Announcement: Meetup Receives Investment from eBay, others
MEETUP RECEIVES INVESTMENT FROM EBAY, OMIDYAR NETWORK, DFJ, ESTHER DYSON, ALLEN & CO., AND SENATOR BILL BRADLEY
FOR IMMEDIATE RELEASE
New York, NY (March 10, 2006) -- Meetup.com, the fast-growing local community site that brings groups together offline, today announced an investment from investors eBay, Omidyar Network, Draper Fisher Jurvetson, Esther Dyson, Allen & Company, and Senator Bill Bradley. Collectively, the investors received just over a 10% equity interest in the company on a fully-diluted basis from this investment.
Over 2.5 million people have registered with Meetup.com to find or start local community groups -- also known as Meetups -- about thousands of shared interests, causes, and health conditions in towns worldwide. Meetup gained national attention during the 2004 US presidential campaign as a grassroots organizing tool used by supporters of all the candidates, including supporters of President George W. Bush, John Kerry, and Howard Dean.
Since the 2004 presidential election, Meetup.com quietly continued to grow, in the number of people going to Meetups-- and as a viable business. From Moms to Dog Owners, NASCAR Fans to Knitters, more-and-more people everyday are creating and becoming part of local Meetups in their towns. All Meetups pay Meetup.com a monthly fee of up to $19 per month for listings and services to help them grow a sustainable Meetup. The company's sales have more than doubled in the past six months.
"The people are going to make the world a friendlier place with their Meetups," said Scott Heiferman, Meetup CEO and Co-Founder. "Imagine if you could go to a Meetup in your town about whatever you get interested in. The Meetup community is making it happen, and these amazing investors will help."
"Meetup.com and eBay share a focus on using the Internet to connect people and create communities," said Garrett Price, vice president of New Ventures, eBay. "In fact, we are now seeing groups of eBay users in local areas using Meetup.com to arrange get-togethers."
"Meetup was one of the key inspirations in creating Omidyar Network, a mission-based investment group committed to individual self-empowerment," said Pierre Omidyar, Meetup board member, Omidyar Network CEO, and founder/Chairman of eBay. "My belief that business can be a tool for social good is validated by eBay and Meetup's ability to connect people over shared interests through a for-profit model."
"Meetup is one of the rare company examples that manage to grow a solid business while also providing a wonderful public service. DFJ is proud to be a part of what Meetup is doing," said Andreas Stavropoulos, Meetup board member and Managing Director of Draper Fisher Jurvetson.
"Meetup brings to life the potential of the Internet to create real community," said Meetup board member and former United States Senator, Bill Bradley.
"Meetup is still unique in this market, with its 'united we stand' approach of getting individuals together, online and off," said Esther Dyson, Meetup board member, renowned technology industry court jester and investor (Flickr, Del.icio.us, others.). "I'm happy to help add fuel to the fire!"
About Meetup.com
Meetup.com was founded with a mission to revitalize local community. Over 2.5 million people have signed up for "Meetups" -- the 21st century's answer to community groups, support groups, mom groups, book clubs, investor clubs, fan clubs, and grassroots political groups. There are Meetups for everyone: Stay at Home Moms, Dog lovers, Italian speakers, Entrepreneurs, Scrapbookers, Prius Owners, and for enthusiasts of all kinds. If you can name an interest, chances are high there are people interested in a local Meetup for it nearby. Meetups get together regularly in cafes, restaurants, living rooms or anywhere else, in 55 countries around the world. Based in New York City with a staff of 24, Meetup.com is non-partisan, privately held, and backed by investors eBay, Omidyar Network, Draper Fisher Jurvetson, Esther Dyson, Allen & Company, and Senator Bill Bradley.
Start or find a Meetup @ http://www.meetup.com.
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FAQ
WHO INVESTED IN MEETUP?
eBay, Omidyar Network, Draper Fisher Jurvetson, Allen & Company, Esther Dyson, and Bill Bradley
HOW MUCH WAS INVESTED?
In sum, the investors received just over 10% equity stake in the company.
HOW MUCH HAS EBAY INVESTED AS PART OF THIS ROUND?
We are not disclosing this figure at this time.
WHY DID MEETUP RAISE MORE MONEY?
Meetup seeks to help more people have more Meetups. This investment will help us serve our current Meetup Organizers better, as well as help more people find Meetups near them.
WHY DID MEETUP TAKE AN INVESTMENT FROM EBAY?
Meetup's focus on its community and the empowerment of its members is closly aligned with eBay's focus on community. We felt it was a great match.
WHY DID EBAY INVEST IN MEETUP?
Great question. Please feel free to ask them!
ISN'T PIERRE OMIDYAR, CHAIRMAN/FOUNDER OF EBAY, ON MEETUP'S BOARD OF DIRECTORS?
Yes. Pierre invested his personal money in Meetup and joined the board in October 2003, prior to the creation of Omidyar Network. To be clear, on this round, it's Omidyar Network that's investing.
DID PIERRE INFLUENCE EBAY'S DECISION TO INVEST IN MEETUP?
Not at all. eBay and Omidyar Network operate as entirely separate entities.
WILL EBAY INTEGRATE MEETUP ON EBAY.COM?
There are no plans to do so at this point in time.
WILL MEETUP BE ADDING EBAY, IN FORM OR FUNCTION, TO MEETUP.COM?
Meetup has no immediate plans of adding eBay's functionality onto Meetup.com.
ARE THERE MEETUPS FOR EBAY USERS ON MEETUP.COM NOW?
Yes. There are local Meetups for eBay Sellers and for eBay Buyers on Meetup.com. For example, The Dallas eBay Seller's Meetup is currently the most active of its kind (http://ebaysell.meetup.com/119).