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Laugh.ly Closes $2.25M Seed Round

       
SAN FRANCISCO, CA, First and only streaming mobile app built for stand-up comedy, today announced the closing of a $2.25 million seed round.
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Laugh.ly, the first and only streaming mobile app built for stand-up comedy, today announced the closing of a $2.25 million seed round.

Led by the New York Angels, the round also includes investments from venture capitalist Barbara Corcoran, the Wharton Alumni Angel Network, Social+Capital, Backstage Capital, Treehouse Capital, Accelerator Ventures and Atlas Holdings.

'As a former comedy club owner, and now as a board member, I am excited and thrilled about the potential that Laugh.ly brings to the comedy world,' said Michael Palitz, an investor and member of the New York Angels.

Launched in August 2016 and available for free on iOS™, Android and any Web browser, Laugh.ly has the most extensive comedy library available with albums from more than 650 comedians including Kevin Hart, Amy Schumer, Louis C.K., Hannibal Buress, George Carlin, Chris Rock and more.

'Backstage Capital is excited to invest in Laugh.ly,' said Arlan Hamilton, founder and managing director, Backstage Capital. 'We are committed to investing in the best startups led by underrepresented founders, and are impressed by Dave and his team for creating a beautiful and highly addictive product. We are thrilled to be part of their story and see unlimited potential in their future.'

Already with more than 150,000 app downloads by users averaging more than 60 minutes per session, Laugh.ly provides unmatched content accessed through direct distribution deals with the largest media publishers in comedy.

'We're creating a one-stop-shop for funny,' said founder and CEO Dave Scott, serial entrepreneur and former comic. 'It's been great seeing our vision and the passion our team has for providing access quality stand-up comedy come to fruition.'

ABOUT LAUGH.LY

Created by stand-up comedy enthusiasts for stand-up comedy enthusiasts, Laugh.ly is the only streaming app built from the ground up to provide a mobile on-demand platform for comedic performances. Laugh.ly provides users with virtual front row seats to the best comedy in the world from popular comedians like Kevin Hart, Amy Schumer, Chris Rock, Louis C.K., Sarah Silverman, and even Yakov Smirnoff as well as routines from great emerging comedians. For more information, visit www.laughradio.com.

ABOUT THE NEW YORK ANGELS

The New York Angels is one of the longest running active angel groups in New York City and has invested over $100 million in entrepreneurial ventures. The group is an independent consortium of over 100 individual accredited angel investors. The New York Angels typically invest $100,000-$1,000,000 in seed/early stage companies, and syndicate deals with angel group partners and VCs up to $2 million. Because of the vast experience of the membership, the group is receptive to a wide variety of industry sectors. The strength of the group is its ability to pool its money to make large investments, to mentor entrepreneurs to help them achieve their goals, and to make introductions that can accelerate growth. Learn more at Newyorkangels.com.
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