Wedding ceremony App WedPics Raises $6.5 Million From “Shark Tank’s” Barbara Corcoran And Others
“Shark Tank’s” Barbara Corcoran and different buyers have backed a well-liked cellular photograph-sharing software referred to as WedPics, designed to be used by wedding ceremony couples and their friends. The extra funding brings the Raleigh, N.C.-space startup’s complete Collection B spherical to $6.5 million, a mixture of fairness and debt.
That is truly the second shut on the Collection B (the sooner half which we reported again in December), because the spherical ended up being oversubscribed. The brand new half consists of a further $2.25 million on prime of funds raised beforehand. Corcoran and her enterprise associate Phil Nadel, a co-founder at Barbara Corcoran Enterprise Companions, each ended up investing personally in WedPics, in addition to by way of their AngelList syndicate. That syndicate included Brad Feld, in addition to buyers hailing from Twitter and Apple.
Others collaborating within the Collection B embrace Middleland Capital, WTI (each fairness and debt) and a number of other Bay Space angels.
In December, Miller stated that WedPics was buying 25,000 to 30,000 new brides to its photograph and video-sharing service per thirty days, and buying weddings at a price of underneath $2 per wedding ceremony. The corporate was internet hosting over 6,000 weddings every weekend through the busy summer time wedding ceremony season, with one hundred seventy five,000 visitors becoming a member of.
On the time, 2.5 million complete customers had downloaded WedPics with a purpose to snap and share photographs of the marriage and the marriage-associated related occasions, like rehearsal dinners and receptions. One other 35% of its consumer base are net-solely customers.
Since then, the momentum has continued, and Miller says that WedPics simply noticed over forty,000 new brides be a part of WedPics within the month of January alone. That’s 198% yr-over-yr progress, he factors out, including that the corporate sees at the very least 1,000 brides per day signing up for the service.
The corporate’s present objective is to succeed in 800,000 new couples by the top of 2015, up from 300,000 final yr. A few of these clients’ weddings will possible spill over onto the next yr, however WedPics hopes to host round half one million or extra weddings this yr alone.
To get so far, WedPics is contemplating making some acquisitions within the wedding ceremony area, and is taking a look at quite a lot of corporations now, together with rivals and even printing companies. The latter would assist it seize further income by providing WedPics’ clients wedding ceremony-associated printed items, like invites and thanks playing cards, for instance, amongst different issues.
The corporate, which grew partially because of its Fb presence, can also be now promoting on Pinterest, which has helped deliver consumer acquisition prices down, and is on the brink of experiment with advertisements on Tumblr, too.
Miller additionally attributes a lot of WedPics’ success up to now to a kind of scrappiness that comes from corporations based mostly outdoors the Valley. “From an advert perspective, we do a superb job at attracting new customers. And as soon as we’ve got new customers, we do a superb job at making a viral attraction to their visitor record,” he says.
The app, which additionally factors visitor to lodging, registries, and occasions, works as type of a one-cease-store for connecting with a pair’s wedding ceremony out of your cell phone. Customers to date have responded properly to the app’s simplicity and ease-of-use, which has allowed WedPics to nail down the personal, social expertise that’s weddings-associated photograph sharing.
Now the corporate needs to know simply how nicely it’s doing. They’ll employed their first knowledge scientist to research what makes a profitable wedding ceremony. These with a sure variety of pictures or friends clearly make the grade, however one of the best is when one wedding ceremony results in one other, because of visitors who keep in mind to make use of the app once more when it comes time for his or her huge day.