SAN FRANCISCO, CA--(Marketwired - Apr 18, 2013) - Crowdtilt (http://crowdtilt.com/), the simple-to-use platform to pool money online, today announced the close of their $12 million Series A funding. The round was led by Andreessen Horowitz, with participation from Sean Parker, SV Angel, DCM, as well as CrunchFund, Alexis Ohanian, Elad Gil, Naval Ravikant, Sam Altman, Matt Mullenweg, Dave Morin and Justin Kan. Also joining Crowdtilt's board of directors is Jeff Jordan, partner at Andreessen Horowitz and former CEO of OpenTable.
The investment will support the explosive growth of the company, while further improving the product and user experience. Crowdtilt is being used for everything from collecting money for a fantasy football league among friends, all the way to an entire community rallying together to save their iconic toy store from closure.
"Our product and team are kicking ass, so we want to further invest in growing and expanding both. Our ultimate goal is still to help groups do more with each other, and this funding allows us to double down on various extensions of our product, such as our API, to further that goal," said James Beshara, CEO of Crowdtilt.
Crowdtilt's API, currently in closed beta, also allows anyone to create their own crowdfunding application, such as group payments, pre-sales commerce options, complete standalone crowdfunding applications or even social fundraising sites.
"Manual processes for coordinating payments across groups is inefficient and increasingly obsolete. Crowdtilt has built a highly efficient platform that is being used by all kinds of groups for all kinds of use cases -- buying movie or concert tickets, collaborating on gift or travel spending, even funding school programs or public works projects. It is a robust collaborative payments platform for an increasingly collaborative web," said Jeff Jordan, partner at Andreessen Horowitz.
Launched in February 2012, San Francisco-based Crowdtilt is the simplest way for groups to pool money online. Funded by Y-Combinator, SV Angel, Crunch Fund, DCM Ventures, Paul Buchheit, Alexis Ohanian, and many others, the company was founded by entrepreneurs James Beshara and Khaled Hussein. For more information, visit www.crowdtilt.com.
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