Capital, Clifford Chance and JPMorgan.

Oxford University Careers Service is one group benefiting from the service. Director, Terry Dray, said: “The innovative website offered by GroupSpaces has helped even more students to find out about our events and services. They are bridging the gap between university societies and graduate recruiters in a revolutionary manner.”

GroupSpaces secured their funding after a successful pitch at an investment meeting run by Oxford Early Investments.

Commenting on the fundraising, GroupSpaces’ CEO, David Langer, said: “We are delighted to have the opportunity to work with such experienced and successful angel investors. The funding obtained through Oxford Early Investments will allow us to expand our engineering team and accelerate product development as we develop and test our service through 2008.”

Manager of Oxford Early Investments, Eileen Modral, said: “We were pleased to help GroupSpaces to raise the crucial funding they need to progress the development of their innovative software.”

GroupSpaces is initially rolling out its online toolset to the 25,000 UK-based university clubs and societies. The Company plans to raise a further round of investment in due course to increase momentum as it expands outside the student market.

US-based Nexo Systems estimates there to be over 100 million groups in the US alone, and GroupSpaces’ mission is to become the essential provider of online tools for ‘real world’ groups.

- ENDS -
Editors Notes
Press contacts:
David Langer, CEO, GroupSpaces Ltd
Tel: +44 (0)20 7193 5063 Email: david@groupspaces.com

Margaret Henry, Oxford Early Investments
Tel: +44 (0)1865 811199 Email: m.henry@oxin.co.uk

Photos available on request
Photo 1. L-R: Andrew Young (Chief Technology Officer) and David Langer (Chief Executive Officer) of GroupSpaces, an Oxford-based Internet company that has created an innovative, web-based service for group managers. GroupSpaces has raised a six figure sum from a consortium of investors including London-based Avonmore Develo


Publisher Contact Information:

Oxford Early Investments
+44 (0)1865 811199
m.henry@oxin.co.uk

Company profile of Oxford Early Investments
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