Pingup Secures Seed Finance from Avalon Ventures
Preetam Kaushik- Daily Deal Media
Pingup, a company that has developed consumer-to-business text services, has secured $1 million in seed financing. A major part of the fund infusion is from Avalon Ventures.
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Avalon is a venture fund that focuses on early stage IT and life sciences companies that entrepreneurs expect to build into market leaders. Avalon has a successful track record of spotting potential market leaders such as Zynga.
“We believe this is the most challenging and rewarding period of company creation – we are former entrepreneurs driven by passionate people pursuing disruptive ideas in ever changing market environments,” said Rich Levandov, Managing Director, Avalon.
Avalon is enthusiastic about Pingup’s chances of success. “Pingup is an exciting startup because they are advancing communication between people and businesses and are potentially disruptive to existing communication methods,” said Brady Bohrmann, another Managing Director at Avalon. He added, “Pingup’s future plan for next-generation “e-service” integration has the potential to redraw the blueprint for commercial relationships between consumers and businesses ranging from the local pizza joint to Fortune 100 companies.”
Pingup is available throughout the US, though at present, the service is concentrating on the Boston to Miami stretch. The company has also partnered has tied up with online streetwear and accessory retailer Karmaloop, making it possible to connect with a significant number of generation Y consumers.
Many popular Boston and Miami South beach nightclubs are available through Pingup making it possible for users to find answers to any questions they might have as well as make reservations at a number of well-known locations.
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