The Point Organizes a $4.8 Million Series A For Itself
Erick Schonfeld
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After raising $2.5 million from angel investors last year, social activism and campaign-organizing site The Point has closed a $4.8 million series A financing from New Enterprise Associates. The idea behind the site is to create campaigns around social action—it could be donating to a political candidate, boycotting a company’s products, or simply organizing a meetup—but nobody is required to actually do anything until the cause reaches a pre-determined tipping point, or critical mass, of supporters. It is designed to focus activism or community involvement in campaigns that actually have a chance of succeeding. Although, there are some crazy causes, like this one to raise $10 billion to build a winter dome over Chicago.
The startup is based in Chicago. It plans to make money from ads targeted to each cause/topic. I first wrote about The Point when it launched last November.
Here is a video of founder and CEO Andrew Mason explaining why he started the site:
Its great to see so much interest from investors in this space. The Point really leverages the power of the Internet to “get the ball rolling” (as is embodied in their logo)
$4.8 million in financing and they can’t even put together a nice looking demo video…what is it with web 2.0 companies!
Congrats tho, good idea and glad it is financed.
I like it and vid wasn’t bad!
I thought that the video was both funny and genuine. Personally, I think they could have gotten most of the message out in 3-4 minutes and would have had more people watching …
Wow look at their stats? Compete says they had like 5k users last month. How do you get 4.8, after already raising 2.5m
I have never seen…..money like this this chase after weak models. Campaigns go up on this site and wither.
Wow, you guys just prove my point. THAT video was “both funny and genuine”?
Tech people just don’t get media.
Media people just don’t get tech.
It is kinda sad really.
I have not gone to the site but the idea is awesome. I often question my donations and this will help me donate more efficiently if it works.
Isn’t this that Blackmail 2.0 company?
They can’t even raise money for $1000 stuff, I don’t see how they’ll raise ~$5M. Silly.
i Told you Sean Parker is never wrong . Look out for Project Agape
Looks nice meet up point.
Nice. That’s, ooh, $4.5m to bribe the entire tech journalism industry to not make “What’s The Point” gags, just under $380k for “sund. exp.”, and a few thousand or so to keep a getaway car on permanent standby with the engine running.
This is a cute spin on petitiononline.com, the sort of thing I’d fill bored lunch breaks with at school, but a business? Give me a break.
Turned off video after the “stimuleye” (sic) bit. I think he was talking about engagement at the moment I became significantly disengaged to not care whether it got any better or laughably worse. Kind of ironic, but only in the sense that rayeeyain on your wedding day is.
I am SUPER interested to know what they plan to use $7 million for, on a pure web play. And also, what kind of valuation they got on this round: $4.8 million for 99% of the company?
What are their extra costs that every other Web 2.0 company doesn’t have??? I know companies that have taken MUCH less and are manufacturing real life products.