GroupMe To Raise Series B Funding Through A VC Bidding War

Posted Nov 8, 2010

GroupMe is a service that lets you text a group of people using just one phone number. GroupMe is currently in the middle of raising venture capital, but there is supposedly a bidding war taking place. This round of funding would put GroupMe at a value that is close to $30 million.

The company’s growth is “nuts ? thousands of percent,” according to a BusinessInsider source. The VC firms in the middle of the bidding war include Sequoia, Andreeseen Horowitz, Khosla Ventures, General Catalyst, Flybridge, and Union Square Ventures.

GroupMe’s series A investors include Betaworks and First Round Capital. They invested about $700,000. It’s expected that these two companies will participate in this upcoming round as well.

[BusinessInsider]