We are pleased to announce that we’ve completed our initial investment in TeamSnap. Located in Boulder, CO, TeamSnap is building a software platform that helps people manage groups that they belong to such as sports and hobby groups.
With our portfolio company investments related to our Marketplace and Distribution themes, we’ve been consistently interested in solving problems of friction in markets that are willing to pay for both access and efficiency. Companies such as Sympoz, PivotDesk, and Rover are examples that address systemic friction in procuring the goods and services their particular markets want.
As we’ve thought deeper about both of these themes, we’ve begun to see similarities in them. By removing communication barriers, these companies have either created large markets unknown previously, or have taken well-known markets and exponentially increased their size and value.
While we still feel that both of these themes are distinct, we’ve learned much from the intersection of them. We believe that TeamSnap is a good example of a company that builds on the linkage between these themes and, while it is in our Marketplace theme, it clearly has potential to also be in our Distribution theme.
TeamSnap allows managers of groups (initially sports teams, but applicable to any group) and members of groups to communicate and collaborate through a single platform. Gone are the days when coaching your child’s basketball team requires tens, if not hundreds of emails to set up practices and games. No longer will members of a college swim team not know the location of their next meet.
The company will use the financing to expand their offerings and focus on all types of groups, not just sports.
We are very excited to work with CEO Dave DuPont and the rest of the team.