Buzzd, which is developing a location-based social network that revolves around entertainment listings, plans to announce today that it has raised an undisclosed amount of capital in a first round led by Greycroft Partners and Monitor Ventures. The NY-based company, which has 10 employees, plans to use the money for product development and distribution. Buzzd previously raised a small angel round when it was founded in July. (Disclaimer: Greycoft is an investor in our parent company, ContentNext Media.)
Buzzd said it is commonly compared to services like Loopt, but differs because it doesn't require a user to have GPS, and if they do have it, usage is opt in. Buzzd also uses WAP (http://buzzd.com/m), rather than requiring an app download. Buzzd partners include Helio, Citysearch, Flavorpill and Time Out New York, and today the company is also announcing a new advertising partner Hornitos Premium Tequila. Through the partnership, Buzzd members will be able to buy drinks for their friends who can redeem the codes delivered via SMS at hundreds of bars via BuyYourFriendADrink.com.
The company does have a fairly strong pedigree with both founders Nihal Mehta and Deepen Shah coming from ipsh!, a mobile marketing agency acquired by Omnicom Group in 2005.
By Tricia Duryee