GramercyOne Grabs $14.5M Series A
Leader in cloud-based business and marketing solutions, GramercyOne announced it has closed $14.5 million in Series A funding. Revolution Ventures led the round, with Grotech Ventures, TDF, and Jubilee Investments providing the remainder of the funding.
NEW YORK, NY, Cementing its position as the market leader in cloud-based business and marketing solutions for companies of all sizes, GramercyOne (www.gramercyone.com) today announced it has closed US$14.5 million in Series A funding. Revolution Ventures led the investment round, with Grotech Ventures, TDF, and Jubilee Investments providing the remainder of the funding.
Since its launch in 2010, the New York City-based startup has achieved rapid growth with its pioneering, cloud-based Booker Platform, which offers online, mobile, and social booking, real-time business management software, and state-of-the-art tools for capturing customers through social commerce, group buying, mobile and local advertising. GramercyOne's Booker Platform is now used by more than 2,500 businesses in 56 countries - from multi-national enterprises like Hilton Worldwide to single location spas, fitness centers, salons, medical practices, and local service businesses. More than 700,000 transactions are processed each month on the Booker Platform, averaging US$1 million in value per day.
Chaired by AOL Co-Founder Steve Case, and led by President Tige Savage, Revolution Ventures has a proven track record of investing in successful early-stage consumer and technology companies. Savage will join the Board of GramercyOne, as will Grotech's General Partner Don Rainey; the two also serve together on the Board of Living Social. Jim Pastoriza, Managing Partner at TDF, will also join the GramercyOne board. Peter Ellis, Managing Director of Jubilee Investments and CEO of SpaFinder, and Beverly Chell, Co-Founder of Primedia, will continue to serve as Board members.
"GramercyOne's investors share our belief in the power of cloud services to create a new business landscape where companies of all sizes can now access new digital marketing channels to increase sales," said GramercyOne CEO Josh McCarter. "Cloud-based tools are changing the way the world does business and we are looking forward to continuing to set the benchmark in this exciting and critical sector."
"GramercyOne allows the e-commerce revolution to move from the sale of products to the sale of services," said Savage. "The company's leading applications finally make it as easy to purchase and schedule a service appointment online as it is to purchase a song or a book online. We are confident it will continue to play a critical role in reshaping the way businesses market their services and build customer relationships, enabling more companies to thrive in a rapidly changing marketplace."
According to Gartner research, global cloud computing services revenue is expected to hit $148.8 billion by 2014.
McCarter said the investment would be used to accelerate the company's growth, including launching new products and tools, expanding its reach into other service and activity-oriented sectors, and hiring new talent. The announcement comes on the heels of a number of new product launches, including a first-of-its kind booking application which enables customers to schedule and pay for appointments without leaving a company's Facebook page.
About GramercyOne Technology Corporation
GramercyOne is the leading provider of cloud-based business management and marketing solutions to service businesses around the world. GramercyOne's Booker Platform, including SpaBooker, SalonBooker, FitnessBooker and OneBooker, provides the technical functionality businesses need to compete in today's marketplace, including real-time mobile and online booking, digital marketing and integrated social media, CRM, hosted point-of-sale, mobile payment processing, and robust inventory management. The system is available in eight languages, operates in 56 countries and is processing more than 700,000 transactions per month, averaging in excess of $1M per day in transaction volume.
About Revolution Ventures, LLC
Revolution Ventures invests in start-ups and early-stage companies founded and led by passionate entrepreneurs. Revolution Ventures has invested in more than a dozen companies since being founded in 2005 by Steve Case (co-founder of AOL) and Tige Savage, who serves as President. Revolution Ventures is headquartered in Washington D.C.
Founded in 1984, Grotech Ventures (www.grotech.com) is a leading early investor in high-potential technology companies. Grotech seeks investments in communications and IT infrastructure, software and services, and Internet and digital media. The firm focuses on the Mid-Atlantic and Southeast regions and other select geographies. Grotech continues to invest and add value throughout the growth of its portfolio companies. The firm has a strong combination of financial backing, industry relationships, and deep domain and operational expertise to accelerate growth. With approximately $1 billion under management in its seven funds, Grotech supports early-stage companies through investments up to $5M.
TDF is a Washington D.C. based venture capital fund focused on the communications sector. It partners with talented entrepreneurs and seeks to build competitive and innovative technology and services companies. The Fund's focus is driven by investment themes that share several qualities: large and important problems in communications, an ability to add value through management's investing and operational experience, and the Fund's location and relationships in Washington D.C.
About Jubilee Investments
Jubilee Investments, founded in 1999 and located in New York City, invests in early stage technology companies with a focus on new consumer marketing models. Owned by the Ellis Family Trust and managed by Pete Ellis, Jubilee, through its early stage investments in GramercyOne LLC, is the largest single shareholder of GramercyOne Technology Corp, and, via a direct investment, is the largest shareholder in SpaFinder Incorporated.
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