SponsorHub Raises $750,000 From Multiple Angel Investors
SponsorHub is a three month old startup company that has raised $750,000 in funding from multiple investors. Essentially SponsorHub is an online marketplace for event sponsorships. Investors in this round of funding includes Barry Silbert (SecondMarket founder), Randy Altschuler (CloudBlue chairman), Archibald Cox Jr. (Sextant Group chairman), Caleb DesRosiers (Entree HEALTH SVP), James Dudenhoefer, Joanne Katsch (SVP of business development at Women’s Marketing Inc.), Jason Krantz (Definitive Healthcare founder), Mark Semonian (angel investor), Vision Ventures, and Quotidian Ventures.
SponsorHub CEO Robert Johnston said that the event sponsorship in the U.S. is a $30 billion industry annually. The event hosts do not give up control of the sponsorship, they tell SponsorHub minimum bid amounts. When the deal is put in place, then SponsorHub takes their cut.
“We’re providing a lot of transparency with a real-time platform for brands to find what events they want to sponsor,” stated Johnson in an interview with BusinessInsider. “Right now they have to spend weeks, or months, trying to find which events are coming up and spend time learning whether or not they’re relevant. It costs money and time to do this and we’re making this process more efficient.”
[BI]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry