Affinity Engines Closes $4 Million Round of Venture Funding from Storm Ventures
MOUNTAIN VIEW, Calif., May 31, 2006 – Affinity Engines, Inc., the leading provider of trusted social networking solutions for membership organizations, today announced that it has raised an additional $4 million from Storm Ventures. The company will use the investment to expand its marketing and sales efforts.
Affinity Engines’ customer list includes 49 membership organizations, including Stanford University Alumni Association, Dartmouth Association of Alumni, University of Florida, and Wharton Graduate Association, offering over seven million users access to secure and trusted Affinity Engines social networks.
The investment in Affinity Engines reflects Storm Venture’s strong belief that the social networking category represents a major opportunity. “We have been watching the online social networking category take shape and feel that Affinity Engines is poised to be one of the leaders in this growing market,” said Tae Hea Nahm, general partner of Storm Ventures. “We believe that the customer momentum Affinity Engines has achieved over the last year together with its trusted approach to social networking will drive the company’s continued success.”
“Partnering with prominent universities to provide users with a trusted experience creates long term value and is a model that can extend beyond the higher education market,” said Steve Loughlin, president and CEO of Affinity Engines. “This investment strengthens our war chest so we can continue to innovate our technology and effectively build our business.”
About Affinity Engines, Inc.
Affinity Engines provides trusted social networks for membership organizations. With inCircle, the company’s hosted social network solution, membership organizations can help their members build and maintain personal and professional connections in a dynamic, trusted online community. For more information on Affinity Engines please visit http://www.affinityengines.com.
About Storm Ventures
Storm Ventures was founded by a seasoned group of industry veterans with the common vision of sharing our collective experience, passion and energy to help talented and driven entrepreneurs build great companies of enduring value. Storm Ventures focuses on seed and early stage information technology companies which best leverages our operational perspective and experience and enables us to add value in the critical early stages of a company's development. With over $500 million under management, Storm builds value through direct involvement and close relationships with entrepreneurs, advisors, and public companies.
Abe Geiger
Director of Marketing
(650) 810-1512
abe@affinitycircles.com