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TeamSnap, a Boulder-based team management software company, recently scored $7.5 million in funding led by Foundry Group. That’s good news for its five million users and Colorado job-seekers.
With the added funds, now totaling $11.8 million, the company plans to double its headcount—with a focus on recruitment in software engineering, marketing and support.
It will also focus heavily on its mobile product and customer engagement.
TeamSnap’s app and website help sports teams communicate and function more smoothly. Rather than using email for correspondences like “which player needs a blue shirt?” or “how many members need to pay the team fee?”, the app has features that are able to organize all of this information and share it among team members.
The mobile app—which makes up 80 percent of TeamSnap’s overall user base—also has features like photo sharing, tracking expenses, scheduling tools, etc.
The idea behind the company emerged in 2009 when the founders realized how inefficient using email was to coordinate sports teams and thought there must’ve been a better solution.
They built a solution to solve the problem, said Ken McDonald, vice president of customer acquisition.
Today, the company’s 5 million users come from 195 countries. Eight of the most common worldwide sports--soccer, baseball, basketball, etc-- represent 90 to 95 percent of the total user base.
The business runs on a freemium model where basic plans are free and premium plans come with a cost. McDonald said that’s because 80% of the people who try the product pay for it. As such, the company wants to give people as many options as possible (21 day trial and the option of a free plan after that) to try it.
“We are the natural guys to scale up by going after the untapped market,” said McDonald on the decision by Foundry to invest in the company.
McDonald also explained Foundry, which is also Boulder-based, was attracted to the company as there’s no competitor that comes close to having such a significant reach as TeamSnap.
Jason Mendelson of Foundry Group discussed why TeamSnap was a good fit here.
In addition to Foundry Group, Torstar, Trinity Ventures, Toba Capital and Harris Baron are existing investors in TeamSnap.
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