Sports Social Networking App Fancred Raises $3 Million

  • Ben Feinstein
  • August 21, 2014
  • 0

via facebook/Fancred

Social networking has become not only mainstream, but to an increasing population also necessary. Facebook allows friends and family to keep in touch over great distances. SoundCloud allows musicians and fans alike to congregate and and share their music. Wiregrass, a new startup network, gives news junkies a meaningful opportunity to discuss and debate current events. So it would only make sense that a social network catering strictly to sports lovers would emerge eventually. It’s called Fancred, and it just finished a $3 million fundraising round.

Currently only available for the iPhone, the app offers sports fans the services that have become expected from larger social networks. Fans can check in at events, take and upload photos, and share articles. That is as long as it pertains to sports. It’s the only topic of conversation allowed.

Fancred’s plan to use the money raised from the latest round of investments to continue product development and user functionality. In addition the Boston-based company will use the funds to grow their current team as well as seek out strategic partnerships. The ultimate goal is to expand past the iPhone and offer the app for Android and iPad users. Fancred CEO Kash Razzaghi explained, as reported by Forbes,

“We raised $1.5 million in 2012 with the goal of building products and putting them in the market to see if there was any traction. We were able to prove that we are able to build products.  When we first raised the money in 2012, that was really the plan where we would build the products, and in a year-and-a-half or 2 years double down.”

Though Razzaghi did not go into detail, he elaborated that his company’s user base has been increasing by 50% a month. The data that Forbes was actually able to get their hands on suggests that Fancred’s current users typically visit the app eleven times a day. Razzaghi believes that his app will succeed because it offers 100% sports. The app attracts hardcore sports fans who are looking to avoid having to wade through the “junk” on traditional social networks. It is this service that Fancred feels sets them apart from the competition.

 

Photo via facebook/Fancred

 

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