Total amount raised
$1.8 Millions
Latest funding date
5/1/2020
Location
Blue has successfully raised funding through multiple rounds, attracting notable investors such as Tech Coast Angels and PasciVite. The app leverages Bluetooth technology to facilitate real-life social interactions, offering features like Digital Social Card™ and Socialize-to-Earn℠.
Keep reading to explore the intricacies of Blue's fundraising journey and the investors backing this innovative platform.
What Is Blue?
Blue, founded in June 2015, is based in Riverside, California. The app leverages Bluetooth technology to facilitate real-life social interactions, offering features like Digital Social Card™ and Socialize-to-Earn℠.
Founded by Christen Montero and Jose Montero, Blue aims to gamify meeting others in real life using OpenAI and Self-Sovereign NFT Identities. The app allows users to earn rewards and income for in-person interactions.
With a small team of 1-10 employees, Blue continues to innovate in the social networking space, providing businesses with opportunities for proximity marketing.
How Much Funding Has Blue Raised?
- Convertible Note
- Amount Raised: Not publicly disclosed
- Date: May 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure capital for further development and expansion of the app, marketing efforts, and operational costs.
- Seed Round
- Amount Raised: $1.4M
- Date: April 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To capitalize on its position as an innovative Bluetooth-based social network.
- Equity Crowdfunding
- Amount Raised: Not publicly disclosed
- Date: March 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To engage the community and raise funds for further development.
- Seed Round
- Amount Raised: $400K
- Date: October 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch the initial version of the app and begin user acquisition.
Total Amount Raised: $1.8M. Current Valuation: Not publicly disclosed.
Key Investors
- Tech Coast Angels
- Details: Tech Coast Angels is one of the largest and most active angel investment groups in the United States. They have a strong presence in Southern California and focus on early-stage companies.
- Investment Focus Areas: Technology, Life Sciences, Consumer Products
- Notable Investments: Mindbody, Green Dot, Avid Bioservices
- PasciVite
- Details: PasciVite is an investment firm that focuses on supporting innovative startups. They are known for their strategic investments in early-stage companies.
- Investment Focus Areas: Technology, Healthcare, Consumer Goods
- Notable Investments: Not publicly disclosed
- Tim Draper
- Details: Tim Draper is a billionaire venture capitalist known for his early investments in high-profile companies. He is the founder of Draper Associates and Draper University Ventures.
- Investment Focus Areas: Technology, Fintech, Space Exploration
- Notable Investments: Tesla, SpaceX, Coinbase, Twitter
What's Next for Blue?
Blue stands at the cusp of significant growth, leveraging its innovative Bluetooth-based social network to foster real-life connections. With the recent $1.368 million seed round led by Tim Draper, the company is well-positioned to expand its mobile app and Smart Card technology, tapping into the growing trend of technologies that facilitate in-person interactions.
Future fundraising opportunities appear promising, especially with the backing of high-profile investors. This support could attract additional venture capital, enabling Blue to scale its operations and enhance its product offerings. However, the company must navigate challenges such as maintaining user engagement and competing with other social networking technologies.
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